Kin Insurance has reported that through the third quarter of 2021, its adjusted loss ratio decreased to 89.8% from 107.4% for the same prior year period.
Hurricane Ida contributed 25.4% to the adjusted loss ratio, with other PCS catastrophe events contributing 8.9%.
Non-cat adjusted loss ratio of 55.5% has decreased each of the last three quarters, an improvement of 4.2 percentage points over the prior-year comparative period.
Kin also reported its total managed premium increased to $79.4 million year-to-date through October 31, 2021, over four times the $18.5 million of Total Managed Premium in the prior-year comparative period.
It announced that $10.2 million (96%) of total managed premium last month was written through the Kin Interinsurance Network, a reciprocal exchange managed by Kin Insurance.
Sean Harper, Chief Executive Officer of Kin said: “Growth in total managed premium remains very strong, with $10.6 million generated in October alone.
“Our annual goal of $98 million is well within reach, as we’ll need to average $9.35 million per month for the remaining two months to achieve it.
“Our premium renewal rate, which is a key driver of future total managed premium and customer lifetime value, also continues to exceed our expectations.”
“Historically, the third quarter tends to have higher loss ratios, driven by larger amounts of extreme weather, only to be improved upon during the fourth quarter,” said Kin Chief Financial Officer Josh Cohen. “We’re pleased that we’re tracking ahead of that trend this year.”
Kin Chief Insurance Officer Angel Colin added: “The Kin Interinsurance Network’s reinsurance program is set up such that it retained only the first $5 million of exposure from Hurricane Ida. Even if the storm had created much greater losses, the carrier’s financials would have been protected.”