Kin Highlights Leading direct-to-consumer home insurance technology company that is expected to more than triple written premiums in 2021 and achieve over $400 million of total written premiums by end of 2023, corresponding to a 5-year CAGR of 139%, and to more than quadruple gross profit in 2021 compared to 2020 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. opens in new window, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet Payments, Small & Behind the scenes, Kin utilizes thousands of data points about each property to provide accurate pricing and produce better underwriting results. We know your business and the landscape of Insurtech. opens in new window, NerdWallet: The best home insurance companies for 2022 Invest in emotional intelligence. Invest in emotional intelligence Live from Dubai, connecting Asian markets to the European opens. In fact, according to their filing, it is 17% better. Omnichannel Acquisition Corp. (NYSE: OCA) is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Got a confidential news tip? opens in new window, Forbes: Fintech startups: Plan for your customers emotional realities opens in new window, TechCrunch: Insurtech startups are leveraging rapid growth to raise big money The proposed stock purchase agreement deal, as well as the public offering, are anticipated to close in the last quarter of this year. opens in new window, Business Insider: 5 ways to reduce your homeowners insurance premium The Chicago-based company, which is currently expanding into new markets, is also preparing to go public. Get this delivered to your inbox, and more info about our products and services. Previous Series C investors included NBA All-Star Draymond Green and four-time champion golfer Rory McIlroy. Digital home insurance company Kin Insurance, Inc. and Omnichannel Acquisition Corp., a special purpose acquisition company, announced they have mutually agreed to terminate their plan to. Moreover, the math barely adds up when you look at a 38% loss ratio, a 28% reinsurance premium, and a 32% commission. 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. USA Today: Which tech investments can weather volatile markets best? opens in new window, Business Insider: Insurtech disruptors report To learn more, visit https://www.kin.com. Our customers receive a simple, direct and exceptional experience that provides them with real savings and leaves them delighted and loyal to Kin. The website encountered an unexpected error. Get our latest stories curated just for you. Because Kin has eliminated the need for an external agent and has replaced antiquated insurance technology with modern, more efficient technology, Kin can offer attractive pricing to customers without sacrificing margins. 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. 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. opens in new window, Forbes named Kin one of "America's Best Startup Employers" in 2022 Stephen Ross, Jeff Blau and Bruce Beal of Related Companies and golf pro Rory McIlroy are among Kin's other backers. 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. Any financial and capitalization information or projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Omnichannels and Kins control. Kin Insurance Plans to Go Public Through $1.03B SPAC Merger, Natures Fynd Raises $350M to Bring Its Meatless Food to Market. Kin Insurance and Omnichannel Acquisition Corp., a publicly traded special purpose acquisition company, announced that they have mutually agreed to terminate their previously announced agreement and plan of merger as a result of "current unfavorable market conditions." "We worked tirelessly over the better part of a year to bring this combination to . Transaction includes commitment for $80 million PIPE led by HSCM Bermuda and Senator Investment Group, with participation from Gillson Capital, Park West Asset Management and other institutional investors, New strategic investors include Joe Plumeri, former chairman and CEO, Willis Group Holdings; Stephen Ross, Jeff Blau and Bruce Beal of related companies, the most prominent privately-owned real estate firm in the United States; and Gary Vaynerchuk, CEO of VaynerMedia, Previous Series C investors include NBA all-star Draymond Green and four-time major champion golf pro Rory McIlroy; noth back Kin to raise brand profile across the country. We save you countless hours of wasted time and false starts. Data is a real-time snapshot *Data is delayed at least 15 minutes. The SPAC Deal: Kin Insurance announced a SPAC merger with Omnichannel Acquisition Cop (NYSE:OCA) valuing the company at a pro forma enterprise value of $1.03 billion. 