Hudson Structured backs insurtech Kin again, with Series D participation

Hudson Structured Capital Management (HSCM), the reinsurance, insurtech, insurance-linked securities (ILS) and transportation focused investment manager, has again put its weight behind home insurtech company Kin Insurance, participating in a Series D investment round.

Kin is on the way to raising another $100 million, with an $82 million first close of its Series D round, but additional commitments for a second close os $18 million expected.

That adds to a $133 million equity raise haul so far across previous rounds, giving the insurtech a significant war chest and runway, it’s assumed.

While the Series D funding was this time led by QED Investors, Hudson Structured Capital Management Ltd., undertaking its reinsurance investment business as HSCM Bermuda, was one of the participants.

Kin grew its managed premium 320% to almost $105 million over the course of 2021 and some $99.2 million of that was written through its carrier, the Kin Interinsurance Network reciprocal exchange.

Backers like Hudson Structured are critical to fast-growth insurtech’s like Kin, as they bring industry expertise and contacts along with their financing, as well as the potential for reinsurance capital as well.

“We’re modernizing an industry rife with inefficiency, and we’re doing it with our unmatched ability to move fast and respond to changes in climate, technology, and consumer preferences,” commented Sean Harper, Chief Executive Officer of Kin. “Kin is a force to be reckoned with and this investment will help us extend our lead over legacy competitors that are stuck in the past.”

“Sean and his management team have proven their ability to execute in a challenging environment, replacing archaic models and processes with leading technology and net promoter scores that are double the industry average,” added Amias Gerety, Partner at QED. “Kin was built exactly for the digital world, where people want greater simplicity, highly customized experiences, and the ability for more self-service. This capital will allow Kin to be even more ambitious, expanding their offerings and growing to serve millions of households.”

Hudson Structured has a long history of alignment with Kin Insurance, first having invested back in 2019 through HSCM Bermuda, when it participated in a $47 million funding round for the company.

Hudson Structured followed this up and demonstrated its commitment to Kin’s business model, by participating in a $35 million Series B funding round for Kin as well, in 2020.

That was followed by the investment manager co-leading a $64 million Series C investment round for Kin earlier this year.

The latest investment then is actually the fourth financing Hudson Structured has participated in for Kin.

Recently, we also reported that direct to consumer homeowners insurtech Kin has an ambition to take greater control of its reinsurance arrangements.

This became evident as the company established a Bermuda based captive reinsurance platform and a related holding company named Kincession, Ltd.