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Kin Insurance Closes $35M Series B Round of Financing to Accelerate Industry Disruption

By Insurance CIO Outlook | Monday, August 24, 2020

Sean Harper, Co-Founder and CEO

The investment comes after Kin received regulatory approval for the Kin Interinsurance Network (KIN), its reciprocal exchange – a form of the insurance company that shares underwriting profits with customers

FREMONT, CA: Kin Insurance, the insurance technology company that makes home insurance easy and affordable, raised $35 million in Series B funding round.

The funding was led by Commerce Ventures with active participation from Alpha Edison, Hudson Structured Capital Management Ltd. (doing its reinsurance business as HSCM Bermuda), Flourish Ventures, Avanta Ventures (the venture arm of CSAA Insurance Group, a AAA Insurer), QED, Allegis NL Capital, August Capital, the University of Chicago via its Startup Investment Program, and others.

The company has raised $86 million to date. The investment comes after Kin received regulatory approval for the Kin Interinsurance Network (KIN), its reciprocal exchange – a form of the insurance company that shares underwriting profits with customers. With its latest round of funding, the company intends to bring its solution, piloted in Florida, to homeowners across the US, beginning with states most affected by severe weather.

"We believe in creating meaningful change for homeowners who need our solution the most," stated Sean Harper, Kin's CEO and co-founder. "Since we established our carrier last summer, we have been able to innovate much faster because we depend less on legacy insurance infrastructure."

Whereas legacy insurers depend on outdated, inflexible technology, Kin's proprietary platform enables the company to develop and launch new products within a week, price risks in real-time as well as ingest more data than competitors. Kin's technology also decreases general and administrative expenses, which constitute roughly 15 percent of premiums at legacy homeowner's insurance companies.

"As early investors in Kin, we're excited to see how fast the company has grown from startup into a market-leader for directly marketed homeowner's insurance," added Dan Rosen, founder of Commerce Ventures. "While many insurers spend much of their gross margin paying third-party agents, Kin has eliminated those costs, thus making the experience both simpler and more affordable for customers."

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