Kin Insurance has collected $47m in funding to support the launch of its Kin Interinsurance Network, a Florida home insurance carrier. ?
The capital injection was led by August Capital with contributions also coming from Avanta, Hudson Structured Capital Management, UChicago Startup Investment Program, and others
Launched in 2016, Kin is a technology-driven home insurance provider in Florida, offering tailored products to customers within the region. Its technology uses data to identify the best protection for consumers offering policies including flood, homeowners, hurricane, umbrella, landlord, and mobile home.
The company chose to establish itself as a carrier to better support the costal homeowners most at risk from climate change, it said. Plans are to launch in other states in the near future.
Kin will continue to operate as a managing general agent and brokerage in Texas, Georgia, and Alabama. By having the ability to write its own policies, the InsurTech will now look to further enhance customer services.
Kin CEO and co-founder Sean Harper said, “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.
“We have a team of the best insurance minds in the business guiding our path and we believe in what we’re doing: taking the difficulty and high-cost out of home insurance and focusing on what really matters taking care of the homeowner.”
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