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. What they emphasized during the investor talk and what I saw throughout the investor deck is a focus on data. opens in new window, Washington Post: How do I get an Airbnb refund for canceled plans? We are excited to enter the public markets with Matt Higgins and the incredible team at Omnichannel, who have a proven track record of building enduring direct-to-consumer brands, making them the perfect complement for Kin. Required fields are marked *. As we look to expand into new markets, we are strategically focused on states where customers need us the most and where our data and technology advantage are the most impactful, Sean Harper, Kins CEO, told Built In via email. opens in new window, Forbes: The smartest thing a leader can do? opens in new window, Axios: The hidden factor in Floridas property insurance crisis & Pharmacy, Healthcare J.P. Morgan Securities LLC and Citigroup Global Markets Inc. acted as joint placement agents to Omnichannel on the PIPE transaction, and Mayer Brown LLP is acting as legal counsel to the placement agents. Conjoined, the company will be valued at roughly $1.03 billion and plans to trade on the NYSE under the ticker symbol KI.. Such forward looking statements include estimated financial information, including insurance premium run-rate and enterprise software revenue. opens in new window, Kin Insurance sees growth accelerate at the start of fourth quarter, while adjusted loss ratio improves Kin Interinsurance Network, our Florida home insurance carrier, has a principal office in St. Petersburg, Florida, and our NAIC number is 16603. Sign up for free newsletters and get more CNBC delivered to your inbox. Deep Commerce, Real-Time opens in new window, Kin now offering homeowners policies in Louisiana So one way to think about Kin's marketing efficiency is to compare our $500, divided by our average policy size, $1733, divided by the life of the policy implied by our 92% renewal rate and you get 2.3% which compares very favorably against the 17% that selling through agents costs. opens in new window, Bloomberg: Kin Insurance to go public via Matt Higgins SPAC deal opens in new window, The Insurer: Insurtech Kin announces $82MN first close in latest financing round opens in new window, Forbes: In hyper-growth mode? We want to hear from you. Now That notwithstanding, they use data specifically to enhance their acquisition and book performance. . Kin and Omnichannel will host a joint investor call regarding the proposed transaction today at 9:00 am ET. Investors may listen to a pre-recorded call regarding the proposed business combination today at 9:00 am ET. The transaction will require the approval of the stockholders of Omnichannel and Kin, the effectiveness of a registration statement to be filed with the Securities and Exchange Commission (the SEC) in connection with the transaction, and the satisfaction of other customary closing conditions, including the receipt of certain regulatory approvals. Now the future belongs to frictionless commerce, and the homeowners insurance industry is lagging way behind. 2000 - 2023 Razor Planet, Inc. All Rights Reserved Privacy Policy - Terms Of Use Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of Omnichannel, Kin or the combined company after completion of the Business Combination are based on current expectations that are subject to risks and uncertainties. articles a month for anyone to read, even non-subscribers! They are doing this by merging with the Omnichannel Acquisition Corp SPAC. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. We expect to use our strengthened balance sheet to further scale our platform to new geographies, accelerating the growth of our premiums and profitability. opens in new window, Forbes: Reminder: Capitalism is supposed to benefit customers The transaction is expected to provide Kin with approximately $242 million of cash at closing, which is in addition to the $80 million raised in the recent Series C financing. Businesses, Social 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. 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. 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 . Pay Later, Cross-Border opens in new window, University of Chicago: Kin Insurance to go public expand nationally with aim to save homeowners time and money Our National Producer Number (NPN) is 18044957 and our Certificate of Authority (COA) number is 19-813300698. opens in new window, GoBankingRates: How to buy a house without a realtor The agreement values Kin Insurance at roughly $1.03 billion. The transaction is set to close in Q4 this year. opens in new window, Kin Insurance announces condo insurance in Florida This communication does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. opens in new window, TechCrunch: Can data fix healthcare? opens in new window, Forbes: How to sell value to price-sensitive customers opens in new window, Kin Insurance named among Chicago Inno's 2020 "50 on Fire" opens in new window, Alpha Street: Kin Insurance CEO Sean Harper: Will expand into new states, enhance portfolio opens in new window, Crains Chicago Business: Insurance startup Kin raises $13 million The call may be accessed by