Kin
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The home insurance start-up claims the fundraise was made at a $1bn-plus valuation.
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The Inside P&C news team runs you through the earnings results for the day.
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The additional funding brings Kin’s series D total to $142mn, and its overall equity funding total to $265mn.
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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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CEO Sean Harper expects the company to achieve positive operating profit by Q4 2022.
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The cover offers protection for a one-in-160-year first event.
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Kin also reported an adjusted loss ratio of 60.4%, a 25.2-point improvement on the same period last year.
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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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Homeowners’ InsurTech Kin plans to expand staff, add products and move into new states with the new backing.
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Investors are taking a second look at private valuations, as they realize that an IPO or a SPAC exit is no longer an attractive option in the short term.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Harper’s comments follow Kin and Omnichannel mutually agreeing to terminate their previously announced SPAC merger deal due to 'unfavorable market conditions'.
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The next generation must stay private longer, employ a partnership approach to capital and take the complexities of insurance more seriously.