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Hudson Structured upsizes investment in insurtech Kin


Insurance-linked securities (ILS), reinsurance and transportation focused investment manager Hudson Structured Capital Management Ltd. has participated in a $35 million Series B funding round for home insurtech company Kin Insurance.

hudson-structured-capital-management-logoThe Series B is the second time Hudson Structured (doing its insurance investment business as HSCM Bermuda) has backed Kin, having participated in a $47 million round for the insurtech a year ago.

This round saw Kin raising money from a group of investors led by Commerce Ventures with participation from HSCM Bermuda, Flourish Ventures, QED, Alpha Edison, Allegis NL Capital, Avanta Ventures (venture arm of CSAA Insurance Group, a AAA Insurer), August Capital, the University of Chicago via its Startup Investment Program, and others.

It takes Kin’s total funding to date to $86 million and the insurtech plans to take its reciprocal exchange approach to insurance, piloted in Florida, to homeowners across the U.S., starting with states most affected by severe weather.

“We believe in creating meaningful change for homeowners who need our solution the most,”explained Sean Harper, Kin’s CEO and co-founder. “Since we established our carrier last summer, we have been able to innovate much faster because we depend less on legacy insurance infrastructure.”

Kin’s goal is to reinvent home insurance using advanced technology, affordable pricing, a customer focus, and efficient underwriting.

Kin’s Florida carrier pilot was structured as a reciprocal insurance exchange, giving its policyholders a voice in everything the company does.

The insurtech aims to keep costs low and make it simple for customers to interact with it. Use of efficient reinsurance capital in future may be key to the goal of providing its products in the most efficient way possible.

Given Kin’s approach to homeowners insurance in severe weather and catastrophe exposed states, Hudson Structured may also stand to benefit from the relationship with access to its reinsurance program as well, as the insurtech’s protection needs grow.

“We are excited to increase our investment in Kin and to continue to support the company’s mission to provide simple and affordable insurance coverage to homeowners,” commented Andrew Sagon, Vice President with HSCM Bermuda. “Kin’s leadership team has done a commendable job of transferring structural efficiency gains to its customers in the form of more affordable coverage, and we are thrilled to support Kin’s efforts as the business enters its next phase of growth.”

Hudson Structured, which was established by ex-Goldman Sachs structured finance head Michael Millette, invests in insurtech as one of the range of ways it derives insurance and reinsurance-linked returns for its investors, from across the full range of market access points.

HSCM Bermuda also recently co-led a $24 million Series A investment round for home and auto insurtech firm Branch and co-led a Series A for rideshare insurtech Buckle.

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