Why We Invested in Kin Insurance

By Rahul Bhide, Vice President for Economic Opportunity, and Mohit Jindal, Senior Associate for Environmental Sustainability

In recent years, the U.S. homeowners insurance market has been under intense strain, especially in states vulnerable to natural disasters. Climate change is increasing the frequency and severity of catastrophes, such as hurricanes, wildfires, and floods, while inflation and supply chain disruptions have driven up repair costs. Many traditional insurers have responded by raising premiums sharply, pulling back from high-risk regions, or exiting markets altogether, leaving millions of homeowners with few, if any, affordable coverage options. This growing protection gap disproportionately impacts families in coastal and disaster-prone areas, threatening both their financial security and the resilience of their communities.

Solution

Kin Insurance is a direct-to-consumer home insurance company that uses technology and data analytics to offer customizable, competitively priced coverage in catastrophe-prone areas often underserved by traditional insurers. Founded in 2016, Kin operates as a fully licensed carrier in several U.S. states and distributes policies directly to customers, disintermeditating the traditional broker channel and reducing costs. The company simplifies the buying process, offering transparent pricing, and using real-time property data to underwrite risks more accurately.

Why We Invested

The U.S. homeowners insurance market represents a massive and growing opportunity, with gross written premiums reaching $170 billion in 2024, up 11% year-over-year. Florida, Texas, and California, where Kin is already active, account for roughly one-third of that market, or $54 billion. Kin’s focus on these large, high-value geographies is strategic: they are markets facing both outsized climate risks and significant dislocation, where traditional insurers have raised premiums sharply, reduced coverage, or exited altogether.

Kin’s technology-driven model is designed to serve precisely these high-need areas by protecting the most important financial asset for middle-class Americans - their homes. Through granular, property-specific underwriting, Kin can better price and manage risk across multiple perils like hurricane, flood, wildfire, and more, while delivering a superior customer experience with faster quotes, claims notifications, and payouts. With its scale and track record, Kin has secured access to well-priced reinsurance and debt capital, resources unavailable to most smaller players, positioning it for sustainable growth. By combining market reach, underwriting precision, and financial resilience, Kin is building a durable platform to insure homes in the face of accelerating climate risk. 

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.

Impact

Climate change has increased the severity and frequency of disasters, driving a 24% rise in home insurance premiums between 2021 and 2024. Additionally, different houses even in the same ZIP code face different levels of risk from climate change-related risks. Traditionally, legacy carriers price risk at a zip-code level, making it difficult for them to adapt their underwriting models and approach to price insurance policies for specific properties, and so faced with this challenge, they’re choosing to pull out of offering policies in high risk areas entirely. 

Kin takes the opposite approach: it applies property-level modeling by ingesting and analyzing thousands of data points about each property, enabling granular underwriting that is actuarially sound. That’s what enables Kin to enter and expand in such dislocated home insurance markets when others abandon them. Access to home insurance protects the most significant asset and source of wealth creation for middle-class Americans. Without it, borrowers can’t close or refinance mortgages, and communities rely on slower government-established plans (ex. CA’s FAIR plan) for coverage.

Why We Invested in Core Education

By RRahul Bhide, Vice President for Economic Opportunity

Higher-education institutions (HEIs) in the US are facing significant headwinds causing operational and financial sustainability challenges. Those headwinds include demographic changes, shifting sentiment on the perceived value of higher education, increased technological complexity from IT infrastructure to digital marketing, and deep competition for the right technological talent. Additionally, shifting from traditional business models to focus on non-traditional and workforce-based education continues to be a challenge.

Small and mid-market private higher education institutions, those under ten thousand students, face the brunt of these headwinds and are most vulnerable. Students at colleges that close are significantly impacted: more than 50% of students who are at a college that closes do not complete their education elsewhere, and 40M Americans have some college experience but not a degree, contributed to, in part, by closures. College closures also affect their communities; regardless of the institution size. Institutions are economic and social anchors for the communities to which they belong.

Solution

Core Education is a mission-critical operating partner and specialized services provider focused on transforming higher education institutions. Core’s integrated services span revenue diversification, technology modernization, and financial sustainability, enabling colleges to adapt to demographic shifts, declining full-time enrollments, and financial pressures.

