Kin announces completion of reinsurance program
Kin announces completion of reinsurance program | Insurance Business America
Reinsurance
Kin announces completion of reinsurance program
New program available until May 31, 2025
Reinsurance
By
Kenneth Araullo
Kin Insurance (Kin) announced that the Kin Interinsurance Network and Kin Interinsurance Nexus Exchange, the reciprocal exchanges it manages, have finalized their reinsurance programs for the period from June 1, 2024, to May 31, 2025, under favorable economic terms.
As per the digital insurer, the reinsurance program continues its approach to prudent risk management by securing coverage for catastrophic events at levels exceeding regulatory and rating agency requirements.
Kin’s Florida reinsurance program provides $1 billion in coverage for natural catastrophes, which protects up to a one-in-160 year first-event loss. The company’s non-Florida reinsurance program, which is growing rapidly, offers $140 million in coverage, similarly exceeding rating agency requirements.
Kin’s renewed reinsurance program is also backed by a panel of over 35 leading reinsurers, each with a financial rating of A- or higher by AM Best or are 100% collateralized.
“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 chief insurance officer Angel Conlin (pictured above) said.
Kin’s reinsurance program provides disaster protection, enhancing its ability to deliver reliable insurance coverage for homeowners most exposed to the effects of climate change.
The completed program also affirms its commitment to re-engineer insurance to be more cost-effective and streamlined, improving customer experience, especially in high-risk geographies.
The company recently announced its Q1 2024 results, featuring 49% year-over-year growth in premiums and increasing market diversification outside of Florida.
The company reported a gross written premium of $344.1 million and total revenue reaching $104.5 million for the year. Kin achieved an operating income of $5.0 million, reflecting a significant 143% increase compared to the previous year.
The firm also saw its premium in force surge to $343.5 million in the last quarter of 2023, marking a 54% rise from the same period in the prior year.
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