Kin acquires inactive carrier

Kin Insurance acquired an inactive insurance carrier that holds licenses in 43 states. It will rename it to Kin Interinsurance Nexus.

The news comes as the home insurer with a focus on catastrophe-prone states is looking to go public via a blank check company, which will likely take place next year. It has raised $156 million in funding and operates in the space of TRUE, Hippo and soon – Slide Insurance.

With this acquisition, it now has the ability to serve customers in most of the remaining states in which it does not currently operate.

“This was an important step in bringing the future of insurance to homeowners across the country. Because of our efficient technology and direct-to-consumer model, we’ll be able to provide affordable pricing and essential coverage to vastly more people.” – Chief Insurance Officer Angel Conlin.