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Kin grows revenue by 48% year-over-year with 126% higher operating income

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2 years ago

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Managed Reciprocal Exchanges turned first full year of profit

CHICAGO, Feb. 26, 2025 /PRNewswire/ — Kin, the direct-to-consumer home insurance company built for every new normal, today announced operating results through the fourth quarter ended December 31, 2024.

Kin finished 2024 with $495.3 million in gross written premium and $156.1 million in total revenue. Kin’s operating income for the year was $12.0 million, representing a 126% increase over the prior-year.

“In 2024 we grew revenue 48% while non-growth expenses increased 24%.That’s an important ratio for us and something we expect to continue – growing our fixed expenses at approximately half the rate of revenue growth.  As a result, Baseline Operating Margin increased from 22% to 33%, demonstrating the earning power of our business.” said Kin Founder and CEO Sean Harper.  He continued, “this year we deployed $58.6 million of organically generated capital toward R&D and expanding our competitive moat.  We are pretty efficient, so we created a lot of distance with that investment”.

Kin CFO Jerry Fadden added, “New revenue, which represents the fees attributable to new policies, grew approximately 60% in 2024 compared to 2023, and that growth was efficient with our $76.9 million of growth expenses generating an additional $60.9 million of new ARR”.

The adjusted loss ratio for the two reciprocal exchanges managed by Kin, net of catastrophe excess of loss (XOL) reinsurance recoveries, was 25.9% for full year 202412, a continued improvement over the last four years. Adjusted non-catastrophe loss ratio of 15.5% improved by 600 basis points over 2023, reflecting strong underwriting performance13. The adjusted catastrophe loss ratio increased by 190 basis points compared to prior year, due to more frequent weather events14.  As a result, the Kin-managed reciprocal exchanges also generated positive adjusted net income for the year. 

Kin continues to rapidly expand its addressable market. It consistently receives high ratings on platforms like Trustpilot and Google, indicating strong customer satisfaction.

About Kin

Kin is the only pure-play, direct-to-consumer digital insurance provider focused on the growing homeowners insurance market. Kin makes homeowners insurance more convenient and affordable by eliminating the need for external agents. Kin’s technology platform delivers a seamless user experience, customized options for coverage, and fast, high-quality claims service. Behind the scenes, Kin utilizes thousands of data points about each property to provide accurate pricing and produce better underwriting results. Kin serves customers as an agent and as the manager of two reciprocal exchanges which are managed for the benefit of their customers. To learn more, visit www.kin.com.

Footnotes

The financial information represents the GAAP consolidated results of Kin Insurance, Inc. excluding its variable interest entities (VIEs), which are its reciprocal insurance carriers and captive.2023 and 2024 revenues and operating income have been restated to reflect the application of ASC 606 to the recognition of management fees paid by the managed reciprocals, which resulted in an increase of $4.5M and $0.8M, respectively, in 2024 and 2023 revenues and operating income.Gross written premium includes premium written by the two reciprocals managed by Kin Insurance, Inc. and certain third-party carriers.New Revenue is defined as the proportion of revenue derived from New Written Premium to Gross Written Premium. Renewal Revenue is defined as the proportion of revenue derived from Renewal Written Premium to Gross Written Premium.New Revenue COS consists of the New Premium portion of Customer Service and Claims expenses.Renewal Revenue COS consists of the Renewal Premium portion of Customer Service and Claims expenses.Total Gross Profit calculates Total Revenue minus Customer Service and Claims expenses.Operating income represents net income/loss attributable to Kin Insurance, Inc. excluding interest expense, income tax expense, depreciation, amortization, stock-based compensation and other non operating expenses.Growth operating income is defined as New revenue minus growth expenses; Growth expenses include sales and marketing expenses, variable data costs and other expenses associated with acquiring and onboarding new customers. Baseline operating income is defined as Renewal revenue minus G&A expenses; G&A expenses defined as operating expenses not associated with customer acquisitionThe adjusted loss ratio is a non-GAAP measure defined as loss and loss adjustment expenses, net of catastrophe excess of loss reinsurance recoverables divided by earned premium and the “earned” portion of subscriber surplus contributions during the period and excludes Claims Management fees to the reciprocal exchange’s attorney-in-fact.The non-cat adjusted loss ratio is a non-GAAP measure defined as total loss and loss adjustment expenses, excluding loss and loss adjustment expenses from named storms and Property Claim Services (PCS) events as defined by Insurance Services Office, Inc. (ISO) divided by earned premiums and the “earned” portion of subscriber surplus contributions during the period and excludes Claims Management fees to the reciprocal exchange’s attorney-in-fact. The cat adjusted loss ratio is a non-GAAP measure defined as total loss and loss adjustment expenses from named storms and PCS events, net of catastrophe excess of loss reinsurance recoverables, divided by earned premiums and the “earned” portion of subscriber surplus contributions during the period and excludes Claims Management fees to the reciprocal exchange’s attorney-in-fact.  

