Omnichannel Acquisition Corp. is led by Matt Higgins, who is CEO at incubator and investment firm RSE Ventures. We expect to use our strengthened balance sheet to further scale our platform to new geographies, accelerating the growth of our premiums and profitability. The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. opens in new window, Forbes: Fintech startups: Plan for your customers emotional realities opens in new window, Bankrate: Factors that impact your home insurance rate They indicate that they expect a loss ratio of 40% where they explain the reciprocal. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Risk Factors section of Omnichannels Annual Report on Form 10-K, and other documents filed by Omnichannel from time to time with the SEC and the registration statement on Form S-4 and proxy statement/prospectus discussed above. Medium opens in new window, Forbes: 12 late-stage interview faux pas that could cost you the job 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. Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. Were always on the lookout for opportunities to partner with innovators and disruptors. opens in new window, Crunchbase: Exclusive: Kin raises $63.9M in Series C funding for data-driven home insurance opens in new window, Business Insider: Insurtech disrupters: Heres what full-stack insurtechs are doing to beat incumbents In fact, they claim to use over 10,000 data points to generate the quote in real time. opens in new window, TechCrunch: Live near an ocean? Kin Insurance has raised a total of $383.2M in funding over 9 rounds. Get this delivered to your inbox, and more info about our products and services. opens in new window, Forbes: Reminder: Capitalism is supposed to benefit customers The proposed stock purchase agreement deal, as well as the public offering, are anticipated to close in the last quarter of this year. 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Our National Producer Number (NPN) is 18044957 and our Certificate of Authority (COA) number is 19-813300698. 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. opens in new window, Kin Insurance raises $13M in financing, welcomes new board member The Kin team has leveraged its decades of insurance and FinTech experience to build a capital-efficient company that is experiencing outstanding growth across the board, along with compelling and superior unit economics, said Omnichannel Chairman and CEO Matt Higgins, a serial entrepreneur who co-teaches a Harvard University course on digitally native brands. We save you countless hours of wasted time and false starts. Find startup jobs, tech news and events. Invest in emotional intelligence Get our latest stories curated just for you. "We are growing fast, generating industry-leading unit economics, and are well-positioned to significantly expand our market share moving forward," the company added. opens in new window, Crain's Chicago Business: Insurance startup raises $47 million They go from a reported loss ratio of 77% to the 40% loss ratio by taking into consideration hurricanes, rate increases and other underwriting changes. opens in new window, CNBC: Home Insurance company Kin to go public via SPAC merger We know your business and the landscape of Insurtech. opens in new window, Forbes: The case for concentrated growth Bloomberg Daybreak Middle East. . opens in new window, Investopedia: Best hurricane insurance It is unclear how rate increases affect retention. The foregoing list of factors is not exhaustive. opens in new window, Information Age: A guide to working in the Tampa tech scene To learn more, visit https://www.kin.com. opens in new window, Authority: 5 things you need to succeed in the modern world of finance & fintech Citigroup Global Markets Inc. is acting as capital markets advisor to Omnichannel, and Winston & Strawn LLP is acting as its legal counsel. It is a great time to be a Carrier or MGA Insurtech that decides to go public. Previous Series C investors included NBA All-Star Draymond Green and four-time champion golfer Rory McIlroy. opens in new window, Alpha Street: Kin Insurance CEO Sean Harper: Will expand into new states, enhance portfolio opens in new window, Actuarial Review: Going insurtech 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 . That notwithstanding, they use data specifically to enhance their acquisition and book performance. opens in new window, Forbes: How vertical integration prevents existential threats to your business opens in new window, Forbes: How solving real problems is a competitive advantage in todays world The Florida license number for Kin Insurance is L098613. His advice has been widely appreciated in the financial community, which resulted in multiple quotes and publications in various media. opens in new window, Built In: The lessons 5 founders learned going from startup to growth company opens in new window, NerdWallet: The best home insurance companies for 2022 opens in new window, Forbes: How to win with transparency 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. Required fields are marked *. The pandemic compressed years of ecommerce adoption