Kin Insurance, Inc. announced that the Kin Interinsurance Network and Kin Interinsurance Nexus Exchange, the reciprocal exchanges it manages, have completed their reinsurance programs for “the period of June 1, 2024 through May 31, 2025, at favorable economic terms.”
Kin’s reinsurance program maintains Kin’s history of prudent risk management “by providing coverage for catastrophic events at coverage levels in excess of what is required by its regulators and rating agency.”
Kin’s Florida reinsurance program “offers $1 billion in reinsurance coverage for natural catastrophes, representing protection up to a one-in-160 year first-event loss.”
Kin’s rapidly growing non-Florida reinsurance program “offers $140 million in coverage, which, as with the Florida program, provides protection well in excess of the required rating agency requirements.”
Kin’s renewed reinsurance program is “backed by a consistent panel of over 35 industry-leading reinsurers each year, all of which either have a financial rating of A- or higher by AM Best or are 100% collateralized.”
Angel Conlin, chief insurance officer at Kin said:
“We’re pleased to have again completed our reinsurance program in a timely and responsible manner. The continued support from our reinsurance partners validates our data enabled and technology-driven underwriting and responsive claims handling.”
Kin’s reinsurance program offers disaster protection and “further enhances its ability to deliver dependable insurance protection for homeowners who are most exposed to the mounting impact of climate change.”
Kin’s mission is to re-engineer insurance to “be more cost-effective and streamlined, and thereby improve the customer experience, especially for the geographies that need it most. It recently announced its Q1’24 results featuring 49% premium year-over-year growth and accelerating market diversification outside of Florida.”
As covered, Kin claims that it is “the only pure-play, direct-to-consumer digital insurer focused on the growing homeowners insurance market.”
Kin makes homeowners insurance “more convenient and affordable by eliminating the need for external agents.”
Kin’s technology platform reportedly “delivers a seamless user experience, customized options for coverage, and fast, high-quality claims service.”
Behind the scenes, Kin utilizes thousands of data points “about each property to provide accurate pricing and produce better underwriting results.”
Kin provides insurance coverage through “its member (policyholder) owned reciprocal insurance exchanges.”