Kin Insurance has announced that the Kin Interinsurance Network and Kin Interinsurance Nexus Exchange have completed their reinsurance programmes.
The reinsurance programme maintains Kin’s record of prudent risk management by providing coverage for catastrophic events at coverage levels over what is required by regulators and rating agencies.
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Kin’s Florida reinsurance program offers $1bn in reinsurance coverage for natural catastrophes, representing protection up to a one-in-160 year first-event loss.
In addition, Kin’s rapidly growing non-Florida reinsurance programme offers $140m in coverage, which, as with the Florida programme, provides protection well in excess of the required rating agency requirements.
Furthermore, the programme 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.
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By GlobalData“We’re pleased to have again completed our reinsurance program in a timely and responsible manner,” said Angel Conlin, chief insurance officer at Kin. “The continued support from our reinsurance partners validates our data enabled and technology-driven underwriting and responsive claims handling.”
Earlier in the year, the firm secured $15m in funding from Activate Capital.
The investment valued the US-based insurtech company at more than $1bn.
Kin plans to use the investment to fuel its expansion into new markets and support product development as technology, climate and consumer preferences change.
