CHICAGO, IL – December 9, 2021 – Kin, the direct-to-consumer home insurance company built for every new normal, today announced select preliminary operating results through November 30, 2021:
- Total managed premium increased to $90.7 million year-to-date through November 30, 2021, over four times the $21.2 million of total managed premium in the prior-year comparative period.
- $11.0 million (97%) of total managed premium in November 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 99% in November 2021, increasing the year-to-date Premium renewal rate to 96% through November 30, 2021.
“We’re on the cusp of eclipsing $100 million in total managed premium in 2021, over four times the $25 million reported last year, and exceeding the targets set forth in our investor presentation,” said Sean Harper, CEO of Kin. “We’ve achieved this while maintaining strong unit economics, with each dollar spent on customer acquisition generating nearly eight dollars of lifetime value.”
“Our 96% year-to-date premium renewal rate through November is a strong signifier of our commitment to delivering positive outcomes for our customers,” said Kin CFO Josh Cohen. “We’ve generated $91 million of premium in 2021 and if our current renewal rate carries over into next year, that already accounts for 38% of our premium target for 2022.”
These preliminary results through November 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.
Additionally, Kin’s acquisition of an inactive insurance carrier with licenses in more than 40 states has now closed.
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 www.kin.com.