and upended industries overnight. The Insurance world is seen by these investors as sleepy and ripe for disruption. Car, Buy Got a confidential news tip? opens in new window, Kin Insurance sees growth accelerate at the start of fourth quarter, while adjusted loss ratio improves 2016-2023 Kin Insurance Technology Hub, LLC. This communication includes forward looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. opens in new window, Washington Post: Why your homeowners insurance probably wasnt renewed As such, they benefited from an older average age of customers of 57 in a less competitive market. opens in new window, Forbes: Why cross-functional teams solve problems best January 27, 2022, 10:59am CST. | 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, Insurance Journal: Cat-focused Kin Insurance acquires shell for expansion 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? This deal follows in the footsteps ofseveral other private companiesthat have opted togo public through a SPAC merger. Forward-looking statements speak only as of the date they are made. Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. Call 636-462-2701 or email nicole@hscllc.us to discuss how we can help answer your senior health insurance questions or to set up an appointment. Kin said Tuesday that it. opens in new window, ValuePenguin: Insurance expert Q&A with Angel Conlin, CIO of Kin opens in new window, Alpha Street: Kin insurances strategy is focused on growing in catastrophe-exposed states During the call, they mentioned the capability to dynamically adjust premiums depending on the weather. Omnichannel, Kin and their respective directors and executive officers may be deemed participants in the solicitation of proxies of Omnichannel stockholders with respect to the proposed Business Combination. It allows them to manage the messaging and customer experience end-to-end, ultimately leading to higher retention rates of 92% and NPS 85. 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. J.P. Morgan Securities LLC is acting as exclusive financial advisor to Kin, and Latham & Watkins LLP is acting as its legal counsel. 3. opens in new window, Washington Post: Eight tips for buying homeowners insurance opens in new window, Fortune: How your homeowners insurance premium is determinedplus 7 tips to help you save The company, which currently operates in Florida, Louisiana and California, also unveiled plans for a national expansion after purchasing an inactive insurer that operates in more than forty states. opens in new window, Forbes: When fintech succeeds: The three Ds Kaenan is a professional in the areas of block chain, telematics, wearables, analytics, artificial intelligence (AI) and Insurtech. 2000 - 2023 Razor Planet, Inc. All Rights Reserved Privacy Policy - Terms Of Use opens in new window, Forbes: Four ways to amplify your teams creativity Kin launches home and property insurance in South Carolina, Kin Interinsurance Nexus earns Financial Stability Rating of A, Exceptional, from Demotech, Kin Insurance maintains steady year-over-year growth in third quarter, increasing 151% year-to-date, Kin announces new additions to leadership team, Kin secures $145M in debt financing to fuel continued growth, Kin Insurance provides Hurricane Ian update, Demotech affirms Kins Financial Stability Rating of A, Exceptional, Kin Insurance surpasses $70M in gross written premium in second quarter, increasing 204% year-to-date, Kin enhances reinsurance program, safeguarding customers who are most vulnerable to climate-related risks, Kin grows total written premium by 230% year-over-year, Kin closes first-ever $175M multi-year catastrophe bond, Kin announces $82M first close in Series D financing, Kin Insurance, Inc. and Omnichannel Acquisition Corp. mutually agree to terminate business combination agreement, Kin Insurance exceeds 2021 goal for total managed premium, achieves 320% year-over-year growth, Kin Insurance completes acquisition of carrier with licenses in 43 states, Kin Insurance surges to $11.3 million in total managed premium in November, increasing 327% year-to-date, Kin Insurance sees growth accelerate at the start of fourth quarter, while adjusted loss ratio improves, Kin Insurance continues rapid growth trajectory in third quarter 2021, Kin Insurance grows total written premium by 287% year-over-year in second quarter 2021, Kin upgrades reinsurance program, emphasizing commitment to homeowners most impacted by climate change, Kin, the only pure-play direct-to-consumer home insurance technology company, to go public, Kin Insurance bolsters leadership team amid rapid growth, Kin Insurance announces Series C funding with investment by professional golfer Rory McIlroy and others, Kin Insurance achieves $100M premium run rate in 1.75 Years, Kin now offering homeowners policies in Louisiana, Kin eclipses $10B in total insured property value, Kin Insurance launches landlord insurance in Florida market, Cinch Home Services partners with insurance industry disruptor Kin Insurance, Kin Insurance expands into California to serve homeowners statewide, Kin Insurance selects Snapsheet to deploy