"We are growing fast, generating industry-leading unit economics, and are well-positioned to significantly expand our market share moving forward," the company added. (Podcast). opens in new window, Forbes: May the best ideas win 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 . 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, Kin recognized as one of "America's Best Startup Employers" by Forbes + Statista 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. The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. Get comfortable with rejection, Built In: How these 7 Chicago tech companies found their product-market fit, Forbes: Fintech startups: Plan for your customers emotional realities, Built In: Home insurtech startup Kin raises $35M plans to hire 100 people, Crains Chicago Business: Insurance startup Kin raises another $35 million, Forbes: The importance of humans in fintech, Forbes: How to sell value to price-sensitive customers, Forbes: The counterintuitive advantage of a beginners mindset, Built In: The lessons 5 founders learned going from startup to growth company, Forbes: 10 startups leading the way in customer experience, Forbes: How vertical integration prevents existential threats to your business, Business Insider: Insurtech disrupters: Heres what full-stack insurtechs are doing to beat incumbents, American Inno: 12 biggest Chicago startup fundings of 2019, Business Insider: These are the biggest fintech winners of 2019, Business Insider: Insurtech disruptors report. J.P. Morgan Securities LLC is acting as exclusive financial advisor to Kin, and Latham & Watkins LLP is acting as its legal counsel. 2000 - 2023 Razor Planet, Inc. All Rights Reserved Privacy Policy - Terms Of Use opens in new window, Crain's Chicago Business: Insurance startup Kin abandons SPAC opens in new window, Kin Insurance selects Snapsheet to deploy end-to-end claims management platform opens in new window, Kin named one of Fast Company's "10 Most Innovative Finance Companies" of 2020 Payments, Small & 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, Kin Insurance named among Chicago Inno's 2020 "50 on Fire" 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. The investor presentation lays out Kin Insurance as being built for the digital era with competitors stuck in the past. Kin and Omnichannel will host a joint investor call regarding the proposed transaction today at 9:00 am ET. opens in new window, Kin Insurance announces condo insurance in Florida opens in new window, Forbes: The case for concentrated growth Bloomberg Daybreak Middle East. PIPE investors are expected to own approximately 6% of the combined company, and Omnichannel stockholders are expected to own approximately 16%. 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. opens in new window, Kin Insurance bolsters leadership team amid rapid growth Kin offers homeowners, landlord, condo, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit. opens in new window, Kin Insurance surges to $11.3 million in total managed premium in November, increasing 327% year-to-date For example, if you know the course of a storm or fire, notify your customers as a preventive measure and track them immediately after the event. 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. Omnichannel Acquisition Corp. is led by Matt Higgins, who is CEO at incubator and investment firm RSE Ventures. Today, Kin Insurance, an Insurtech with only $25 million in premiums in 2020 and an expected $98 million in 2021, announced its intention to go public today with a valuation of $1 billion. As a result, Kin has an opportunity to reinvent and lead the massive homeowners insurance marketplace. USA Today: Which tech investments can weather volatile markets best? Data, Artifical opens in new window, GoBankingRates: How to buy a house without a realtor opens in new window, Forbes named Kin one of "America's Best Startup Employers" in 2022 In addition, the documents filed by Omnichannel may be obtained free of charge by written request to: Christine Pantoya, Chief Financial Officer, Omnichannel Acquisition Corp., 485 Springfield Avenue #8, Summit, New Jersey 07901. In fact, according to their filing, it is 17% better. opens in new window, Insurance Journal: Kin Insurance to offer homeowners coverage in Louisiana 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. opens in new window, Kin grows total written premium by 230% year-over-year Skyline Capital and Runway Growth Capital are the most recent investors. Kin believes that their direct to consumer model is fundamentally better than a commission-based agent model. CHICAGO, IL July 19, 2021 Kin Insurance, Inc. (Kin), an insurance technology company that makes home insurance easy and affordable, and Omnichannel Acquisition Corp. (NYSE: OCA) (Omnichannel), a publicly-traded special purpose acquisition company led by serial entrepreneur Matt Higgins and a deep bench of consumer operators, announced today that they have entered into a definitive business combination agreement. 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, Authority: 5 things you need to succeed in the modern world of finance & fintech opens in new window, Benzinga: EXCLUSIVE: Kin Insurance's CEO on the competition, national expansion plans, DTC advantage 2016-2023 Kin Insurance Technology Hub, LLC. Required fields are marked *. opens in new window, Carrier Management: Kin Insurance upgrades reinsurance program to beef up disaster protection capacity 3. opens in new window, Forbes: Eliminating the hidden costs of saving on customer support 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. Now the future belongs to frictionless commerce, and the homeowners insurance industry is lagging way behind. We know your business and the landscape of Insurtech. | 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. Kins direct-to-consumer approach to insurance is a true differentiator and provides it with a clear-cut advantage versus the competition. opens in new window, Inside P&C: Kin pulls in $82MN in Series D funding opens in new window, Kin gives Floridians new insurance discounts following passage of assignment of benefits bill 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, Kin Insurance grows total written premium by 287% year-over-year in second quarter 2021 opens in new window, FinTech Global named Kin Insurance among "Insurtech 100" in 2019 opens in new window, Kin closes first-ever $175M multi-year catastrophe bond Forbes: Which insurtech distribution model gets it right? And it is very unlikely that Kin will be able to lower their loss ratio from 77% to 38% in 2 years, especially with a national expansion. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. opens in new window, Chicago Inno: Kin Insurance raises $82M after canceling SPAC deal 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. Your email address will not be published. The Florida license number for Kin Insurance is L098613. This also enables it to operate in markets that are subject to growing weather volatility as a result of climate change. 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, Kin Insurance launches AI-based home insurance recommendation platform opens in new window, Fortune: How your homeowners insurance premium is determinedplus 7 tips to help you save opens in new window, Seeking Alpha: Omnichannel CEO Matt Higgins, Kin CEO Sean Harper - focus on macro trends opens in new window, Forbes: The limits of being awesome in a highly regulated industry opens in new window, Business Insider: Insurtech disrupters: Heres what full-stack insurtechs are doing to beat incumbents Kin Insurance CEO Sean Harper The stock market's swoon has ended a Chicago tech company's SPAC IPO plans. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. opens in new window, Forbes: In the era of customer experience, chatbots dont always pay 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. It is a great time to be a Carrier or MGA Insurtech that decides to go public. opens in new window, Money: I fought an insurance company in a slip-and-fall case. As such, they benefited from an older average age of customers of 57 in a less competitive market. Kin Insurance has raised a total of $383.2M in funding over 9 rounds. In a deal that would value the start-up at more than $1bn, Kin could become the latest InsurTech to pass the unicorn threshold opens in new window, Kin Insurance sees growth accelerate at the start of fourth quarter, while adjusted loss ratio improves Kin has a 92% customer-retention rate and is expecting to more than triple its written premiums in 2021; and to hit more than $400 million in total written premiums by the end of 2023, Harper said . Pay Later, Cross-Border Because of its efficient technology and direct-to-consumer model, Kin provides affordable pricing and peer leading customer reviews without compromising coverage. The residential property market cannot function without homeowners insurance, because insurance is required by most mortgage lenders. opens in new window, Kin Insurance partners with Cape Analytics for remote risk assessment Investor presentation lays out Kin insurance is required by most mortgage lenders insurance is L098613 coasting for on. 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