Insurtech startup Kin secures $47 million to focus on climate change impacted markets

Kin Insurance, an insurtech startup that is fixing home insurance through intuitive tech, affordable pricing, has raised $47 million to launch the Kin Interinsurance Network, a Florida
home insurance carrier, and expand its capacity to serve homeowners in
catastrophe-prone regions.

Kin was founded in 2016 by tech entrepreneurs Sean Harper and Lucas Ward. The Chicago-based Kin began as a tech-driven home insurance provider in Florida, offering products tailored to the needs of customers within the catastrophe-prone region. 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 will
expand to serve other states in the near future.

Kin is the first insurtech company to serve catastrophe-prone regions and is committed to helping coastal homeowners most impacted by climate change.  By leveraging thousands of publicly available data points, Kin can recommend the appropriate coverage at affordable prices for homeowners. Launched by seasoned financial tech entrepreneurs Sean Harper and Lucas Ward in 2016,

Structured as a reciprocal insurance exchange so that policyholders have a voice in all Kin does, the company now has the flexibility to innovate in ways that best serve its customers and keep costs low. The carrier has a financial stability rating of “A –Exceptional” from the financial analysis firm Demotech, Inc.

“ Our approach in totality is unique ,” said CTO and Co-founder of Kin, Lucas 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 also continues to operate as a managing general agent and brokerage in Texas, Georgia,
and Alabama. 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 wanted to be able to control all aspects of the customer experience, and the best way to do
that was to launch a carrier,” said Kin CEO and Co-founder Sean 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.”

A group of new investors contributed to the latest round of funding, including Avanta, Hudson
Structured Capital Management Ltd., doing business as HSCM Bermuda, UChicago Startup
Investment Program, and others.

“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,” said HSCM
Bermuda 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.”

The Kin Interinsurance Network is able to quote homeowners insurance for many Florida
residents online, over the phone, and via email. Interested homeowners can visit www.kin.com
to learn about coverage options.