end-to-end claims management platform, Kin Insurance closes $35M Series B to fuel industry disruption, Kin Insurance announces condo insurance in Florida, Kin Insurance partners with Cape Analytics for remote risk assessment, Kin Insurance brings new flood coverage to Florida homeowners, Kin gives Floridians new insurance discounts following passage of assignment of benefits bill, Insurtech startup Kin Insurance continues to expand its capacity to serve Florida residents, Insurtech startup Kin Insurance raises $47M to launch carrier in Florida, Kin Insurance raises $13M in financing, welcomes new board member, Kin Insurance launches AI-based home insurance recommendation platform, Kin Insurance launches modern home insurance, announces $4M financing, Kin named to Forbes' "Next Billion-Dollar Startups" list 2022, Kin ranked #349 on Inc. 5000 list of "Fastest-Growing Private Companies", Forbes named Kin one of "America's Best Startup Employers" in 2022, Kin again recognized as a "Best Place to Work" by Built In, Kin Insurance named among Chicago Inno's 2021 "50 on Fire", Kin Insurance awarded Built In's 2021 "Best Midsize Companies to Work For", Kin Insurance named among Chicago Inno's 2020 "50 on Fire", Kin named one of Fast Company's "10 Most Innovative Finance Companies" of 2020, Kin recognized as one of "America's Best Startup Employers" by Forbes + Statista, Kin named one of Tracxn's "Top Emerging Internet First Insurance Startups", Kin Insurance receives Chicago honors for its talent and workplace culture, FinTech Global named Kin Insurance among "Insurtech 100" in 2019, Fox Business: Many Americans concerned about inflations impact on insurance coverage, Crain's Chicago Business: Insurer Kin lines up $145 million in credit, Fortune: How your homeowners insurance premium is determinedplus 7 tips to help you save, Axios: The hidden factor in Floridas property insurance crisis. 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Such forward looking statements include estimated financial information, including insurance premium run-rate and enterprise software revenue. 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. Platforms, Subscription Now opens in new window, Axios: The hidden factor in Floridas property insurance crisis Picks, CE100 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. opens in new window, Kin recognized as one of "America's Best Startup Employers" by Forbes + Statista Trust your team opens in new window, Crains Chicago Business: Insurance startup Kin raises another $35 million Our customers receive a simple, direct and exceptional experience that provides them with real savings and leaves them delighted and loyal to Kin. Why? Forbes: Which insurtech distribution model gets it right? Kin is operating within an industry thats worth over $100 billion and continues to grow, especially since the COVID-19 pandemic has expedited digital advancements across a variety of sectors. The transaction is set to close in Q4 this year. 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. In other words, it has the financial stability to pay out claims even after widespread disasters. 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. 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. Skyline Capital and Runway Growth Capital are the most recent investors. 2016-2023 Kin Insurance Technology Hub, LLC. opens in new window, Forbes: The counterintuitive advantage of a beginners mindset opens in new window, Kin secures $145M in debt financing to fuel continued growth The agreement. The agreement values Kin Insurance at roughly $1.03 billion. Pay Later, Cross-Border Forbes: In the era of customer experience, chatbots dont always pay, Crain's Chicago Business: Insurance startup raises $47 million, VentureBeat: Kin raises $47 million and launches homeowner insurance carrier in disaster-prone areas, Inc: Could you, should you, would you: Questions for hiring corporate misfits, Forbes: In hyper-growth mode? 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. opens in new window, Forbes named Kin one of "America's Best Startup Employers" in 2022 The agreement values Kin Insurance at roughly $1.03 billion. opens in new window, Crunchbase: Some Crossover Investors Ramp up While Others Scale Back Amid Market Wonkiness PIPE investors are expected to own approximately 6% of the combined company, and Omnichannel stockholders are expected to own approximately 16%. We believe Kin is well positioned to capitalize on that unmet demand for years to come.. opens in new window, Chicago Inno: Kin Insurance raises $82M after canceling SPAC deal Kin and Omnichannel will host a joint investor call regarding the proposed transaction today at 9:00 am ET. 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. 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. Heres what I learned 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. Live from Dubai, connecting Asian markets to the European opens. opens in new window, Forbes: The limits of being awesome in a highly regulated industry 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. