Kin Successfully Completes Reinsurance Program for Florida, Further Strengthens Its Financial Position
Kin Insurance today announced that the Kin Interinsurance Network, one of the reciprocal exchanges it manages, has completed its Florida reinsurance program for the period of June 1, 2023 through May 31, 2024.
Kin's reinsurance program offers $860 million in reinsurance coverage for natural catastrophes, representing protection up to a one-in-200 year first-event loss. The reinsurance placement comes on the heels of Kin's second catastrophe bond issuance, with the combination of traditional reinsurance and catastrophe bonds helping the Kin Interinsurance Network meet its obligations to customers. Kin's renewed reinsurance program for Florida is backed by more than 30 industry-leading reinsurers, all of which have a financial rating of A- or higher by AM Best.
"In spite of challenging market conditions that have produced a very difficult renewal environment for primary insurers, we've successfully cmpleted our reinsurance program," said Angel Conlin, chief insurance officer at Kin. "The continued strong support from capital market investors and reinsurance partners validates our proactive, technology-driven approach to support policyholders, prevent losses, and better handle claims."
In addition to offering greater disaster protection, Kin's reinsurance program further enhances its ability to deliver dependable insurance protection for homeowners who are most exposed to the mounting impact of climate change. By 2040, the cost of property lost to natural catastrophes, like wildfires, floods, and hurricanes, could increase by over 60% in the U.S. as a result of climate change.
Kin is the only pure-play, direct-to-consumer digital insurer focused on the growing homeowners insurance market. Kin makes homeowners insurance more convenient and affordable by eliminating the need for external agents. Kin's technology platform delivers a seamless user experience, customized options for coverage, and fast, high-quality claims service. Behind the scenes, Kin utilizes thousands of data points about each property to provide accurate pricing and produce better underwriting results. Kin is a fully licensed carrier that offers coverage through its reciprocal exchanges which are owned by its customers. To learn more, visit www.kin.com.
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