| Insurance technology (InsurTech) company Kin is merging with the special purpose acquisition company (SPAC) Omnichannel Acquisition Corp. to go public on the NYSE under the ticker symbol. opens in new window, Crain's Chicago Business: Kin lines up private investment for its next stage of expansion "Access to affordable home insurance is challenging in regions that are impacted by climate change and severe weather; at Kin, our proprietary technology and deep data advantage enables us to best evaluate risk and price home insurance fairly for consumers," the company said in a statement. opens in new window, Cinch Home Services partners with insurance industry disruptor Kin Insurance The SPAC cited unfavorable market conditions in its press release on the termination, but will turn back to the work of meeting with targets who can benefit from their team . Get our latest stories curated just for you. This provides Kin with a wealth of future cross-sell opportunities for existing and new customers with respect to potential additional home-related and insurance products. Press Release: Investors Presentation: Coming Soon Article: Kin Insurance Inc., an insurance-technology startup that counts Press J to jump to the feed. opens in new window, Forbes: The importance of humans in fintech It is more than ripe for an innovative alternative and that is exactly why we created Kin to provide customers with a better home insurance offering, better pricing and an overall better experience, said Sean Harper, co-founder and CEO of Kin. The residential property market cannot function without homeowners insurance, because insurance is required by most mortgage lenders. Required fields are marked *. The business combination reflects an estimated implied pro forma enterprise value at closing of $1.03 billion, assuming no redemptions by Omnichannels public stockholders. 2016-2023 Kin Insurance Technology Hub, LLC. opens in new window, Forbes: 12 late-stage interview faux pas that could cost you the job Louisiana homeowners insurance can cover: Your dwelling, including walls, foundation, roof, floors, plumbing, and more. This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. opens in new window, Washington Post: How do I get an Airbnb refund for canceled plans? By leveraging proprietary technology, Kin delivers fully digital homeowners insurance with an elegant user experience, accurate pricing and fast, high-quality claims service. opens in new window, Benzinga: EXCLUSIVE: Kin Insurance's CEO on the competition, national expansion plans, DTC advantage Trust your team, University of Chicago: Kin Insurance to go public expand nationally with aim to save homeowners time and money, Benzinga: Gary Vaynerchuk, Matt Higgins SPAC OCA strikes deal for homeowner insurance company Kin: What investors should know, Bloomberg: Kin Insurance to go public via Matt Higgins SPAC deal, CNBC: Home Insurance company Kin to go public via SPAC merger, Chicago Crains Business: Insurance startup Kin raises $69 Million with investment from PGA Pro, Crunchbase: Exclusive: Kin raises $63.9M in Series C funding for data-driven home insurance, TechCrunch: Insurtech startups are leveraging rapid growth to raise big money, Insurance Journal: Kin Insurance to offer homeowners coverage in Louisiana, Forbes: Eight steps managers can take to facilitate an employees move to another department, Money: I fought an insurance company in a slip-and-fall case. USA Today: Which tech investments can weather volatile markets best? Built In Chicago is the online community for Chicago startups and tech companies. opens in new window, Investopedia: Best hurricane insurance The proxy statement/prospectus will be sent to all Omnichannel stockholders, and Omnichannel will also file other documents regarding the proposed Business Combination with the SEC. The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. Commerce, Real-Time opens in new window, Bloomberg: Kin Insurance to go public via Matt Higgins SPAC deal Become a smarter investor withCNBC Pro. Our National Producer Number (NPN) is 18044957 and our Certificate of Authority (COA) number is 19-813300698. opens in new window, Kin announces new additions to leadership team opens in new window, Kin Insurance announces condo insurance in Florida opens in new window, Forbes: 10 startups leading the way in customer experience . opens in new window, Kin Insurance, Inc. and Omnichannel Acquisition Corp. mutually agree to terminate business combination agreement "We are growing fast, generating industry-leading unit economics, and are well-positioned to significantly expand our market share moving forward," the company added. More in ChicagoNatures Fynd Raises $350M to Bring Its Meatless Food to Market. Here are some of the key statistics Kin presented in the filing: They have created an interesting revenue / insurance model by creating a reciprocal exchange company that also levies a 10% premium on the premium to fund the exchange