Kin secures $300m of Florida named storm reinsurance

Kin Interinsurance Network, one of the reciprocal exchanges managed by digital home insurance provider Kin, has closed a $300 million catastrophe bond transaction through Hestia Re Ltd.

According to Kin, the new cat bond, which provides multi-year indemnity-based protection against named storms in Florida, was upsized 50% from the initial 2025 offering.

The transaction features two tranches: a $200 million Class A tranche and a $100 million Class B tranche, both providing three years of coverage.

This is Kin’s third venture into the insurance-linked securities market, having secured significantly improved pricing compared to those previously issued.

According to the firm, this reflects growing market confidence in its underwriting approach and risk management strategies.

Howden Capital Markets & Advisory served as the exclusive structuring agent and bookrunner for the transaction.

Angel Conlin, Chief Insurance Officer at Kin, commented, “The success of this transaction, particularly the substantial improvement in pricing terms, validates our disciplined approach to risk selection and portfolio management.

“This enhanced protection at more favorable terms directly benefits our policyholders by strengthening our claims-paying ability while reducing our overall cost structure.”

Sean Harper, CEO of Kin, said, “Insurers and their customers have experienced higher reinsurance rates a few years in a row. We are happy to see reinsurance rates begin to decrease for our reciprocal exchanges, which will benefit our policyholders.

“In addition to improvement in the market, the dramatically improved terms reflect investors’ growing confidence in our technology-driven approach to homeowners insurance and our ability to effectively manage catastrophe exposure.

“This transaction strengthens the capital position of our reciprocal exchanges and supports our continued expansion while maintaining our commitment to providing affordable coverage in catastrophe-prone regions.”

Mitchell Rosenberg, Co-Head of Global ILS at Howden Capital Markets & Advisory, added, “The substantial upsizing and favorable pricing of this transaction highlight the ILS market’s strong appetite for supporting innovative and top performing insurers like the Kin reciprocals, that continue to demonstrate model outperformance, transparent communication, and a proven track record in underwriting and claims.

“We’re proud to have helped Kin Interinsurance Network achieve these exceptional terms, which represent a significant improvement over previous issuances.”

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