Advent, Canopius-backed UK insurtech Kinsu shuts down
London-based insurtech Kinsu, which provided insurance for laptop, phones, bicycles, and other home contents, has announced that it is exiting the market "after an awesome year of fundraising".
The Kinsu app has already been discontinued, and the coverage for its existing customers will end on April 30th, the company said in a statement.
Kinsu was founded by ex-Hiscox Bermuda director of underwriting Chris Sharpe, and Russell Merrett, former managing director of Hiscox London Market.
The UK-based company was backed by Advent Solutions Management, a start-up incubator and insurtech investor, authorised and regulated by the Financial Conduct Authority (FCA).
The coverage provided through its app were underwritten at the Lloyd's of London, with its insurer being Syndicate 4444, which is managed by Canopius Managing Agents.
In a statement on its website, Kinsu said: "After an awesome year of fundraising, tech development and community building we are very sad to announce that we are closing the Kinsu app."
"We began with an incredible concept: provide peace of mind to our customers and be a Force For Good in the world. For us, Kinsu was never just an insurance product. We are a community of people who truly believe in being socially conscious and kind.
"We hope that we’ve made a big impact in changing people’s mind about what it means to have insurance. For us, it’s all about honesty, trust and the contributions of the many acting as a buffer for the few, cushioning the fall for those who suffer a loss.
"We reinvigorated a traditional product and so many amazing members of Generation Rent got on board with our modern way of managing insurance. Thank you so much to every policyholder for believing in our ideals."
The company has reached out to its policyholders to explain about their coverage and data deletion. It has also recommended the users to delete the app from their devices, since it has been discontinued on March 22.
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