Kin Insurance has announced select preliminary operating results through November 30, 2021, reporting its total Managed Premium increased to $90.7 million year-to-date through November 30, 2021, over four times the $21.2 million of Total Managed Premium for the same prior year period.
The insurer also reported $11.0 million of Total Managed Premium in November was written through the Kin Interinsurance Network, a reciprocal exchange managed by Kin Insurance.
Its premium Renewal Rate on the Carrier remained strong at 99% in November 2021, increasing the year-to-date Premium Renewal Rate to 96% through November 30, 2021.
Sean Harper, Chief Executive Officer of Kin said: “We’re on the cusp of eclipsing $100 million in total managed premium in 2021, over four times the $25 million reported last year, and exceeding the targets set forth in our investor presentation.
“We’ve achieved this while maintaining strong unit economics, with each dollar spent on customer acquisition generating nearly eight dollars of lifetime value.”
Josh Cohen, Chief Financial Officer, added: “Our 96% year-to-date premium renewal rate through November is a strong signifier of our commitment to delivering positive outcomes for our customers.
“We’ve generated $91 million of premium in 2021 and if our current renewal rate carries over into next year, that already accounts for 38% of our premium target for 2022.”
