Kin Insurance

Kin Insurance is an American property and casualty insurance company with headquarters in Chicago, Illinois, and St. Petersburg, Florida, that offers homeowners insurance, contents insurance, personal liability insurance, flood insurance, and condo insurance in states most impacted by severe weather.[1] The company was founded in 2016[2][3] by Sean Harper, Lucas Ward, and Stephen Wooten.

Kin Insurance
IndustryInsurance
Founded2016 (2016)
Founders
  • Sean Harper
  • Lucas Ward
  • Stephen Wooten
HeadquartersChicago, U.S.
Area served
Florida
Websitewww.kin.com

History

Kin launched in Florida in spring 2016 in partnership with State National, a property and casualty insurance company.

In 2019, Kin established its own insurance company, the Kin Interinsurance Network (KIN), which is a reciprocal exchange domiciled in Florida.[4][5]

Funding

In August 2017, Kin announced that it secured a $4 million seed round from Commerce Ventures and Flourish VC.[6] In February 2018, the company raised $13 million in a round led by August Capital.[7]

In August 2019, Kin raised $47 million in funding from August Capital, with participation from Hudson Structured Capital Management, the University of Chicago via its Startup Investment Program, and Avanta Ventures, the VC arm of CSAA Insurance Group, a AAA Insurer.[8]

Financials

The Kin Interinsurance Network underwrites its own policies. In 2020, the Ohio-based financial analysis firm Demotech rated Kin's financial stability as A, Exceptional.[9]

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References
  1. "Meet Allstate's newest challengers". Crain's Chicago Business. 2018-02-09. Retrieved 2019-10-26.
  2. "Online insurance startup opens Loop HQ". Crain's Chicago Business. 2019-02-12. Retrieved 2019-11-04.
  3. "Sean Harper from Kin: Simplifying home-owners insurance". WGN Radio - 720 AM. 2017-08-07. Retrieved 2019-10-26.
  4. "Kin raises $47 million and launches homeowner insurance carrier in disaster-prone areas". VentureBeat. 2019-08-27. Retrieved 2019-10-26.
  5. "Insurtech Kin Insurance Expands Homeowners Offering into Georgia". Insurance Journal. 2018-10-02. Retrieved 2019-10-26.
  6. "With $4 million in funding, Kin wants to change how homeowners get insured". TechCrunch. Retrieved 2019-10-26.
  7. "Insurance startup Kin raises $13 million". Crain's Chicago Business. 2018-03-05. Retrieved 2019-10-26.
  8. "UChicago invests $500,000 in startup helping insure disaster-ridden regions". University of Chicago News. Retrieved 2019-10-26.
  9. "Financial Stability Ratings®: Demotech". www.demotech.com. Retrieved 2020-08-07.
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