Kin Interinsurance Network and Kin Interinsurance Nexus Exchange report losses in Q3

The third quarter financial results for Kin Interinsurance Network and Kin Interinsurance Nexus Exchange have been released. Home insurance startup Kin Insurance acts as the attorney-in-fact for both reciprocals.

Kin Interinsurance Network, which primarily writes in Florida (94% of premiums), reported $264 million in written premiums for the first nine months of the year, a 56% increase compared to the same period last year.

The reciprocal reported a net underwriting loss of $52 million for the first nine months, a 49% increase compared to the same period last year.

Based on our analysis, combined ratio was 286% for the first nine months of the year.

Kin Interinsurance Nexus Exchange, which writes in Alabama, Arizona, Mississippi, South Carolina, and Virginia, reported $4 million in written premiums for the first nine months of the year.

The reciprocal reported a net underwriting loss of $1.4 million.