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. & Pharmacy, Healthcare Louisiana homeowners insurance can cover: Your dwelling, including walls, foundation, roof, floors, plumbing, and more. 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. Become a smarter investor withCNBC Pro. opens in new window, Insurance Journal: Kin Insurance launches landlord insurance in Florida market Kin Insurance Plans to Go Public Through $1.03B SPAC Merger, Natures Fynd Raises $350M to Bring Its Meatless Food to Market. 2: Kin Interinsurance Network total policies in force at the end of the period (new and renewal). opens in new window, Axios: Kin Insurance gets new funding after spurning its SPAC opens in new window, Kin Insurance continues rapid growth trajectory in third quarter 2021 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 press releaseon Monday (July 19). Their latest funding was raised on Oct 28, 2022 from a Debt Financing round. opens in new window, GoBankingRates: How to buy a house without a realtor Your email address will not be published. opens in new window, Kin Insurance achieves $100M premium run rate in 1.75 Years opens in new window, Crain's Chicago Business: Insurer Kin lines up $145 million in credit opens in new window, Crains Chicago Business: Insurance startup Kin raises $13 million opens in new window, VentureBeat: Kin raises $47 million and launches homeowner insurance carrier in disaster-prone areas 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. Get in touch with us for all press and speaker inquiries. opens in new window, Kin now offering homeowners policies in Louisiana 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. Kin Insurance, a provider of direct-to-consumer insurance solutions, has carved a niche for itself in the industry by making affordable home insurance accessible to customers. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. opens in new window, Forbes: Want to build a successful startup? 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. opens in new window, Kin grows total written premium by 230% year-over-year opens in new window, Inside P&C: Kin pulls in $82MN in Series D funding opens in new window, Kin named one of Fast Company's "10 Most Innovative Finance Companies" of 2020 Sign up to start afree trial today. Kin has lower customer acquisition costs and does not . opens in new window, Kin named one of Tracxn's "Top Emerging Internet First Insurance Startups" opens in new window, Kin enhances reinsurance program, safeguarding customers who are most vulnerable to climate-related risks A portion of the funding will be investedin building out Kins product offerings as well as growing its product into more markets. We can offer Louisiana HO3 coverage issued through the Kin Interinsurance Network, rated A, Exceptional, by Demotech. opens in new window, Business Insider: Assignment of benefits 101 opens in new window, Kin Insurance expands into California to serve homeowners statewide Payments, Small & opens in new window, Were proud to be recognized as an industry leader and innovator, Kin named to Forbes' "Next Billion-Dollar Startups" list 2022 It is led by co-founders Sean Harper,. Built In Chicago is the online community for Chicago startups and tech companies. Their latest funding was raised on Oct 28, 2022, 10:59am CST agreement values Kin insurance has raised total... Network total policies in force at the end of the period ( and!, 10:59am CST allows them to manage the messaging and customer experience end-to-end, ultimately leading to retention... 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And more info about our products and services on the lookout for to. And four-time champion golfer Rory McIlroy to go public info about our products and services ripe for.! Forbes: the case for concentrated growth Bloomberg Daybreak Middle East of ecommerce adoption and upended overnight... Book performance and Market data and Analysis with customers agreement values Kin insurance at $. Is acting as exclusive financial advisor to Kin, and more info our! C investors included NBA All-Star Draymond Green and four-time champion golfer Rory.!, connecting Asian markets to the European opens go public force at the end of period! Led by Matt Higgins, who is CEO at incubator and investment RSE! 9 rounds and ripe for disruption how rate increases affect retention get in touch with us for all press speaker... Factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements included All-Star. 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And ripe for disruption which Insurtech distribution model gets it right Corp. is led by Matt Higgins, who CEO. For concentrated growth Bloomberg Daybreak Middle East house without a realtor your email address will not be published with! Forward looking statements is seen by these investors as sleepy and ripe for disruption legacy technology and an way. Skyline Capital and Runway growth Capital are the most recent investors, 2022 from a Debt Financing.. This year new and renewal ) 2022, 10:59am CST data specifically to enhance their Acquisition and book performance after...
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