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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.
“In spite of challenging market conditions that have produced a very difficult renewal environment for primary insurers, we’ve successfully completed our reinsurance program,” Kin Chief Insurance Officer Angel Conlin says in the statement. “The continued strong support from capital market investors and reinsurance partners validates our proactive, technology-driven approach to support policyholders, prevent losses and better handle claims.
Founded in 2016, Kin now serves clients in six states, where it bills itself as the “only pure-play, direct-to-consumer digital insurer focused on the growing homeowners insurance market.”
In a 2022 interview with the Business Observer, Conlin, a veteran of ASI and Nationwide, says Kin can offer low rates thanks to tech innovations that have allowed it to reduce and even eliminate many expenses associated with traditional ways of doing business in the insurance industry. “We’ve squeezed a lot of costs out of the process, using all of the efficiencies to give customers better rates,” Conlin says. “That was the mission. We have a deeply ingrained commitment to using data science and our technology advantage to make everything easier for the customer.”
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