Two of the tech-focused insurance start-ups operating in the Florida homeowners market have successfully completed their catastrophe reinsurance renewal placements, with both Kin and Slide citing strong support.
First, the Kin Interinsurance Network, reciprocal exchange managed by Kin Insurance, completed its Florida reinsurance program for the year from June 1st, securing $860 million in catastrophe reinsurance cover, to protect it up to a one-in-200 year first-event loss.
The reinsurance renewal comes soon after Kin sponsored a new catastrophe bond, a $100 million Hestia Re Ltd. (Series 2023-1) catastrophe bond deal.
“The combination of traditional reinsurance and catastrophe bonds helping the Kin Interinsurance Network meet its obligations to customers,” Kin said.
Kin said its reinsurance renewal was backed by over 30 reinsurers, all with a financial rating of A- or higher from AM Best.
“In spite of challenging market conditions that have produced a very difficult renewal environment for primary insurers, we’ve successfully completed our reinsurance program,” explained Angel Conlin, chief insurance officer at Kin.
“The continued strong support from capital market investors and reinsurance partners validates our proactive, technology-driven approach to support policyholders, prevent losses, and better handle claims.”
Slide Insurance Company meanwhile, the full-stack homeowners property insurtech founded by former Heritage CEO Bruce Lucas, cited an oversubscribed Florida reinsurance program at the renewals.
Slide’s reinsurance program is said to exceed all of the regulatory and rating agency requirements, critical in the current Florida market environment.
Slide’s reinsurance tower protects the company up to the 185-year return period, while also reducing its retention to just $5 million.
In addition, the reinsurance Slide has secured includes all perils coverage, multi-year and third event protection, the company said.
“I’d like to thank our reinsurance partners for their continued support. We are tremendously happy to have placed an oversubscribed reinsurance program, especially during a difficult market cycle,” commented Bruce Lucas, Founder and CEO of Slide.
Slide also recently secured its debut Purple Re Ltd. (Series 2023-1) catastrophe bond, which provides the insurer $100 million of named storm reinsurance protection.
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