Direct-to-consumer home insurance company Kin has released its operating results for the second quarter.
Kin achieved robust financial performance in the second quarter of 2023, with gross written premium reaching $109.7 million. This brings the year-to-date total to an impressive $192.9 million.
The company's positive operating income nearly doubled to $8.6 million during the same period, driven by effective expense management and a growing base of loyal customers. Kin achieved a record-breaking month in June, generating $26.9 million in renewal premium, the company said in a news release.
In recent months, Kin has expanded its operations by launching in five new states, including Alabama, Arizona, Mississippi, South Carolina, and Virginia. This expansion, combined with its presence in Louisiana, has resulted in $12.5 million in new bound premium outside of Florida in the first half of 2023. This represents a 400% increase compared to the prior-year period.
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Sean Harper, CEO of Kin, attributed the company's rapid and profitable growth to two key factors.
“Our business model enables us to target customers we know will be a good match for our risk criteria, and cuts out about half of the legacy cost structure,” Harper said. “Then our proprietary technology enables us to do much more accurate pricing and underwriting, which is why we’re beating our competitors on loss ratio.”
The adjusted loss ratio for the Kin Interinsurance Network, net of XOL recoveries, stood at 34.5% for the first half of 2023. Although the non-cat adjusted loss ratio increased slightly to 24.2% in the second quarter of 2023, it remains significantly below previous years, the company said.
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