Kin Insurance Exceeds $70 Million in Gross Written Premium in Second Quarter, Up 204% Year Over Year

CHICAGO–(BUSINESS WIRE)–Kin Insurance, a consumer-focused home insurance company designed for every innovation, today announced preliminary results for the second quarter ended June 30, 2022:

  • Kin ended the second quarter of 2022 with $70.8 million in Gross Written Premium, bringing the full year to $125.0 million in Gross Written Premium.

  • Kin came close to breaking even, narrowing its operating loss to $2.0 million in the second quarter of 2022.

  • Adjusted Loss Ratio at Kin Interinsurance Network (“Carrier”), an exchange managed by Kin Insurance, Inc., was 45.2% in the second quarter of 2022, an improvement of 23% over the previous year.

  • The Carrier’s Surplus Rate increased to 108% in the second quarter of 2022, bringing the Year-to-date Revision Rate to 105%.

“This quarter we grew year-on-year, achieving our goals, reducing CAC and increasing revenue per customer. As a result, we are close to achieving operating profit, which we expect will be achieved in the fourth quarter,” said Sean Harper, Kin’s Chief Executive Officer. . “Our priority is to focus on financial and operational efficiency so that we can find value in the current market and accelerate it significantly. As a consumer-oriented business, we have the ability to control the amount of exposure we are creating, the type of customers we are attracting, and the number of locations, which is important to those who we’re involved in recycling.”

Through the second quarter of 2022, Kin’s adjusted interest rate fell to 51.5% from 67.3% a year earlier. CAT’s default rate was 39.5% through the second quarter of 2022, and has declined from baseline to date in each of the past six quarters. “Our advanced underwriting, pricing and marketing optimization strategies have helped us reduce risk over time,” said Angel Conlin, Kin’s Chief Insurance Officer. “All of this is driven by our technical expertise combined with our commitment to data science and technology optimization, which allows us to quickly respond to market changes and improve our portfolio and results.”

Kin’s premium renal rate increased to 108% in the second quarter of 2022 from 102% in the first quarter. “With wages rising across the industry, we’ve been able to manage pricing without compromising our pricing structure, which is what you’d expect from consumers,” added Harper. “Loss fees and reinstatement fees are up across the country, which is driving up wages.”

Harper will be speaking at several industry events in the second half of 2022, including:

  • William Blair Insurance & Banking Technology Conference, August 10-11, 2022, Virtual

  • KBW Insurance Conference, September 7-8, 2022, New York, NY

  • ITC Vegas, September 20-21, 2022, Las Vegas, NV

  • Connected Claims USA, November 2-4, 2022, Chicago, IL

About Kin

Kin is a home insurance company for any new property. Using proprietary technology, Kin provides proprietary digital insurance with superior user experience, accurate pricing, and fast and high-quality service. very much. Kin offers homeowners, homeowners, condo, and mobile home insurance through the Kin Interinsurance Network (KIN), an exchange for customers who share the benefits of underwriting. Thanks to its superior technology and consumer-oriented brand, Kin offers affordable prices without compromising coverage. For more information, visit https://www.kin.com.