Kin grows Florida-focused nat cat cover by $400 million to $1.4 billion at June 1
By Chris Munro
June 17 - (The Insurer) - Kin added $400 million of cover to its Florida-focused reinsurance program at June 1, taking the homeowners insurtech's total protection against natural catastrophes in the Sunshine State to $1.4 billion.
The newly secured coverage, which provides protection to Kin Interinsurance Network and Kin Interinsurance Nexus Exchange, runs from June 1, 2025, through to May 31, 2026.
“Consistent with its longstanding conservative approach, Kin partnered with respected and stable reinsurers to secure strong reinsurance programs designed to protect its carriers and members from catastrophic risk, with all coverage levels significantly exceeding regulatory requirements,” the Chicago, Illinois-based company said.
Alongside the Florida protection, Kin also secured more than $250 million of coverage for what the company described as its “rapidly expanding non-Florida markets (excluding California)”.
In California, Kin said its reinsurance program provides targeted protection against severe seismic events and wildfires.
Kin’s reinsurance program is supported by a panel of 44 reinsurers, each of which hold a financial rating of A-minus or higher from AM Best or are 100% collateralised, along with 29 catastrophe bond investors.
At the beginning of May, Kin revealed it had increased the total insured value from $10 billion in 2021 to $100 billion in 2024.
"Reaching $100 billion in insured property value represents a pivotal moment in Kin's journey," said Sean Harper, co-founder and CEO of Kin, at the time.
In 2021, 95% of Kin's total insured property value was concentrated in Florida. As of 2024, the Sunshine State accounted for 75% of Kin’s total insured property value, highlighting the company’s geographic expansion and risk diversification strategy.
Last year, Kin booked $495.3 million of gross premium written, up from the prior year’s $346.3 million.
The company generated $12 million in operating income for 2024, an increase of 126% year on year.
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