Kin Insurance has reported a gross written premium (GWP) of $47.6 million in the third quarter of 2022, a 72% increase compared to $27.7 million from the third quarter of 2021.
This now brings the company’s GWP year-to-date total to $172.5 million.
Gross profit for the quarter was $14.8 million, a major shift compared to $8 million from the prior year period. This now brings Kins gross profit year-to-date total to $51 million.
Additionally, Kin’s adjusted loss ratio for the Carrier, net of XOL recoveries, was 39.7% in the third quarter, a 59.1% improvement over the prior-year period.
Sean Harper, CEO of Kin, commented: “We’re very pleased with our growth of 72% in the third quarter. Given the incredible success we achieved in the first half of the year, it was very important, for risk management purposes, that we throttle our growth a bit so we don’t exceed the amount of exposure for which our reinsurance program was designed.
“When we saw changes in the macroeconomic environment earlier this year, we adjusted our goals to focus less on growth and more on accelerating our path to profitability and ensuring the reciprocal exchange is self-sufficient. We’ve done a good job on delivering on those objectives.
“Our direct-to-consumer model allows us to reduce and even eliminate many expenses associated with traditional ways of doing business in the insurance industry. We’ve squeezed a lot of costs out of the process, using all of the efficiencies to give customers the affordable, necessary coverage that they need right now.”
Angel Conlin, Chief Insurance Officer at Kin, said: “We continue to drive down our loss ratio with our accurate pricing and improved risk selection. This progress has carried over into the fourth quarter as well, and our losses from Hurricane Ian will be better relative to the industry due to our very proactive, technology-driven approach to support policyholders and triage claims.”
