U.S. insurtech startup Kin Insurance announced on Tuesday it has surpassed $10 billion in total insured property value. Kin reported that it saw a 400% increase in direct written premiums of the fourth quarter of 2020 over the past year. It also saw a 92% renewal acceptance rate.
As previously reported, Kin describes itself as an insurtech startup and licensed insurance carrier that is on a mission to fix home insurance through intuitive tech, affordable pricing, and world-class customer service.
“Launched by seasoned financial tech entrepreneurs Sean Harper and Lucas Ward in 2016, Kin is committed to serving catastrophe-prone regions and coastal homeowners most impacted by climate change. We are headquartered in Chicago with an office in Tampa Bay and currently serve Florida, Texas, Georgia, and Alabama.”
Speaking about the latest growth, Kin Co-Founder and CEO, Sean Harper, stated:
“Kin’s growth is evidence of the exponential need for accessible and affordable home insurance. Every new customer is an opportunity to prove that home insurance can actually be a delightful, easy experience. We’re eager to share that experience with homeowners everywhere.”
The latest milestone just six months after Kin secured $35 million through its Series B investment round, which was led by Commerce Ventures with participation from Hudson Structured Capital Management Ltd. (doing its reinsurance business as HSCM Bermuda), Flourish Ventures, QED, Alpha Edison, Allegis NL Capital, Avanta Ventures (the venture arm of CSAA Insurance Group), August Capital, the University of Chicago through its Startup Investment Program. Kin secured $47 million in 2019. The latest investment round brings Kin’s total funding to date to $86 million.