- Florida-based insurance startup company Kin Insurance announced it raised $47 million in funding
Kin Insurance — a Florida-based insurance startup company that is reinventing home insurance through intuitive technology, affordable pricing, customer care, and hyper-efficient underwriting — announced it raised $47 million in funding to launch Florida home insurance carrier Kin Interinsurance Network. Investors in this round include Avanta, Hudson Structured Capital Management (HSCM) Bermuda, and UChicago Startup Investment Program. The company is now structured as a reciprocal insurance exchange so that policyholders have a voice in all Kin does. Plus the company now has the flexibility to innovate in ways that best serve its customers and keep costs low.
Founded by seasoned financial tech entrepreneurs Sean Harper and Lucas Ward, Kin started out as a tech-driven home insurance provider in Florida that offers products tailored to the needs of customers within the catastrophe-prone region.
“Our approach in totality is unique,” said Ward. “We’ve built our own policy administration system, we’re a direct writer serving a CAT-prone state, we have catastrophe modeling expertise and heavy pricing experience, and we use tech to truly benefit the customer. When you add all that up, the result is something the insurtech space hasn’t seen before.”
Kin’s decision to establish its insurance carrier in Florida emphasizes its commitment to serving coastal homeowners most impacted by climate change and often neglected by the insurance industry. The carrier is also expanding to serve other states in the near future.
“We wanted to be able to control all aspects of the customer experience, and the best way to do that was to launch a carrier,” added Harper. “We have a team of the best insurance minds in the business guiding our path and we believe in what we’re doing: taking the difficulty and high-cost out of home insurance and focusing on what really matters – taking care of the homeowner.”
Kin is also continuing to operate as a managing general agent and brokerage in Texas, Georgia, and Alabama. And with the added capacity to write its own policies, Kin aims to differentiate itself further in Florida especially regarding customer service and ease of claims for homeowners who have to rebuild after life-altering disasters.
“We are excited to partner with Kin to create a sustainable source of capacity to support growth and geographic expansion within underserved coastal homeowners’ markets,” noted Hudson Structured Capital Management Vice President Andrew Sagon. “The Kin team is responding directly to the needs of its growing customer base by developing insurance products that are well-underwritten, distributed efficiently online, and supported by excellent customer service.”
TigerRisk Capital Markets & Advisory acted as Transaction Advisor and Placement Agent to Kin Insurance in the formation of Kin Interinsurance Network.
