Reinsurance News
Kin Insurance
Kin announces expansion into catastrophe-prone Arizona
14th July 2023
Kin, a direct-to-consumer home insurance firm has expanded its presence into Arizona, bringing home and property insurance to the state. This marks Kin’s first move into the US Southwest - where the housing boom is contending with climate risk - and it builds upon the insurtech’s growth and success in coastal, ... Read the full article
Kin expands its presence into Alabama
13th June 2023
Kin, a direct-to-consumer home insurance firm has expanded its presence into Alabama. The state of Alabama is ranked fourth in the United States for tornadoes, large hail, and damaging wind reports. At the same time, the state's position near the coast also leaves its residents susceptible to record-breaking natural disasters such as ... Read the full article
Kin completes $860 million nat cat reinsurance program
25th May 2023
Homeowners insurtech Kin Insurance has announced the successful completion of its reinsurance program for the Kin Interinsurance Network in Florida. The program, covering the period from June 1, 2023, to May 31, 2024, offers extensive coverage of $860 million for natural catastrophes. This reinsurance initiative provides protection up to a one-in-200 year ... Read the full article
Kin’s Q1’23 GWP soars to $83.2 million, marking a 54% year-on-year increase
18th May 2023
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 ... Read the full article
Home insurer Kin announces expansion into Mississippi
12th April 2023
Kin, a direct-to-consumer digital home and property insurer, has announced its expansion into Mississippi, a state that has been hit by a fair number of powerful tornadoes due to its location. In 2022, Mississippi was hit with 184 tornadoes and ranked third in the nation for tornado activity. Additionally, Mississippi has ... Read the full article
Kin secures $100m of Florida named storm reinsurance via second cat bond
6th April 2023
Kin Insurance, a direct-to-consumer home insurance company, closed a $100 million private placement catastrophe bond transaction, bringing Hestia Re Ltd.’s total outstanding limit to $275 million. Kin Interinsurance Network has secured a new reinsurance agreement with Hestia Re., a newly established special purpose insurer in Bermuda, that will cover indemnity-based losses ... Read the full article
Kin increases Series D round to $109mn
23rd March 2023
Kin, a direct-to-consumer home insurance company has announced that it has conducted a third close, an incremental $15 million, to its Series D round in the fourth quarter of 2022. The company confirmed that the investment came from Geodesic Capital, QED Investors, and additional investors, bringing the total Series D funds ... Read the full article
Kin Insurance reports 117% rise in GWP in full-year results
17th February 2023
Homeowners insurtech Kin Insurance has reported gross written premium (GWP) of $227.5 million in its full-year results, representing a 117% increase in year-over-year growth from 2021’s $104.8 million. Gross profit for the full-year was $68.2 million, which represents 130% growth compared to $29.6 million from 2021. Adjusted loss ratio on the Kin ... Read the full article
Kin launches home & property insurance offering in South Carolina
18th January 2023
Digital insurer, Kin has announced its expansion into South Carolina. The insurer is set to enter the US state, where it will offer a seamless way for homeowners and landlords to protect their most valuable assets, despite being exposed to several risks. South Carolina’s proximity to the Atlantic Coast makes it extremely ... Read the full article
Kin’s second reciprocal exchange gets Demotech A rating
11th January 2023
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has announced that financial analysis firm Demotech has assigned an FSR of A, Exceptional, to the Kin Interinsurance Nexus. The Kin Interinsurance Nexus is Kin’s second reciprocal exchange and utilises a direct-to-consumer model and efficient technology ... Read the full article
Kin Insurance reports 72% GWP increase in Q3
9th November 2022
Kin Insurance has reported a gross written premium (GWP) of $47.6 million in the third quarter of 2022, a 72% increase compared to $27.7 million from the third quarter of 2021. This now brings the company’s GWP year-to-date total to $172.5 million. Gross profit for the quarter was $14.8 million, a major ... Read the full article
Kin names leadership team additions to fuel next stage of growth
4th November 2022
Kin Insurance, a US insurtech focused on home insurance, has announced several leadership appointments as the company enters its next phase of growth, including Jerry Fadden, CFO; Jessica Jacob, CLO; Effie Kyroudis, CHRO; and Pete Tiwari, SVP of Product. Sean Harper, CEO of Kin commented on the new appointments, stating, “Over ... Read the full article
Kin receives $145mn in debt financing
31st October 2022
Growing homeowners insurtech company, Kin, has announced the closing of a $145 million committed credit facility. The facility, which was led by Runway Growth Capital LLC and the Avenue Venture Opportunities Fund, L.P. will provide Kin with additional capital to support the expansion of the Kin Interinsurance Network, a reciprocal exchange. Runway ... Read the full article
Kin says Hurricane Ian loss to remain within reinsurance tower
21st October 2022
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has reported that its gross loss from Hurricane Ian will remain “well below” the top of its $800 million overall reinsurance tower. To date, Kin has received approximately 6,800 claims related to Hurricane Ian. But thanks to ... Read the full article
Kin reports strong rise in GWP in Q2 results
2nd August 2022
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. This now brings the company’s GWP year-to-date total to $125 million. Gross profit for the quarter was $20.6 million, a ... Read the full article
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