US based insurance startup Kin Insurance has raised $47 million in funding to launch its home insurance carrier.
The round was led by venture capital firm August Capital, along with other investors including Avanta, Hudson Structured Capital Management Ltd. (HSCM Bermuda), UChicago Startup Investment Program, etc.
Launched by co-founders Sean Harper and Lucas Ward in 2016, Kin began as a tech-driven home insurance provider in Florida, offering tailored products within the catastrophe-prone region. The carrier is expected to expand to other states in the near future.
Kin continues to operate as a managing general agent and brokerage in Texas, Georgia, and Alabama. The company aims to differentiate itself in Florida in terms of customer service and ease of claims for homeowners who have to rebuild after life-altering disasters.
HSCM Bermuda Vice President Andrew Sagon stated that it has collaborated with the insurtech startup to create a sustainable source of capacity to support growth and geographic expansion within underserved coastal homeowners’ markets.
He further added, “The Kin team is responding directly to the needs of its growing customer base by developing insurance products that are well-underwritten, distributed efficiently online, and supported by excellent customer service.”
TigerRisk Capital Markets & Advisory acted as Transaction Advisor and Placement Agent to Kin Insurance, Inc. in the formation of Kin Interinsurance Network.