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SOURCE Kin

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Lexar Launches the Professional SILVER GO microSDXC™ UHS-I Card

Published

18 minutes ago

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October 22, 2026

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V30 rating provides seamless 4K 60fps recording

SAN JOSE, Calif., Oct. 22, 2026 /PRNewswire-PRWeb/ — Lexar, a global leader in memory and storage, today announced the new Lexar® Professional SILVER GO microSDXC™ UHS-I Card, a versatile storage solution designed for videographers, gamers and creators who need reliable, high-performance storage across their favorite portable devices with microSD slots. Combining fast data transfers, support for high-quality video capture and durable construction, the new card helps users spend less time managing storage and more time creating and capturing their next adventure.

“Gamers and creators are pushing their hardware harder than ever, from massive game libraries to hours of 4K footage. We designed the Lexar SILVER GO so their storage is never the thing holding them back.”

“Gamers and creators are pushing their hardware harder than ever, from massive game libraries to hours of 4K footage. We designed the Lexar SILVER GO so their storage is never the thing holding them back,” said Lizette Lynch, Director of Brand Marketing at Lexar North America. “With a combination of fast transfers, reliable performance and rugged durability, the SILVER GO gives users the speed and storage they need to capture, create and play with confidence.”

The Lexar SILVER GO microSD Card offers top-notch performance of max read speeds of 250MB/s and max write speeds of 180MB/s1. Users can reach max transfer speeds when pairing the cards with the Lexar microSD/SD Reader. With a V30 Video Speed Class rating, the Lexar SILVER GO microSD Card delivers smooth, uninterrupted 4K 60fps Ultra HD recording and keeps pace with rapid-fire burst shooting. The Lexar SILVER GO microSD Card is optimized for action cameras, drones and handheld consoles including DJI, Insta360, GoPro, Nintendo Switch, and Steam Deck2, to name a few.

Available in capacities 64GB-512GB, the SILVER GO microSDXC is built for durability, with features such as IPX7 waterproof, wearproof, drop-proof, temperature-proof, X-ray-proof, shockproof, magnetic-proof, and vibration resistance. The free Lexar Recovery Tool gives users peace of mind, helping users attempt to recover accidentally deleted files. Separately, Lexar products are backed by a limited lifetime warranty, subject to applicable terms and conditions.

The Lexar SILVER GO microSDXC is available through Amazon, with the 512GB available at an MSRP of $144.99, 256GB available at an MSRP of $84.99, 128GB available at an MSRP of $54.99, and 64GB available at an MSRP of $34.99. For more information, visit americas.lexar.com.

Lexar Professional SILVER GO microSDXC™ UHS-I Card Availability:

LINK: https://americas.lexar.com/product/lexar-professional-silver-go-microsdxc-uhs-i-card/

1 Speeds based on internal testing. Actual performance may vary.

2 All product and company names, and brands mentioned are trademarks or registered trademarks of their respective owners. Their use is for identification purposes only and does not imply endorsement, sponsorship or affiliation with Lexar.

