Kin Insurance maintains solid year-over-year growth in third quarter, up 151% year-to-date

Chicago, November 9, 2022–(business wire)–Kin, a consumer home insurance company built for every new normal, today announced preliminary operating results for the third quarter ended September 30, 2022.

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Kin financial overview (Graphic: Business Wire)

  • Kin ended the third quarter of 2022 with gross premiums written of $47.6 million, up 72% from the same period last year.

  • The Kin Interinsurance Network (“Carriers”), an interchange managed by Kin Insurance, Inc., increased its premium renewal rate to 111% in the third quarter of 2022, compared with a year-to-date premium renewal rate of 108%. became.

  • The airline adjusted loss ratio (excluding XOL recoveries) in Q3 2022 was 39.7%, an improvement of 59.1% from the same period last year.

“We are very pleased with the 72% growth in the third quarter. Given the incredible success we achieved in the first half, it was very important for us to manage the risk a little bit in terms of growth. Our reinsurance program does not exceed the amount of exposure for which it is designed,” said Sean Harper, CEO of Kin. “When we saw changes in the macroeconomic environment earlier this year, we adjusted our goals to accelerate the path to profitability rather than growth and focus on ensuring our mutual exchanges are self-sufficient. They put their purpose.”

Kin’s premium renewal rate is a key driver of future premiums and customer lifetime value, rising from 108% in Q2 to 111% in Q3. Notably, Kin achieved his one-month record with his 113% premium renewal rate in September.

“Our direct-to-consumer model allows us to reduce and even eliminate many of the costs associated with the traditional way of doing business in the insurance industry,” Harper added. “We cut a lot of costs out of the process and used all the efficiencies to give our customers the affordable and much-needed coverage they need right now.”

Through the third quarter of 2022, Kin’s adjusted loss ratio (excluding XOL recoveries) decreased from 81.7% in the same period last year to 46.6%. The non-CAT adjusted loss ratio through Q3 2022 was 38.1%, declining on an opening basis for each of the last seven quarters.

Kin’s Chief Insurance Officer, Angel Conlin, said: “This progress will carry over into the fourth quarter, where a very proactive, technology-driven approach to supporting policyholders and triage claims will result in improved losses from Hurricane His Ian compared to the industry. .”

By the end of October, Kin will Hurricane Iana Category 4 storm that made landfall in Florida on September 28, 2022. XOL Reinsurance Program is set to retain only the initial $2.5 million exposure from the storm, with the associated reinsurer retaining an additional $2.5 million. The full vertical limit of coverage for the second event still applies in case of other major storms during this hurricane season.

About Kin

Kin is a home insurance company for every new normal. Leveraging proprietary technology, Kin offers fully digital homeowners insurance with a sophisticated user experience, accurate pricing, and fast, high quality claims service. . Kin offers homeowner, landlord, condo and mobile home insurance through the Kin Interinsurance Network (KIN), a customer-owned mutual exchange that shares underwriting profits. Through efficient technology and a direct-to-consumer sales model, Kin offers affordable prices without compromising coverage. For more information, please visit the following URL: www.kin.com.

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contact address

Kim Marcus
press@kin.com

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