Insurtech Kin raises $47m to launch Florida carrier with Hudson Structured backing
Chicago-based insurtech start-up Kin has raised $47 million funding from new investors including Hudson Structured Capital Management (HSCM Bermuda), August Capital, Avanta, and UChicago Startup Investment Program.
The company intends use the proceeds to launch its own insurance carrier in Florida, Kin Interinsurance Network, which will enable it to underwrite homeowners insurance policies in the region.
Kin Insurance offers tech-driven home insurance in the catastrophe-prone region, which it says is often neglected by the wider insurance industry. The company said its decision to establish its insurance carrier in Florida emphasises its commitment to serving coastal homeowners most impacted by climate change. The carrier plans to expand to serve other states in the near future, and continue to operate as a managing general agent and brokerage in Texas, Georgia, and Alabama.
"Our approach in totality is unique. We've built our own policy administration system, we're a direct writer serving a CAT-prone state, we have catastrophe modeling expertise and heavy pricing experience, and we use tech to truly benefit the customer. When you add all that up, the result is something the insurtech space hasn't seen before," said Lucas Ward, CTO and co-founder of Kin.
Sean Harper, Kin CEO and co-founder, added: "We wanted to be able to control all aspects of the customer experience, and the best way to do that was to launch a carrier. We have a team of the best insurance minds in the business guiding our path and we believe in what we're doing: taking the difficulty and high-cost out of home insurance and focusing on what really matters – taking care of the homeowner."
HSCM Bermuda vice president Andrew Sagon, commented: "We are excited to partner with Kin to create a sustainable source of capacity to support growth and geographic expansion within underserved coastal homeowners' markets. The Kin team is responding directly to the needs of its growing customer base by developing insurance products that are well-underwritten, distributed efficiently online, and supported by excellent customer service."
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Munich Re's ERGO partners with AI-powered insurtech FRISS
Commercial P&C shows ‘signs of continued market firming’, finds report
Delta Insurance appoints former Lloyd's Asia CEO to board
Liberty unveils new Bermuda property leader
Pay-as-you go insurtech Zego partners with mobility start-up Drover
Feature: 10 ways insurers are using insurtech to drive new business
