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HSCM Bermuda backs Kin’s Series D extension

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Sean Harper, CEO of Kin (File photograph)

Hudson Structured Capital Management Ltd, doing its reinsurance business as HSCM Bermuda, has added to its support of Kin, the Chicago-based insurtech start-up.

Kin has closed a $33 million Series D extension, taking the total for the round to $142 million.

The funding was led by QED Investors with participation from returning investors, including HSCM Bermuda, Geodesic Capital, Allegis Capital and Alpha Edison.

Kin said it has now raised approximately $265 million in equity funding to date.

The company said investor confidence in Kin continues to climb due to its unique business strategy and market focus, which have produced systematic, capital-efficient growth.

Kin said it is on pace to deliver more than $370 million in total premium in 2023 and has turned the corner to positive operating income.

“Investors are putting a premium on growth in the context of profitability, and we’re growing exceptionally fast because we’re able to profitably serve customers who aren’t being well served by incumbents,” said Sean Harper, CEO of Kin.

“Because we’re already profitable and well funded, we didn’t need to raise right now, but the additional funding strengthens our liquidity position and can be used to fuel more growth.

“Also, we were able to raise without too much effort, at the same share price, while so many other technology companies are having trouble securing capital.”

Kin said it is disrupting a centuries-old industry with a combination of business model, technological and financial innovation.

“Kin is structured to scale and skilfully manage the entire insurance value chain, which is why we’re so excited to double down on our investment in this truly seminal business,” said Amias Gerety, partner at QED.

“By leveraging advanced analytics and led by an experienced and world-class management team, Kin is able to offer terrific service at an affordable price.

“Their direct-to-consumer approach and vertically integrated value-added chain assures that customers receive a best-in-class experience, even in markets that other insurers are pulling out of. We believe that Kin will be known as the defining company of the insurtech 2.0 era.”

Amias Gerety, partner at QED (File photograph)

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Published September 19, 2023 at 2:24 pm (Updated September 19, 2023 at 8:58 pm)

HSCM Bermuda backs Kin’s Series D extension

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