About Lexar

Founded in California in 1996, Lexar has dedicated 30 years advancing reliable, high-performance memory solutions and now operates more than 100,000 sales channels across six continents, serving over 100 million users in more than 70 countries. Its award-winning portfolio, from memory cards and SSDs to DRAM and mobile storage, continues to empower creators, professionals, and everyday users worldwide. For more information, please visit americas.lexar.com.

Media Contact

Media Team, Lexar, 1 6263720725, lexar@boltpr.com, https://americas.lexar.com/

View original content to download multimedia:https://www.prweb.com/releases/lexar-launches-the-professional-silver-go-microsdxc-uhs-i-card-302916816.html

SOURCE Lexar

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Lexar Launches the Professional SILVER GO microSDXC™ UHS-I Card

Published

18 minutes ago

on

October 22, 2026

By

V30 rating provides seamless 4K 60fps recording

SAN JOSE, Calif., Oct. 22, 2026 /PRNewswire-PRWeb/ — Lexar, a global leader in memory and storage, today announced the new Lexar® Professional SILVER GO microSDXC™ UHS-I Card, a versatile storage solution designed for videographers, gamers and creators who need reliable, high-performance storage across their favorite portable devices with microSD slots. Combining fast data transfers, support for high-quality video capture and durable construction, the new card helps users spend less time managing storage and more time creating and capturing their next adventure.

“Gamers and creators are pushing their hardware harder than ever, from massive game libraries to hours of 4K footage. We designed the Lexar SILVER GO so their storage is never the thing holding them back.”

“Gamers and creators are pushing their hardware harder than ever, from massive game libraries to hours of 4K footage. We designed the Lexar SILVER GO so their storage is never the thing holding them back,” said Lizette Lynch, Director of Brand Marketing at Lexar North America. “With a combination of fast transfers, reliable performance and rugged durability, the SILVER GO gives users the speed and storage they need to capture, create and play with confidence.”

The Lexar SILVER GO microSD Card offers top-notch performance of max read speeds of 250MB/s and max write speeds of 180MB/s1. Users can reach max transfer speeds when pairing the cards with the Lexar microSD/SD Reader. With a V30 Video Speed Class rating, the Lexar SILVER GO microSD Card delivers smooth, uninterrupted 4K 60fps Ultra HD recording and keeps pace with rapid-fire burst shooting. The Lexar SILVER GO microSD Card is optimized for action cameras, drones and handheld consoles including DJI, Insta360, GoPro, Nintendo Switch, and Steam Deck2, to name a few.

Available in capacities 64GB-512GB, the SILVER GO microSDXC is built for durability, with features such as IPX7 waterproof, wearproof, drop-proof, temperature-proof, X-ray-proof, shockproof, magnetic-proof, and vibration resistance. The free Lexar Recovery Tool gives users peace of mind, helping users attempt to recover accidentally deleted files. Separately, Lexar products are backed by a limited lifetime warranty, subject to applicable terms and conditions.

The Lexar SILVER GO microSDXC is available through Amazon, with the 512GB available at an MSRP of $144.99, 256GB available at an MSRP of $84.99, 128GB available at an MSRP of $54.99, and 64GB available at an MSRP of $34.99. For more information, visit americas.lexar.com.

Lexar Professional SILVER GO microSDXC™ UHS-I Card Availability:

LINK: https://americas.lexar.com/product/lexar-professional-silver-go-microsdxc-uhs-i-card/

1 Speeds based on internal testing. Actual performance may vary.

2 All product and company names, and brands mentioned are trademarks or registered trademarks of their respective owners. Their use is for identification purposes only and does not imply endorsement, sponsorship or affiliation with Lexar.

About Lexar

Founded in California in 1996, Lexar has dedicated 30 years advancing reliable, high-performance memory solutions and now operates more than 100,000 sales channels across six continents, serving over 100 million users in more than 70 countries. Its award-winning portfolio, from memory cards and SSDs to DRAM and mobile storage, continues to empower creators, professionals, and everyday users worldwide. For more information, please visit americas.lexar.com.

