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Kin Insurance, a direct-to-consumer digital insurance firm with offices in Chicago and St. Pete, has obtained $860 million in reinsurance — specifically for Florida.
The reinsurance program, the company says in a statement, is for June 1 to May 31, 2024, and is for the Kin Interinsurance Network, one of the reciprocal exchanges it manages. The coverage, the company says, is for natural catastrophes, “representing protection up to a one-in-200 year first-event loss.” The reinsurance placement comes on the heels of Kin’s second catastrophe bond issuance.
Kin’s renewed reinsurance program for Florida is backed by more than 30 industry-leading reinsurers, all of which have a financial rating of A- or higher by AM Best, the company adds.
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