Kin's reinsurance panel got smaller this year, even as the coverage it bought grew. The company said its three reciprocal exchanges renewed their combined reinsurance program at a cost 25% below what they paid a year earlier, effective June 1, 2026, through May 31, 2027.
The Chicago-based insurtech manages Kin Interinsurance Network, Kin Interinsurance Nexus Exchange, and Kin Interinsurance National Exchange.
Reciprocal exchanges are member-owned pools in which policyholders share risk, with Kin acting as manager and attorney-in-fact for each entity. The reduction compares with a broader market range of 15% to 20% reported by broker Guy Carpenter for the property catastrophe reinsurance sector. Kin said the gap stems from an underwriting model that uses property-level data to assess individual risk.
The 2026-2027 program provides more than US$1.9 billion in reinsurance coverage for natural catastrophes across five separate programs. They covered Florida, California, and multistate risk, plus a new quota share arrangement for the Nexus exchange.
Last year's placement covered the period through May 2025 and totaled US$1.6 billion across the same network of exchanges. It involved 44 reinsurers and 29 catastrophe bond investors. This year's panel of 38 partners is smaller than that group, even though total coverage rose to US$1.9 billion.
Sean Harper, Kin's founder and CEO, said the pricing shows the reciprocals' underwriting results. "Every dollar saved on reinsurance strengthens the financial foundation of the reciprocal exchanges, which benefits Kin policyholders," Harper said.
Kin's most recent quarterly results add detail to that claim. The company said its Hestia Re 2026-1 catastrophe bond was upsized to US$335 million from an initial US$300 million target. Pricing on the bond came in roughly 300 basis points tighter than the broader market.
Kin said the reciprocals' loss ratios have run below target levels, a claim that lines up with a broader shift in the homeowners segment. The US homeowners insurance industry averaged a 65% loss ratio in 2024. That figure worsened to nearly 79% in the first half of 2025 amid severe storms and California wildfires, per one industry comparison.
Angel Conlin, Kin's chief insurance officer, said reinsurers and investors are pricing the reciprocals' risk below the market, based on the company's underwriting data. "Reinsurers and institutional investors are pricing the reciprocals' risk below the market because our data and models support that," Conlin said.
Kin's catastrophe excess-of-loss panel grew to 38 partners after two new traditional reinsurers joined this renewal. Panel members are required to either fully collateralize their coverage or hold an A- or better rating from AM Best. Ten new investors took part in the catastrophe bond transaction.
The pattern was not unique to Kin. Florida-exposed insurer HCI Group closed its own 2026-2027 reinsurance program around the same time. Its net premiums ceded to reinsurers fell 10% year over year, even as its total coverage limit grew 16%.
That combination points to a broader softening across the property catastrophe reinsurance market.
