Kin Insurance has reported a gross written premium (GWP) of $109.7 million for the second-quarter of 2023, up 55% from the year-ago $70.8 million.
Kin’s positive operating income nearly doubled to $8.6 million in the second quarter of 2023, driven by disciplined expense management and an ever-increasing renewal base.
Kin’s premium renewal rate of 116% was a 14% improvement over the prior-year period.
In addition, Kin’s non-cat adjusted loss ratio was 24.2% in the second quarter of 2023, a slight increase from the all-time low of 20.1% in the first quarter of 2023, but still well below previous years.
Furthermore, Kin reported an adjusted loss ratio for the Kin Interinsurance Network, net of XOL recoveries, was 34.5% through the first half of 2023.
CEO Sean Harper attributed Kin’s fast, efficient, and profitable growth to two distinct advantages: “Our business model enables us to target customers we know will be a good match for our risk criteria, and cuts out about half of the legacy cost structure. Then our proprietary technology enables us to do much more accurate pricing and underwriting, which is why we’re beating our competitors on loss ratio.”
Kin generated $12.5 million in new bound premium outside of Florida in the first half of 2023, which is a 400% increase over the prior-year period.
“Kin’s results in the second quarter of 2023 continue to demonstrate how it outperforms other insurers across several key metrics, including average new bound premium with surplus ($3,100), premium renewal rate (110%+), LTV/CAC ratio (18x), and payback period (0.8 years),” the insurer noted.
Kin is embarking on a new stage of expansion and has brought on board two accomplished leaders for its management team: Vivek Vaid, who assumes the role of chief technology officer, and Ashish Agarwal, who joins as chief marketing officer. Both Vaid and Agarwal boast a wealth of experience in effectively advancing rapidly growing technology enterprises.
