Kin Insurance, a U.S.-based insurtech specializing in homeowners and property insurance for catastrophe-prone regions, reported gross written premium of $634.8 mn in 2025, up 28% from $495.3 mn a year earlier. Growth came largely from renewals, not aggressive new business expansion.
- Renewal written premium climbed to $440 mn from $302 mn, signaling a maturing in-force portfolio.
- New written premium held broadly flat at $194.5 mn.
- Premiums in force increased to $634.8 mn at year-end 2025, compared with $490.5 mn at the close of 2024.
Total revenue rose 29% to $201.6 mn, closely tracking premium growth. Revenue as a percentage of GWP remained steady at 32%.
New revenue edged up to $61.8 mn, while renewal revenue advanced to $139.8 mn from $95.2 mn, reflecting the scale of the renewal book.
Profitability strengthened. Gross profit reached $189.2 mn versus $147.2 mn in 2024. Gross margin held at 94%, underscoring stable unit economics. Operating income increased to $21.3 mn from $12.6 mn, lifting operating margin to 11% from 8%.
Founded in 2016 and headquartered in Chicago, the company uses proprietary data analytics and a fully digital platform to simplify policy management, pricing, and claims for homeowners.
It has gained recognition for expanding access to affordable coverage in states where traditional insurers often retreat due to natural-disaster risk.
Founder and CEO Sean Harper said revenue grew three times faster than fixed expenses, pushing annual Baseline Operating Margin to 49%. He said the company’s core engine already generates profit and management chose to reinvest operating income into technology and customer acquisition while competitors retrench.
Harper acknowledged customer acquisition became harder in 2025 as the insurance market softened. Even so, the company increased marketing spend to maintain growth and nearly doubled overall operating profit.
CFO Jerry Fadden said Kin moved to capture market share despite heightened competition. He pointed to the 94% gross margin as evidence of durable core economics and said the firm continued to acquire high lifetime value customers at higher upfront cost.
Despite a more competitive environment, we chose to proactively capture market share. Kin benefits from strong core unit economics – evidenced by our 94% Gross Profit Margin – and we continued to acquire high-LTV customers even at a higher initial cost.
Jerry Fadden, Kin CFO
“We are deliberately spending more on new revenue now because we know that with our strong customer retention, the long-term return is highly accretive to our margins,” Jerry Fadden noted.
Management views elevated acquisition spending as a calculated trade. According to Beinsure analysts, carriers with strong retention profiles and high renewal margins can absorb higher initial CAC if lifetime value remains intact. Kin’s strategy leans on that assumption.
Harper said product expansion across auto and home financing, alongside marketing optimization, will deepen customer relationships as market conditions shift. He positioned innovation cadence and customer experience as primary differentiators in a softer cycle.
Kin operates without agents, offering fully digital homeowners, condo, landlord, and mobile home insurance, plus private flood policies.
Its 2025 reinsurance program provides over $1.6 bn in catastrophe protection across 44 reinsurers and 29 catastrophe bond investors, exceeding regulatory requirements for high-risk markets such as Florida and California.
Its products are underwritten by the reciprocal exchanges Kin Interinsurance Network and Kin Interinsurance Nexus Exchange, which are owned by policyholders who share in underwriting profits.
