Kin Insurance has reported a gross written premium (GWP) of $83.2 million for the first-quarter of 2023, up 54% from the year-ago $54.1 million.
The GPW was positively impacted by $33.5 million in new bound premium, Kin said.
Kin’s positive operating income jumped to $4.4 million, which was anchored by disciplined expense management and a strong renewal book.
Kin’s premium renewal rate of 116% was a 14% improvement over the prior-year period.
In addition, Kin’s adjusted loss ratio decreased to an all-time low of 20.1%.
Furthermore, Kin also reported a non-cat adjusted loss ratio was 17.3% through Q1’23, and has decreased on an inception basis each of the last nine quarters.
“Our first quarter results were strong across the board. We broke all-time records for new business conversion and premium growth, and our unit economics continue to be ‘best in class’ with CAC and payback periods at near historical lows,” said Sean Harper, CEO of Kin.
“We’ve also tripled our geographic footprint in the span of six months and are scaling all of our markets quickly and efficiently, putting us on the path to deliver $370+ million in total premium in 2023.”
“Given the geographic distribution of our exposure, the first quarter tends to have lower loss ratios, due to milder weather conditions and non-weather related loss activity,” said Angel Conlin, chief insurance officer at Kin.
“That said, we continue to outperform the average combined loss ratio for the U.S. homeowners industry due to our accurate pricing and risk selection. We’re in a great position to achieve our loss ratio goals and growth targets, even heading into hurricane season.”
Kin generated $5.5 million in new bound premium outside of Florida in Q1’23, nearly three times more than its quarterly target.