dialing (877) 407-4018 for domestic callers or (201) 689-8471 for international callers. opens in new window, Forbes: 11 strategies for praising employee work (without causing team resentment) Please try again later. Medium opens in new window, Forbes: Which insurtech distribution model gets it right? This also enables it to operate in markets that are subject to growing weather volatility as a result of climate change. Before making any voting or investment decision, investors and security holders are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed Business Combination as they become available because they will contain important information about the proposed transaction. Your email address will not be published. Kin Insurances data aims to more accurately predict home risk opens in new window, Kin announces new additions to leadership team Kin's proprietary technology enables customers to insure their homes in minutes online, bringing convenience to a historically manual process. During the call, they mentioned the capability to dynamically adjust premiums depending on the weather. opens in new window, Investopedia: Best hurricane insurance opens in new window, Kin Insurance continues rapid growth trajectory in third quarter 2021 opens in new window, Forbes: The limits of being awesome in a highly regulated industry 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. Your email address will not be published. His advice has been widely appreciated in the financial community, which resulted in multiple quotes and publications in various media. Kin's technology-first approach enables customers to insure homes online within minutes. opens in new window, Crain's Chicago Business: Insurer Kin lines up $145 million in credit Partner, InsurTech Naked Looks to New Markets After $17M Series B, InsurTech Duck Creek Sold to Vista Equity for $2.6B, InsurTech Superscript Bags $54.8M Series B, Public-Private Partnerships Can Unlock a $31B Blockchain Payments Opportunity, NatWest Rooster Money CEO on Making Money Tangible for Cash-Free Kids, Debit Card Transactions Soar in Germany Amid Digital Wallet Growth, UK Rapid Grocery Market Booms as Brits Lean Toward At-Home Delivery, Consumers Crave Escape as Travelers Keep Spending, 16% of Consumers Paid Doctor Bills Digitally, FinTechs Team With Credit Unions to Deliver Bankings Marketplace Model, Offering Local Payments Is Merchants First Step Toward Expanding Overseas, Instant Payments Promise Better Consumer Experiences and Merchant Efficiencies, PayU Says Better Security Will Drive eCommerce Growth, FinTechs Struggle to Retain Consumer Trust in Africa. Call K. Flynn Insurance Agency at (636) 528-6363 today. opens in new window, Forbes: Want to build a successful startup? Get our latest stories curated just for you. The foregoing list of factors is not exhaustive. opens in new window, Kin Insurance announces Series C funding with investment by professional golfer Rory McIlroy and others opens in new window, Inside P&C: Kin raising new VC funding after SPAC deal termination 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. Kin Insurances data aims to more accurately predict home risk, Business Observer: Insurtech startup brings fresh perspectives to market, Fortune: The downfall of the SPAC: Why one CEO called it quits and more will follow, Insurance Business America: CEO turns back to private markets after reverse merger derailment, Property Casualty 360: Climate change is measurable and manageable, Inside P&C: Kin raising new VC funding after SPAC deal termination, Axios: Kin Insurance gets new funding after spurning its SPAC, Crain's Chicago Business: Insurance startup Kin abandons SPAC, Seeking Alpha: Kin Insurance reports four times growth in managed premium, Insurance Journal: Cat-focused Kin Insurance acquires shell for expansion, Inside P&C: Kin proved its model works through its high customer retention: CEO Harper, NerdWallet: The best home insurance companies for 2022, Benzinga: This fintech company could have the staying power weve been waiting for, The Future of Insurance: Sean Harper, Kin Insurance, Lifeblood: House Insurance with Sean Harper, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet, Alpha Street: Kin Insurance CEO Sean Harper: Will expand into new states, enhance portfolio, Benzinga: Omnichannel acquisition partner Kin Insurance reports triple digit growth in Q3, Forbes: Four ways to amplify your teams creativity, Carrier Management: Kin Insurance upgrades reinsurance program to beef up disaster protection capacity, Seeking Alpha: Omnichannel CEO Matt Higgins, Kin CEO Sean Harper - focus on macro trends, ValuePenguin: Insurance expert Q&A with Angel Conlin, CIO of Kin, Ad Age: Florida Man start in new Kin Insurance campaign, Benzinga: EXCLUSIVE: Kin Insurance's CEO on the competition, national expansion plans, DTC advantage, Forbes: The smartest thing a leader can do? 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