Kin Insurance Raises $100M in capacity with the issuance of its second multi-year catastrophe bond


Kin Insurance announced today that its reciprocal insurance carrier, the Kin Interinsurance Network, successfully closed a $100 million private placement catastrophe bond transaction, bringing Hestia Re Ltd.’s total outstanding limit to $275 million. The Kin Interinsurance Network now has indemnity-based coverage for large hurricanes and other named storms affecting the state of Florida thanks to a new multi-year reinsurance agreement with Hestia Re.

Kin is pleased to see investors recognize the value of our technology and direct-to-consumer model, Kin’s chief financial officer Jerry Fadden said. Hestia Re continues to be a strategically important capital management tool; we look forward to continuing our dialogue with investors and seeing how the capital markets evolve in relation to our risk transfer objectives.

Investor demand allowed the transaction to tighten by 175 basis points from the wide end of the initial price guidance, in addition to securing the targeted $100 million in notional limit. The transaction was co-structured and co-booked by Howden Tiger Markets & Advisory and Swiss Re Capital Markets.

Kin’s performance, transparent communication with stakeholders, and proven technology-driven advantage drove a phenomenal result in this dynamic market environment, said Mitchell Rosenberg, managing director of ILS at Howden Tiger Capital Markets & Advisory.

We are delighted to be advising Kin on their market-leading Cat Bond program, and we are confident that both the capital and traditional markets will continue to support Kin.

Swiss Re Capital Markets is pleased to collaborate with Kin to facilitate another successful transaction, according to Andras Bohm, head of ILS structuring for the Americas. Investors were pleased with Kin’s return to the ILS market, and we are pleased to be a part of Kin’s strategy to expand its access to alternative capital through Hestia Re.

Kin is the only pure-play, direct-to-consumer digital insurer focusing solely on the expanding homeowners insurance market. By eliminating the need for external agents, Kin makes homeowners insurance more convenient and affordable.

Kin’s technology platform provides a unified user experience, customized coverage options, and quick, high-quality claims service. Kin uses thousands of data points about each property behind the scenes to provide accurate pricing and better underwriting results. Kin is a fully licensed carrier that provides coverage through its customer-owned reciprocal exchanges.

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