Kin Insurance Raises $47M to Launch Carrier in Florida

Kin Insurance has announced it raised $47 million in funding to launch the Kin Interinsurance Network, a Florida home insurance carrier. Structured as a reciprocal insurance exchange so that policyholders have a voice in all Kin does, the company now has the flexibility to innovate in ways that best serve its customers and keep costs low. The carrier has a financial stability rating of “A – Exceptional” from the financial analysis firm Demotech, Inc.

Kin also continues to operate as a managing general agent and brokerage in Texas, Georgia, and Alabama. With the added capacity to write its own policies, Kin aims to differentiate itself further in Florida, especially regarding customer service and ease of claims for homeowners who have to rebuild after life-altering disasters.

A group of new investors contributed to the latest round of funding led by August Capital, including Avanta, Hudson Structured Capital Management Ltd., doing business as HSCM Bermuda, UChicago Startup Investment Program, and others.