Kin, the direct-to-consumer home insurance firm built for every “new” normal, announced operating results for its third quarter ended September 30, 2024.
Kin has recently reported that it has recorded a substantial “$38 million in total revenue during the third quarter of 2024, compared to $24.1 million in the prior year’s third quarter.”
Kin’s managed reciprocal exchanges generated “$124 million in gross written premium in the third quarter of 2024, compared to $78.3 million in the third quarter of 2023.”
Kin’s premium in force reportedly grew to $465.7 million.
The adjusted loss ratio for the two reciprocal exchanges managed by Kin, net of catastrophe “excess of loss (XOL) reinsurance recoveries, was 29.5% through the first three quarters of 2024.”
Non-cat adjusted loss ratio improved “by 490 basis points over the same period last year, reflecting strong underwriting performance.”
The cat adjusted loss ratio increased by “150 basis points compared to prior year, due to more extreme weather events.”
Kin is open for business in ten states with plans for market and product expansion in 2025.
It expanded its team by promoting Adam Sturt to Chief Analytics Officer in recognition of his contributions and the strategic “importance of data analytics in building a sustainable competitive advantage for Kin.”
Adam has held increasing levels of responsibility across “data, analytics, and underwriting over his 4 year tenure at Kin. Prior to joining Kin, he spent 10 years at Allstate Corporation.”
He is a credentialed actuary, holding the “designation of Fellow of the Casualty Actuarial Society (FCAS) and holds a MS degree in Computer Science from University of Chicago.”
Kin is the direct-to-consumer digital insurance provider focused on the homeowners insurance market.
As mentioned in the announcement, Kin makes homeowners insurance more convenient and affordable by “eliminating the need for external agents.”
Kin’s tech platform delivers a seamless user experience, “customized options for coverage, and fast, high-quality claims service.”
As noted in the update, Kin utilizes thousands of data points about each property to provide “accurate pricing and produce better underwriting results.”
Kin serves customers as an agent and as the manager of two reciprocal exchanges which are “managed for the benefit of their customers.”
