Kin
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The company’s adjusted loss ratio, net of XoL reinsurance recoveries, was 46.4% for the third quarter, down 35.1 points from Q3 2021. -
Around $100mn of the facility was funded at close, with the remaining funds available in two tranches as the company reaches certain agreed-upon milestones.
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CEO Sean Harper expects the company to achieve positive operating profit by Q4 2022.
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The cover offers protection for a one-in-160-year first event.
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Kin also reported an adjusted loss ratio of 60.4%, a 25.2-point improvement on the same period last year.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Homeowners’ InsurTech Kin plans to expand staff, add products and move into new states with the new backing.
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Investors are taking a second look at private valuations, as they realize that an IPO or a SPAC exit is no longer an attractive option in the short term.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.)
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Harper’s comments follow Kin and Omnichannel mutually agreeing to terminate their previously announced SPAC merger deal due to 'unfavorable market conditions'.
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The next generation must stay private longer, employ a partnership approach to capital and take the complexities of insurance more seriously.
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