Kin
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The additional funding brings Kin’s series D total to $142mn, and its overall equity funding total to $265mn. -
The Inside P&C news team runs you through the earnings results for the day.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The program offers $860mn in reinsurance coverage for natural catastrophes, representing protection up to a one-in-200-year first-event loss.
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The company’s gross written premiums totaled $83.2mn in Q1 2023, marking a 54% increase year on year.
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Howden Tiger Markets & Advisory and Swiss Re Capital Markets acted as joint structuring agents and joint bookrunners on the transaction.
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The investment came from Geodesic Capital, QED Investors, and additional investors.
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The growth figure marked deceleration compared to previous quarters; the InsurTech’s GWP increased 71% YoY in Q3, 187% YoY in Q2 and 230% YoY in Q1.
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Through the reciprocal exchange, the homeowners InsurTech plans to enter new markets in the first half of 2023, including catastrophe-prone states.
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Even if venture debt has always been around, sources said InsurTechs are approaching the market in different ways, as they struggle to raise equity rounds at attractive valuations.
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The company’s adjusted loss ratio, net of XoL reinsurance recoveries, was 46.4% for the third quarter, down 35.1 points from Q3 2021.
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Around $100mn of the facility was funded at close, with the remaining funds available in two tranches as the company reaches certain agreed-upon milestones.
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