Reinsurance News

Kin reports strong rise in GWP in Q2 results

2nd August 2022 - Author: Jack Willard

Kin Insurance has reported a gross written premium (GWP) of $70.8 million in the second quarter of 2022, a major increase from the $24.7 million the company reported in the prior-year period.

kin-insurance-logoThis now brings the company’s GWP year-to-date total to $125 million.

Gross profit for the quarter was $20.6 million, a big shift compared to $6.8 million from the same period last year.

Through the second quarter of 2022, Kin’s adjusted loss ratio decreased to 51.5% from 67.3% in the prior-year period.

At the same time, non-CAT adjusted loss ratio was 39.5% through Q2 22 and has decreased on an inception to date basis each of the last six quarters.

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“Our sophisticated approach to underwriting, pricing and marketing optimizations have helped us drive down loss ratio over time,” said Angel Conlin, Chief Insurance Officer of Kin. “All of this is driven by our proprietary technology paired with our commitment to data science and actuarial discipline, which allows us to respond faster to market changes and better shape our portfolio and results.”

Sean Harper, Chief Executive Officer of Kin, added: “This quarter we achieved strong year-over-year growth, hitting our premium goals dead-on, while decreasing CAC and increasing revenue per customer. As a result, we’re very close to achieving positive operating profit, which we expect will happen in the fourth quarter.

“Our biggest priority is staying focused on economic and operational efficiency so we can gain ground during the current down market and accelerate even faster out of it. As a direct-to-consumer business, we have precise control over the amount of exposures we’re generating, the type of customers that we’re attracting, and the geographic concentration of the portfolio, which is important to our reinsurance partners.”

In addition, Kin’s premium renewal rate increased to 108% in Q2 22 from 102% in the first quarter, bringing the year-to-date premium renewal rate to 105%.

Harper, added: “As premiums rise across the industry, we’ve been able to take planned pricing actions without impacting our renewal rates, which is exactly what you’d expect from our direct-to-consumer model. Loss costs and reinsurance costs have increased throughout the country, which is driving an increase in premiums.”

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