Why We Invested

Core Education has an impressive team, led by Kamalika Sandell and Rick Beyer, supported by a senior leadership team with deep higher education, finance, and technology backgrounds, including a number of former college presidents who have successfully addressed the challenges that their partner institutions are now facing. The company has grown revenue significantly over the past few years and has operated in a capital-efficient manner.

Core’s offerings enable their partner institutions to achieve financial resilience, sharpen workforce offerings, and connect with employers. Existing solutions and players in the space are typically only able to offer point solutions or services; Core’s ability to offer comprehensive integrated solutions with sector-specific expertise is a key competitive differentiator and makes a significant difference in institution outcomes. Their results have made them a trusted partner.

Impact

Core delivers business model transformation to a critically underserved segment of higher education. The company’s institution partners are typically significantly underserved and are often regional, under-resourced, or tuition-dependent, unable to access talent and technology in the same manner as larger institutions. Core closes that gap through a fractional model, delivering embedded, high-impact capabilities typically reserved for larger institutions. Its integrated solution offerings span revenue strategy, financial modeling, enrollment performance, workforce development, and digital transformation. Their ability to help institutions engage with employers and develop workforce development initiatives enable institutions to improve potential educational outcomes for their students. Their comprehensive solution and service set also helps stabilize institutions financially, enabling colleges to continue offering quality educational outcomes for their students, and continue to contribute to their communities. 

Why We Invested in Retirable

By Rahul Bhide

The retirement crisis in America is no longer looming—it's here. With over 10,000 baby boomers turning 65 every day and nearly half of U.S. households at risk of not being able to maintain their standard of living in retirement, the need for innovative solutions has never been greater. That’s why we invested in Retirable, a company redefining how people approach financial wellbeing in retirement. By combining personalized advice, accessible digital tools, and a mission-driven approach, Retirable is tackling one of the most urgent and underserved challenges in financial wellness.

Solution

Retirable is a retirement planning, investing and spending solution with the ongoing care of a fiduciary advisor. The company works to build financial plans for older Americans, helps them develop a 'safe-to-spend' number, manages their assets (like a 401k/IRA, etc.), and issues a monthly “paycheck”. There are three main aspects of the solution:

Access to human advisors: Clients work with an advisor to plan their retirement, including required cash flows, timing, and goals. Retirable’s AI-enabled technology platform helps advisors do this. After becoming a client, their human advisor meets with them at least once a year to revisit the plan.

Managing retirement accounts: After someone becomes a client, Retirable begins managing their retirement accounts (401Ks, IRAs, brokerage accounts) and segments the assets into three buckets; a year’s income in high-interest checking, five years’ in a synthetic personalized bond ladder, and the remainder of assets in low-cost ETFs. The bond ladder is refilled using investment gains; in down years, the bond ladder is drawn upon. All of this automated rebalancing is done by the Retirable technology platform.

Issuing monthly paychecks: Based on the planning done by the client and the advisor, Retirable issues a monthly “paycheck” to clients. This is also automated by the Retirable platform, enabling clients to continue their financial life that they used to have when collecting a paycheck.

Why We Invested

The Retirable team, led by Tyler End and Ian Yamey, have been deeply embedded in this product space and distribution channel for the majority of their careers, and they’ve built a product offering that is appealing to retirees who have been traditionally underserved and deprioritized by current retirement advisors and solutions. We’re excited to back the team to continue to scale the company, deploy AI to enable advisors to serve customers more efficiently at scale, and support Americans in a critical period of their financial lives.

Impact

Retirable serves mass-market American households, a core focus of our Economic Opportunity strategy. 63% of their customers have never worked with a financial planner before, and most of the balance have relied upon a friend or family member to set up a plan for them. Access to financial planning has been shown to drive more resilient and worry-free retirement strategies; Retirable’s model is designed to support clients during periods of market volatility, aimed at helping them stay invested and avoid reactive decision-making.

There is a well-documented increase in stress and lowered mental wellbeing closer to retirement driven by uncertainty and anxiety with finances that can also impact physical health.

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References to products or services offered by portfolio companies are for informational purposes only and are not endorsements or recommendations for use.