It is a great time to be a Carrier or MGA Insurtech that decides to go public. With the sole mission of bringing the home insurance process into the modern age, Kin Insurance is taking the next step in its growth journey. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region. opens in new window, Washington Post: Why your homeowners insurance probably wasnt renewed opens in new window, Forbes: Why cross-functional teams solve problems best Skyline Capital and Runway Growth Capital are the most recent investors. Looking ahead, we intend to continue hiring the best and brightest talent to help elevate our data-centric insurance solutions that address the needs of todays world.. Forward-looking statements speak only as of the date they are made. Kin, which currently operates in Florida, Louisiana, and California, also announced today it has accelerated its ability to enter into new markets by signing a stock purchase agreement to acquire an inactive insurance carrier that holds licenses in more than 40 states. opens in new window, Kin Insurance sees growth accelerate at the start of fourth quarter, while adjusted loss ratio improves 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. 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 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, Money: I fought an insurance company in a slip-and-fall case. A month after canceling its SPAC deal, Chicago startup Kin Insurance is raising new funding as it prepares to bring its home insurance product to more states. opens in new window, Forbes: Want to build a superteam? Relateds Stephen Ross, Jeff Blau are participating in PIPE, Pro basketball player Draymond Green is a Kin investor. opens in new window, Washington Post: How do I get an Airbnb refund for canceled plans? he combined entity will be called Kin Insurance and will be valued at an estimated, The deal includes an $80 million PIPE commitment led by HSCM Bermuda and Senator Investment Group, with participation from Gillson Capital, Park West Asset Management and other institutional investors, according to a, The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. opens in new window, Kin Insurance launches modern home insurance, announces $4M financing opens in new window, Kin Insurance expands into California to serve homeowners statewide opens in new window, Built In: Home insurtech startup Kin raises $35M plans to hire 100 people Kin offers a D2C platform that helps homeowners purchase insurance within minutes, and offers a more convenient way to complete tasks like making changes to their insurance policies or filing a claim. The inclusion of financial information or projections in this communication should not be regarded as an indication that Omnichannel or Kin, or their respective representatives and advisors, considered or consider the information or projections to be a reliable prediction of future events. Now the future belongs to frictionless commerce, and the homeowners insurance industry is lagging way behind. This also enables it to operate in markets that are subject to growing weather volatility as a result of climate change. Kin Insurance is funded by 43 investors. Your email address will not be published. Kin Insurance CEO Sean Harper The stock market's swoon has ended a Chicago tech company's SPAC IPO plans. Forward-looking statements may be identified by the use of words such as forecast, intend, seek, target, anticipate, believe, expect, estimate, plan, outlook, and project and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. a opens in new window, Crain's Chicago Business: Insurance startup Kin abandons SPAC opens in new window, Built In: 26 insurtech companies making coverage simpler opens in new window, Inc: Could you, should you, would you: Questions for hiring corporate misfits opens in new window. We know that the insurance consumer has become very price sensitive. 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. opens in new window, Kin Insurance launches landlord insurance in Florida market Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. Why it matters: This is likely to be a good outcome for Kin. Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. opens in new window, Forbes: In the era of customer experience, chatbots dont always pay opens in new window, Insurance Business America: CEO turns back to private markets after reverse merger derailment opens in new window, Tampa Bay Inno: How a Chicago insurtech company is using an $82 million Series D to bet big on St. Pete 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. Kin Insurance calls off SPAC IPO . 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. With the sole mission of bringing the home insurance process into the modern age, Kin Insurance is taking the next step in its growth journey. opens in new window, Forbes: How data allows you to create tailor-made customer experiences 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. opens in new window, Forbes: Eliminating the hidden costs of saving on customer support Forbes: Which insurtech distribution model gets it right? 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. 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. We know your business and the landscape of Insurtech. We will show you prices for many companies with rates that compare to buying direct and work with you to find a plan that you can afford and need. opens in new window, Insurance Journal: Cat-focused Kin Insurance acquires shell for expansion opens in new window, Washington Post: Eight tips for buying homeowners insurance Kin Insurance, a Chicago home insurance startup, is canceling its previously announced SPAC deal that would have valued the company at more than $1 billion. We want to hear from you. 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 KI. The combined entity will be called Kin Insurance and will be valued at an estimated $1.03 billion. opens in new window, Kin Insurance raises $13M in financing, welcomes new board member Built In Chicago is the online community for Chicago startups and tech companies. The pandemic compressed years of ecommerce adoption and upended industries overnight. PYMNTS Data: Why Consumers Are Trying Digital Wallets. opens in new window, ValuePenguin: Insurance expert Q&A with Angel Conlin, CIO of Kin opens in new window, USA Today: Which tech investments can weather volatile markets best? 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. By doing these small things, you could even influence the percentage of claims that may be settled in court. opens in new window, Chicago Crains Business: Insurance startup Kin raises $69 Million with investment from PGA Pro opens in new window, FinTech Global named Kin Insurance among "Insurtech 100" in 2019 Kin Insurance exceeds 2021 goal for total managed premium, achieves 320% year-over-year growth Thu Jan 20 2022 Kin Insurance completes acquisition of carrier with licenses in 43 states Wed Dec 15 2021 Kin Insurance surges to $11.3 million in total managed premium in November, increasing 327% year-to-date Thu Dec 9 2021 How to get the most from your teams, Forbes: Why cross-functional teams solve problems best, Forbes: The limits of being awesome in a highly regulated industry, Chicago Inno: Facing legacy insurance giants, Chicago upstart Kin gains popularity with homeowners, Forbes: Eliminating the hidden costs of saving on customer support, VentureBeat: 5 startup trends that shaped the Midwest in 2018, Forbes: 12 late-stage interview faux pas that could cost you the job, Forbes: How data allows you to create tailor-made customer experiences, Forbes: How solving real problems is a competitive advantage in todays world, Forbes: Reminder: Capitalism is supposed to benefit customers, Inc.: Let the person with the most information make the decision, Forbes: How to successfully identify problems worth solving, Crains Chicago Business: Insurance startup Kin raises $13 million, Crains Chicago Business: Meet Allstate's newest challengers, Built In: 5 Chicago tech companies redefining the insurance industry. opens in new window, Cinch Home Services partners with insurance industry disruptor Kin Insurance opens in new window, Business Insider: Assignment of benefits 101 Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp. opens in new window, Kin Insurance announces Series C funding with investment by professional golfer Rory McIlroy and others He has played a key role in innovating many start-ups and established carriers. Washington Post: How do I get an Airbnb refund for canceled plans? Important Information for Investors and Stockholders. Behind the scenes, Kin utilizes thousands of data points about each property to provide accurate pricing and produce better underwriting results. opens in new window, Authority: 5 things you need to succeed in the modern world of finance & fintech 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. opens in new window, Kin Insurance brings new flood coverage to Florida homeowners It is unclear how rate increases affect retention. During the call, they mentioned the capability to dynamically adjust premiums depending on the weather. USA Today: Which tech investments can weather volatile markets best? 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. opens in new window, Business Insider: Insurtech disrupters: Heres what full-stack insurtechs are doing to beat incumbents Readers are cautioned not to put undue reliance on forward-looking statements, and Omnichannel and Kin assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Kin appeals to customers of all ages, with an average customer age of 57, unusual for direct to consumer brands, which typically service younger customers. 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. 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