Kin closes $300 million catastrophe bond
By Mia MacGregor
March 25 - (The Insurer) - Kin Interinsurance Network, one of the reciprocal exchanges managed by homeowners insurtech Kin, has closed a $300 million catastrophe bond transaction through Hestia Re Ltd, marking its third foray into the insurance-linked securities market.
The bond, which provides multiyear indemnity-based protection against named storms in Florida, was upsized by more than 70% from the expiring 2022 bond and 50% from the initial 2025 offering due to strong investor demand, the company said.
The transaction includes two tranches: a $200 million class A tranche and a $100 million class B tranche, both offering three years of coverage.
Kin said that pricing on the deal improved significantly compared to its previous catastrophe bonds, reflecting increased market confidence in its underwriting and risk management strategies.
The new catastrophe bond is part of Kin’s 2025 reinsurance program for its managed reciprocal exchanges, which support a growing policyholder base across multiple states. Kin also announced an expansion into California earlier this year.
Howden Capital Markets & Advisory served as the exclusive structuring agent and bookrunner for the transaction.
“This transaction strengthens the capital position of our reciprocal exchanges and supports our continued expansion while maintaining our commitment to providing affordable coverage in catastrophe-prone regions,” said Sean Harper, CEO of Kin.
Angel Conlin, chief insurance officer at Kin, added: "This enhanced protection at more favourable terms directly benefits our policyholders by strengthening our claims-paying ability while reducing our overall cost structure."
The transaction follows Kin’s recent earnings announcement, in which the firm reported $12 million in operating income for 2024, up 126% over the prior year.
The Insurer also reported in January that the firm is working on its latest fundraise, which could value the company at $2 billion or more, ahead of an expected 2026 IPO.
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