Reciprocals managed by Kin publish 2023 results

Kin Interinsurance Network and Kin Interinsurance Nexus Exchange, the reciprocals managed by Kin Insurance, have published their financial results for 2023.

Kin Interinsurance Network, which primarily writes in Florida, reported $333.7 million in written premiums in 2023, a 49% increase compared to 2022. The reciprocal recorded a net underwriting loss of $64.8 million, a 9% increase compared to 2022. Last year, a Kin source pointed out that the income statement excludes a 10% mandatory surplus contribution made by subscribers since technically it’s a contribution of capital, not premium. In 2023, reciprocal subscribers contributed $32.5 million.

Based on our analysis, combined ratio was 263% for the year, an improvement of 14 percentage points compared to 2022.

Kin Interinsurance Nexus Exchange, which writes in AL. AZ, MS, SC, and VA, reported $7 million in written premiums. The reciprocal had no meaningful operations in 2022.

Net underwriting loss stood at $2.2 million and combined ratio was 231%.