Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has reported that its total managed premium increased by more than four times during 2021.
The company finished the year with $104.8 million in total managed premium, compared with $25.0 million at the end of 2020.
Around 95%, or $99.2 million, of the 2021 premium figure was written through the Kin Interinsurance Network, a reciprocal exchange managed by Kin Insurance.
The premium renewal rate for this carrier also remained strong at 102% in December 2021, which brought the renewal rate to 97% for the full year, representing a 400 basis point increase over 2020.
“Kin achieved several remarkable milestones in 2021 – we exceeded our annual goal for total managed premium by 7%, increased our premium renewal rate to 97%, and tripled the number of customers we serve,” said Sean Harper, Chief Executive Officer of Kin.
“These results differentiate our business model and signal that our value proposition continues to resonate with people who want more simplicity and customization when it comes to securing essential and affordable coverage.”
Josh Cohen, Chief Financial Officer of Kin, also commented: “Kin is winning with fast growth, great unit economics, and loyal customers. We’re equally, if not more excited, about our future growth trajectory as we plan to expand into more geographic markets that will help us reach a larger portion of the approximate $110 billion aggregate home insurance market.”
Back in July, Kin entered into a business combination agreement with Omnichannel Acquisition Corp. which is expected to close during Q1 of this year, following which the combined company will be named Kin Holdings, Inc.
