The company disclosed its operational achievements for the third quarter ending on September 30, 2023.
During this period, Kin achieved a gross written premium of $77.8 million, contributing to a total revenue of $24.2 million. Notably, the company’s operating income remained in positive territory at $11.0 million year-to-date, showcasing an impressive surge of 194% compared to the same period in the previous year.
Kin’s third-quarter premium in force also witnessed substantial growth, reaching $325.5 million. This represents a notable 60% increase over the corresponding period in the prior year, underlining the company’s robust performance and market expansion.
The positive momentum from the first half of 2023 is being leveraged by Kin to strategically diversify its geographical presence. The company is actively expanding and scaling its operations in Louisiana while also venturing into new markets. Alabama, Arizona, Mississippi, South Carolina, and Virginia are the latest additions to Kin’s footprint, reflecting the company’s commitment to growth and innovation in the evolving landscape of home insurance.
Despite an industry-wide decline in combined ratios within the Property and Casualty (P&C) sector, Kin remains steadfast in reducing its adjusted loss ratio. The adjusted loss ratio for the Kin Interinsurance Network, factoring in XOL recoveries, stood at an impressive 32.5% during the third quarter of 2023.
Additionally, the non-cat adjusted loss ratio for the same period was recorded at 17.4%, only marginally surpassing the record-setting all-time low of 17.3% achieved in the first quarter of 2023. This demonstrates Kin’s continued commitment to effective risk management and financial resilience in a challenging industry landscape.
In the third quarter of 2023, Hurricane Idalia took center stage as a significant catastrophe event. Notably, Kin maintained a claims closure rate that consistently outpaced the industry average, as reported by the Florida Office of Insurance Regulation.
“The third quarter was very positive – our reciprocal exchanges continued their momentum on loss ratio, we posted our fastest year-over-year growth so far this year, and our operating expenses grew much slower than our revenue,” said Kin CEO Sean Harper. “We’re on track to achieve the rule of 70 for the year and continue our strategy of growing fast while expanding margins.”
“We’ve weathered the storms, both literal and figurative, by taking a very proactive, technology-driven approach to support customers and triage claims,” said Angel Conlin, chief insurance officer at Kin.
She added: “Our strong loss ratio demonstrates that we’re well-managed and focused on sustainability, even with increasing volume. It’s all about the security and confidence we provide to those who rely on us.”
Author: Joanna England
