Kin, the direct-to-consumer home insurance company built for every new normal®, today announced select preliminary operating results through the fourth quarter ended December 31, 2022:
● Kin finished 2022 with $227.5 million in gross written premium, which represents a 117% increase in year-over-year growth.
● Adjusted loss ratio on the Kin Interinsurance Network (the “Reciprocal Exchange”), net of XOL recoveries, was 49.2% in 2022, a 25% improvement over 2021.
● Premium renewal rate on the Reciprocal Exchange reached a record high of 120% in the fourth quarter of 2022, increasing the premium renewal rate to 112% for the full year.
“Given the scale of the market and economic disruption that has shaped the risk landscape, we’ve been maniacally focused on cost containment and operational efficiency. The swift actions we took earlier in the year enabled us to still grow fast and efficiently, while limiting our exposure, and now we’re realizing better profitability metrics,” said Sean Harper, CEO of Kin. “We nearly landed our premium growth target, beat our CAC target by 24%, beat our reciprocal loss ratio target by 3%, and turned a positive operating income in the fourth quarter. That’s a very strong year by any measure.”
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