Kin Insurance sees growth accelerate at the start of fourth quarter, while adjusted loss ratio improves

CHICAGO, IL – November 10, 2021 – Kin, the direct-to-consumer home insurance company built for every new normal, today announced select preliminary operating results through October 31, 2021, and additional preliminary results for the third quarter ended September 30, 2021:

  • Total managed premium increased to $79.4 million year-to-date through October 31, 2021, over four times the $18.5 million of total managed premium in the prior-year comparative period.
  • $10.2 million (96%) of total managed premium in October 2021 was written through the Kin Interinsurance Network (the “Carrier”), a reciprocal exchange managed by Kin Insurance, Inc.
  • Premium renewal rate on the Carrier remained strong at 102.3% in October 2021, increasing the year-to-date premium renewal rate to 95.2% through October 31, 2021.
  • Adjusted loss ratio on the Carrier through September 30, 2021 was 89.8%, a 17.6% improvement over the prior-year comparative period. Adjusted loss ratio, net of XOL recoveries, was 79.3% through September 30, 2021.

“Growth in total managed premium remains very strong, with $10.6 million generated in October alone. Our annual goal of $98 million is well within reach, as we’ll need to average $9.35 million per month for the remaining two months to achieve it,” said Sean Harper, CEO of Kin. “Our premium renewal rate, which is a key driver of future total managed premium and customer lifetime value, also continues to exceed our expectations.”

Through the third quarter of 2021, adjusted loss ratio decreased to 89.8% from 107.4% in the prior-year comparative period. Hurricane Ida contributed 25.4% to the adjusted loss ratio, with other PCS catastrophe events contributing 8.9%. Non-cat adjusted loss ratio of 55.5% has decreased each of the last three quarters, an improvement of 4.2 percentage points over the prior-year comparative period.

Of the 25.4 percentage points from Hurricane Ida on a gross loss & LAE basis, 41% was ceded to reinsurers under Kin’s XOL reinsurance program. Kin Chief Insurance Officer Angel Colin added: “The Kin Interinsurance Network’s reinsurance program is set up such that it retained only the first $5 million of exposure from Hurricane Ida. Even if the storm had created much greater losses, the carrier’s financials would have been protected.”

“Historically, the third quarter tends to have higher loss ratios, driven by larger amounts of extreme weather, only to be improved upon during the fourth quarter,” said Kin Chief Financial Officer Josh Cohen. “We’re pleased that we’re tracking ahead of that trend this year.”

These preliminary results through October 31, 2021 and for the third quarter ended September 30, 2021 are based on the information available to us at this time. Our actual results may vary from the estimated preliminary results presented here due to the completion of our financial closing procedures and final adjustments. The estimated preliminary results have not been audited or reviewed by our independent registered public accounting firm. These estimates should not be viewed as a substitute for our full interim financial statements. Accordingly, you should not place undue reliance on this preliminary data.

About Kin

Kin is the home insurance company for every new normal. By leveraging proprietary technology, Kin delivers fully digital homeowners insurance with an elegant user experience, accurate pricing, and fast, high-quality claims service. Kin offers homeowners, landlord, condo, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit. Because of its efficient technology and direct-to-consumer model, Kin provides affordable pricing without compromising coverage. To learn more, visit