Media Contact

Media Team, Lexar, 1 6263720725, lexar@boltpr.com, https://americas.lexar.com/

View original content to download multimedia:https://www.prweb.com/releases/lexar-launches-the-professional-silver-go-microsdxc-uhs-i-card-302916816.html

SOURCE Lexar

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Racquel Oden to Receive The ELC’s 2026 Achievement Award for Leadership in Financial Services and Expanding Opportunity

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18 minutes ago

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October 22, 2026

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HSBC executive recognized for a career building businesses, developing talent, and widening access to wealth and financial prosperity

WASHINGTON, Oct. 22, 2026 /PRNewswire/ — The Executive Leadership Council (ELC) will honor Racquel Oden, HSBC’s U.S. Head of International Wealth and Premier Banking and Private Banking, with the 2026 ELC Achievement Award at The ELC Recognition Gala on October 30, 2026, at the Gaylord National Resort & Convention Center in National Harbor, Maryland.

With more than 25 years of financial services experience, Oden has built a career at the intersection of business growth, client leadership, and talent development. At HSBC, she leads businesses serving affluent and globally connected clients in the United States, bringing a client-first approach to one of the world’s largest financial services organizations.

“Racquel brings a rare combination of commercial discipline and genuine investment in people,” said Michael C. Hyter, President and CEO of The Executive Leadership Council. “She understands that leadership is measured in business results, certainly, but also in the people you prepare for greater responsibility and the doors you make easier for others to open. Her career reflects the kind of enterprise leadership The ELC has championed for 40 years.”

Oden’s career spans some of the world’s most prominent financial institutions. Prior to HSBC, she served as a Managing Director at JPMorgan Chase, where she led Network Expansion and held leadership roles across national sales, Consumer Banking and Wealth Management. She previously spent eight years at Merrill Lynch in several Managing Director roles and more than a decade at UBS in senior leadership positions. She began her Wall Street career in equity trading at Morgan Stanley.

Throughout that journey, Oden has described her leadership philosophy as one rooted in service and in helping people become the strongest versions of themselves. That philosophy also informs her work to expand access to wealth, opportunity, and financial fluency.

Her leadership extends across corporate and civic institutions. Oden serves on the corporate board of National Life Group and chairs the Board of Directors of the Thurgood Marshall College Fund. She also serves on the boards of the Apollo Theater and the New York City Police Foundation.

Her honors include the National Urban League’s 2026 Women of Power award and recognition among Barron’s Most Influential Women in Finance, American Banker’s Most Powerful Women in Finance and Forbes’ 50 Over 50.

Oden holds a Bachelor of Arts from James Madison University and an MBA from Hampton University.

The ELC Achievement Award recognizes corporate executives whose careers reflect exceptional professional accomplishment, leadership and impact. Oden joins a distinguished group of past ELC honorees whose influence has reached across companies, industries and communities.

The ELC Marks 40 Years of Developing Leaders
Oden will receive the Achievement Award during a milestone year for The Executive Leadership Council. Founded in 1986, The ELC is celebrating its 40th anniversary in 2026, marking four decades of developing leaders who perform at the highest levels of business and strengthening the leadership pipeline that sustains that excellence.

The 2026 ELC Recognition Gala will take place Friday, October 30, at the Gaylord National Resort & Convention Center in National Harbor, Maryland. Hosted by Emmy Award-winning television journalist and Entertainment Tonight co-host Kevin Frazier, the black-tie celebration will feature a special musical performance by 10-time GRAMMY Award winner Chaka Khan.

The Gala is the signature fundraising event of The ELC’s 2026 Gala Week, October 28–31, which will bring together more than 3,000 members, students, senior executives and business leaders as The ELC celebrates its 40th anniversary.

Gala Week is designed to span the leadership journey. The Honors Symposium connects ELC Scholars with senior executives and hiring managers as they prepare to enter the workplace. The Mid-Level Managers’ Symposium develops high-performing professionals preparing for greater leadership responsibility. Corporate Board Navigator helps ELC members prepare for corporate board service.

ABOUT THE ELC

The Executive Leadership Council is an independent nonprofit founded in 1986 that opens channels of opportunity for the development of global executives to positively impact business and our communities. Learn more at elcinfo.com.

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SOURCE The Executive Leadership Council

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