Kin grows GWP 43% to $495.3 million in 2024
By Mia MacGregor
Feb 27 - (The Insurer) - Kin has reported $12 million in operating income for 2024, marking a 126% increase over the prior year.
$12 million in 2024 operating income, a 126% YoY increase.
Full-year revenue reached $156.1 million, up 48% from 2023.
GWP was $495.3 million for the year, up from $346.3 million in 2023
The Chicago-based homeowners insurtech posted $0.8 million in operating income for Q4, compared with an operating loss of $5.3 million in Q4 2023.
The company’s Q4 total revenue rose to $35.3 million, up from $23.5 million in the prior-year period. Full-year revenue reached $156.1 million, a 48% increase from $105.2 million in 2023.
"New revenue, which represents the fees attributable to new policies, grew approximately 60% in 2024 compared to 2023, and that growth was efficient with our $76.9 million of growth expenses generating an additional $60.9 million of new ARR,” said Kin CFO Jerry Fadden.
Kin reported $39.3 million in new written premium for Q4 2024 and $193.3 million for the full year, up from $29.7 million and $125.5 million in 2023, respectively.
Gross written premium totalled $105.3 million for Q4, up from $74.3 million in the prior-year quarter. For the full year, gross written premium rose to $495.3 million, up from $346.3 million in 2023.
Premium in force reached $490.6 million in 2024, up from $343.6 million a year earlier.
The adjusted loss ratio for the two reciprocal exchanges managed by Kin, net of catastrophe excess-of-loss reinsurance recoveries, was 25.9% for 2024, reflecting continued improvement over the past four years, according to the company.
The adjusted non-catastrophe loss ratio improved by 600 basis points to 15.5%, which the company attributed to strong underwriting performance.
However, the adjusted catastrophe loss ratio increased by 190 basis points due to more frequent weather events, the company noted.
The Kin-managed reciprocal exchanges generated positive adjusted net income for the year, according to the company.
Related Articles
Netflix After the Warner Deal: What Investors Should Know
TradingKey - For quite some time now, Netflix (NFLX) has been regarded as the premier subscription-based streaming service in the world, with a well-established history of growth through creative use of pricing power, developing hit programming, and relying very little on outside sources for licensi
Warsh’s Fed Era Signals a Death Knell for QE, Jolting the $30 Trillion Treasury Market
With Warsh’s nomination, his past proposals for governing the Federal Reserve are being brought to the forefront. A central issue is the formulation of a new "1951 Accord" to restructure the relationship between the Fed and the Treasury. Analysts suggest such a move could impact the $30 trillion Tre
Amazon Stock Predictions for 2026 to 2030: Will They Exceed Expectations and Achieve Major Long-Term Goals?
TradingKey - As we head into 2026, many investors are questioning where Amazon (AMZN) fits into the technology world.
A Crash After a Surge: Why Silver Lost 40% in a Week?
TradingKey - Spot silver (XAGUSD) prices continue to decline. Silver plunged 20% on Thursday, breaking below $71 per ounce, with the sell-off intensifying on Friday as prices fell further below $64. Compared to the all-time high set on January 29, silver prices have retraced more than 40%, wiping out nearly all gains accumulated over the previous month.