and pays Kin a 32% commission to generate and operate the business. They indicate that they expect a loss ratio of 40% where they explain the reciprocal. opens in new window, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet opens in new window, Forbes: How solving real problems is a competitive advantage in todays world The agreement. opens in new window, Information Age: A guide to working in the Tampa tech scene opens in new window, Kin Insurance selects Snapsheet to deploy end-to-end claims management platform Kin Insurance, a homeowners insurance startup, is in talks to raise around $75 million to $100 million after it pulled the plug on a deal to go public via SPAC merger, according to three sources with knowledge of the matter. The deal also includes backing from new strategic investors including Willis Group Holdings CEO Joe Plumeri; Stephen Ross, Jeff Blau and Bruce Beal of Related Companies; and VaynerMedia CEO Gary Vaynerchuk. The agreement values Kin Insurance at roughly $1.03 billion. Upon closing of the transaction, the combined company will be named Kin Insurance, Inc. and is expected to be listed on the NYSE under the new ticker symbol KI. Omnichannel Acquisition Corp. (NYSE:OCA) and direct-to-consumer homeowners insurance technology company Kin Insurance announced this afternoon that they have opted to mutually terminate their business combination agreement. opens in new window. opens in new window, Washington Post: Eight tips for buying homeowners insurance Kaenan is a professional in the areas of block chain, telematics, wearables, analytics, artificial intelligence (AI) and Insurtech. Additional information about the transaction, including an investor presentation, will be available at investor.kin.com and will be filed with the U.S. Securities and Exchange Commission (the SEC) by Omnichannel as an exhibit to a Current Report on Form 8-K prior to the call, and available on the SEC website at www.sec.gov. opens in new window, Kin gives Floridians new insurance discounts following passage of assignment of benefits bill opens in new window, CNBC: Home Insurance company Kin to go public via SPAC merger Their latest funding was raised on Oct 28, 2022 from a Debt Financing round. opens in new window, Axios: Kin Insurance gets new funding after spurning its SPAC opens in new window, Kin Insurance bolsters leadership team amid rapid growth The proposed acquisition of the inactive insurance carrier and the business combination are both expected to close in the fourth quarter of 2021 following the satisfaction of customary closing conditions, including regulatory approval, and in the case of the business combination, shareholder approval. opens in new window, Forbes: The smartest thing a leader can do? Interestingly, the SPAC is supported by celebrities such as NBA superstar Draymond Green, golf pro Rory Mcllroy, and cosmetics guru Bobbie Brown, who said that Kin, like her, would reinvent a market. 3. Kin Insurances data aims to more accurately predict home risk Use data to your advantage to attract valuable and prospective clients, whether you are exclusively an agency channel, exclusively direct, or a mix. Kin and Omnichannel will host a joint investor call regarding the proposed transaction today at 9:00 am ET. opens in new window, Inc.: Let the person with the most information make the decision Kin Insurance, a digital direct-to-consumer home insurer that targets catastrophe-prone areas, said it has has acquired an inactive insurance carrier holding licenses in 43 states. Such forward looking statements include estimated financial information, including insurance premium run-rate and enterprise software revenue. A PYMNTS study, New Payments Options: Why Consumers Are Trying Digital Wallets finds that 52% of US consumers tried out a new payment method in 2022, with many choosing to give digital wallets a try for the first time. opens in new window, Forbes: In hyper-growth mode? 2: Kin Interinsurance Network total policies in force at the end of the period (new and renewal). In fact, according to their filing, it is 17% better. Get in touch with us for all press and speaker inquiries. We can offer Louisiana HO3 coverage issued through the Kin Interinsurance Network, rated A, Exceptional, by Demotech. Kin does not collect premiums for its third party agent business and has used third party carrier commission statements to estimate the total premiums produced. Our customers receive a simple, direct and exceptional experience that provides them with real savings and leaves them delighted and loyal to Kin. The company currently operates in Florida, California and Louisiana areas that are highly prone to disastrous weather conditions that are worsening with climate change. There are definitely things that a legacy carrier could learn from Kin. opens in new window, The Insurer: Insurtech Kin announces $82MN first close in latest financing round If done right, the legacy carrier will continue to dominate