Insurtech start-up Kin raises $47 million
Insurtech start-up, Kin Insurance, has raised $47 million to launch a home insurance carrier in Florida, reports Jane Connolly.
Avanta, Hudson Structured Capital Management (doing business as HSCM Bermuda) and the UChicago Start-up Investment Programme joined existing investors August Capital, Commerce Ventures and Flourish in the round. 
The tech-driven home insurance provider was launched in Florida in 2016 to meet the needs of underserved coastal homeowners living in the catastrophe-prone region.
Structured as a reciprocal insurance exchange, Kin uses its capacity to write its own policies to stand out from the competition in the state.
“Our approach in totality is unique,” says Kin CTO and co-founder, Lucas Ward. “We’ve built our own policy administration system, we’re a direct writer serving a CAT-prone state, we have catastrophe modelling expertise and heavy pricing experience, and we use tech to truly benefit the customer. When you add all that up, the result is something the insurtech space hasn’t seen before.”
“We wanted to be able to control all aspects of the customer experience and the best way to do that was to launch a carrier,” adds CEO and co-founder, Sean Harper.
The Kin Interinsurance Network carrier will expand to serve other states in the near future. Kin also continues to operate as a managing general agent and brokerage in Texas, Georgia and Alabama.
