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Kin Q1 Premium in Force Grows by 49% Year-Over-Year, Accelerates Diversification by Driving 29% of New Revenue From Non-fl Markets

Thursday, 16 May 2024 09:25 AM


CHICAGO, IL / ACCESSWIRE / May 16, 2024 / Kin, the direct-to-consumer home insurance provider, today announced select operating results through the first quarter ended March 31, 2024.

"We delivered strong overall results in Q1", said Sean Harper, CEO of Kin. "This Q1 we were able to achieve a high growth rate and maintain operating income profitability. We are on pace to deliver $500 million+ in total written premium, while generating an operating profit and meaningfully growing in our new states outside of Florida."

Kin finished the first quarter of 2024 with $112.7 million in gross written premium, a 53.8% increase over the fourth quarter of 2023, and 35.5% over the prior year period. Kin also posted operating income of $1 million, an improvement of $5.8M in comparison to the fourth quarter of 2023. Revenue growth at 44.8% in Q1 over the prior quarter far outpaced the 16.8% growth in operating expenses over the same period. Expanding operating leverage remains a priority for the management while making investments in areas like technology, data analytics and predictive modeling that will further strengthen our strategic advantage.

Through the first quarter of 2024, the Kin managed reciprocal exchanges' adjusted loss ratio, net of XOL recoveries, stood at 24.1%. Non-cat adjusted loss ratio was 16.8% through the first quarter of 2024 and has decreased on an inception-to-date basis for the 13th consecutive quarter.

"Our geographies had very little storm activity in Q1 2023, which was great for our loss ratio. Q1 2024 wasn't quite as fortunate, with a few major severe convective storm systems," said Angel Conlin, chief insurance officer at Kin. "That said, the reciprocal exchanges we manage still had a very good gross loss ratio of 24.1%, and our non-cat loss ratio decreased again year over year. Our pricing and targeted risk selection, powered by our technology and data science capabilities, has enabled the reciprocals to continue to generate the loss ratios they need to be sustainable."

Kin's mission is to re-engineer insurance to be more cost-effective and streamlined, and thereby improve the customer experience, especially for the geographies that need it most. Following its successful expansion into 5 additional states in 2023, Kin has already entered two new markets in 2024 - Texas and Georgia - and plans to launch several more in the coming months.

About Kin

Kin is the only pure-play, direct-to-consumer digital insurer focused on the growing homeowners insurance market. Kin makes homeowners insurance more convenient and affordable by eliminating the need for external agents. Kin's technology platform delivers a seamless user experience, customized options for coverage, and fast, high-quality claims service. Behind the scenes, Kin utilizes thousands of data points about each property to provide accurate pricing and produce better underwriting results. Kin is a fully licensed carrier that offers coverage through its reciprocal exchanges, which are owned by its customers. To learn more, visit


  1. The financial information represents the GAAP consolidated results of Kin Insurance, Inc. excluding its variable interest entities (VIE's), which are its reciprocal insurance carriers and captive.
  2. Gross Written Premium includes premium written by the reciprocals managed by Kin Insurance, Inc. and certain third-party carriers.
  3. Operating Income represents net income/loss attributable to Kin Insurance, Inc. excluding interest expense, income tax expense, depreciation, amortization, stock-based compensation and other non-operating expenses.
  4. Adjusted loss ratio is a non-GAAP measure defined as loss and loss adjustment expenses, net of catastrophe excess of loss reinsurance recoverables divided by earned premium and the "earned" portion of subscriber surplus contributions during the period and excludes Claims Management fees to attorney-in-fact.
  5. Non-cat adjusted loss ratio excludes named storms and Property Claim Services (PCS) events as defined by Insurance Services Office, Inc. (ISO).


Erica Bunker
[email protected]


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