the landscape. Kin Insurance, a home insurance company, is targeting a Q4 public debut after announcing a SPAC deal with "Shark Tank" investor Matt Higgins' SPAC Omnichannel Acquisition Corp. (NYSE: OCA) last . opens in new window, Crunchbase: Some Crossover Investors Ramp up While Others Scale Back Amid Market Wonkiness The Omni team is already hard at work helping elevate Kins brand presence, expanding Kins acquisition channels and layering in the most cutting-edge acquisition tactics. As a result, we are growing fast, generating attractive unit economics, and we believe we are well-positioned to significantly expand our market share moving forward., Todays announcement is a major milestone and validation of what we have built, as well as an important next step in our development, continued Harper. (More to follow). opens in new window, Built In: Kin Insurance secures $82M for its D2C home insurance platform opens in new window, TechCrunch: Insurtech startups are leveraging rapid growth to raise big money Pay Later, Cross-Border As such, they benefited from an older average age of customers of 57 in a less competitive market. opens in new window, Insurance Journal: Kin Insurance to offer homeowners coverage in Louisiana Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. Kin and . A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. Insurtech Advisors helps regional carriers and agencies to work with the best Insurtechs that will enable you to thrive and continue to meet the needs of your members, employees and independent agents. This communication relates to a proposed business combination (the Business Combination) between Omnichannel Acquisition Corp. (Omnichannel) and Kin Insurance, Inc. (Kin). Intelligence, Connected Get this delivered to your inbox, and more info about our products and services. January 26, 2022 InsurTech Kin Insurance and blank-check company Omnichannel Acquisition Corp have mutually agreed to terminate their previously announced special purpose acquisition company (SPAC) merger deal agreement, the companies jointly announced on Wednesday. Car, Buy In a deal that would value the start-up at more than $1bn, Kin could become the latest InsurTech to pass the unicorn threshold This deal follows in the footsteps ofseveral other private companiesthat have opted togo public through a SPAC merger. Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. opens in new window, Business Insider: These are the biggest fintech winners of 2019 Sign up to start afree trial today. Kin is the only pure-play direct-to-consumer digital insurer focused on the complex and growing $100+ billion homeowners insurance market. It allows them to manage the messaging and customer experience end-to-end, ultimately leading to higher retention rates of 92% and NPS 85. opens in new window, Built In: How these 7 Chicago tech companies found their product-market fit opens in new window, Forbes: The counterintuitive advantage of a beginners mindset opens in new window, Forbes: Which insurtech distribution model gets it right? opens in new window, Crains Chicago Business: Insurance startup Kin raises another $35 million opens in new window, Axios: The hidden factor in Floridas property insurance crisis It is led by co-founders Sean Harper,. opens in new window, Property Casualty 360: Climate change is measurable and manageable The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. Dive, Become opens in new window, Chicago Inno: Facing legacy insurance giants, Chicago upstart Kin gains popularity with homeowners opens in new window, Kin Insurance maintains steady year-over-year growth in third quarter, increasing 151% year-to-date As COVID-19 necessitated a digital-first approach to everything, consumers relationships with insurance companies changed as well, and they put an increased value on medical and life insurance during the pandemic lockdowns. The company crunches thousands of data points that it says allows for more accurate pricing and better underwriting results. That notwithstanding, they use data specifically to enhance their acquisition and book performance. Index, Data Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. articles a month for anyone to read, even non-subscribers! opens in new window, Inside P&C: Kin raising new VC funding after SPAC deal termination Data is a real-time snapshot *Data is delayed at least 15 minutes. Golf's Greatest Holes: Golfing legend Paul McGinley takes television presenter Chris Hollins on a tour of the best golf courses in Ireland and Northern Ireland. In fact, they claim to use over 10,000 data points to generate the quote in real time. opens in new window, Business Insider: Assignment of benefits 101 Kin signed an agreement to acquire an inactive insurance carrier with licenses in over 40 states, bringing the unicorn one step closer to national expansion. Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. 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