Kin

The home insurance start-up claims the fundraise was made at a $1bn-plus valuation.

The Inside P&C news team runs you through the earnings results for the day.

The additional funding brings Kin’s series D total to $142mn, and its overall equity funding total to $265mn.

The Inside P&C news team runs you through the earnings results for the day.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The program offers $860mn in reinsurance coverage for natural catastrophes, representing protection up to a one-in-200-year first-event loss.

The company’s gross written premiums totaled $83.2mn in Q1 2023, marking a 54% increase year on year.

Howden Tiger Markets & Advisory and Swiss Re Capital Markets acted as joint structuring agents and joint bookrunners on the transaction.

The investment came from Geodesic Capital, QED Investors, and additional investors.

The growth figure marked deceleration compared to previous quarters; the InsurTech’s GWP increased 71% YoY in Q3, 187% YoY in Q2 and 230% YoY in Q1.

Through the reciprocal exchange, the homeowners InsurTech plans to enter new markets in the first half of 2023, including catastrophe-prone states.

Even if venture debt has always been around, sources said InsurTechs are approaching the market in different ways, as they struggle to raise equity rounds at attractive valuations.