Hudson Structured Capital Management (HSCM), the reinsurance, insurtech, insurance-linked securities (ILS) and transportation focused investment manager, has financed insurtech homeowners specialist Kin Insurance again, this time as a participant in a $145 million debt capital raise.
Kin said that it has secured a $145 million committed credit facility, the proceeds of which it intends to use as additional capital to support the expansion of its Kin Interinsurance Network, the reciprocal exchange operated by the insurtech underwriting company.
The debt facility was led by Runway Growth Capital LLC and the Avenue Venture Opportunities Fund, L.P., but participants included funds managed by Hudson Structured Capital Management (HSCM), Aquarian Investments, Group 1001 and Skyline Capital.
A total of $100 million was funded at close, with the remaining funds expected to be available to Kin in two tranches as the company hits pre-agreed milestones.
“We’re pleased to work with such thoughtful and steady growth partners like Runway and Avenue who understand our needs and want to help strengthen our position,” explained Sean Harper, CEO of Kin. “The upsized facility enables Kin to continue innovating and reshaping the $120 billion U.S. home insurance market, while also providing us with an opportunity to grow aggressively with minimal dilution.”
Hudson Structured Capital Management has a long history of alignment with Kin Insurance, having first invested in the insurtech back in 2019 through HSCM Bermuda, when it participated in a $47 million funding round for the company.
Hudson Structured further demonstrated its commitment to Kin’s business model by participating in a $35 million Series B funding round for Kin, in 2020.
Which was followed by the investment manager co-leading a $64 million Series C investment round for Kin in 2021 and then participated in Kin’s Series D earlier in 2022 as well.
Now, HSCM is backing a further injection of growth capital into Kin, demonstrating that it remains committed to the insurtech’s business model.