Kin’s second reciprocal exchange gets Demotech A rating
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has announced that financial analysis firm Demotech has assigned an FSR of A, Exceptional, to the Kin Interinsurance Nexus.
The Kin Interinsurance Nexus is Kin’s second reciprocal exchange and utilises a direct-to-consumer model and efficient technology to provide affordable pricing without compromising coverage.
Kin suggests that it will enter several new markets in the first half of 2023 through the Nexus, thereby creating a path to serve a growing number of catastrophe-prone states where people need a reliable option for coverage.
Angel Conlin, chief insurance officer at Kin, commented, “We’re financially strong, have ample surplus, and remain focused on safeguarding customers who are impacted by severe weather events caused by climate change.
“We’re pleased to earn this exceptional rating for our new reciprocal, as it helps assure customers that we’ll back up their policies in spite of any economic downturns or changes in the insurance marketplace.”
Later, in its Q3 results, Kin Insurance reported a gross written premium (GWP) of $47.6 million in the third quarter of 2022, a 72% increase compared to $27.7 million from the third quarter of 2021.