Kins proprietary technology enables customers to insure their homes in minutes online, bringing convenience to a historically manual process. 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. opens in new window, Kin Interinsurance Nexus earns Financial Stability Rating of A, Exceptional, from Demotech opens in new window, Crain's Chicago Business: Kin lines up private investment for its next stage of expansion Topics, Editors opens in new window, Kin upgrades reinsurance program, emphasizing commitment to homeowners most impacted by climate change There are definitely things that a legacy carrier could learn from Kin. And that is very compelling. opens in new window, Kin, the only pure-play direct-to-consumer home insurance technology company, to go public 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. opens in new window, Crains Chicago Business: Insurance startup Kin raises $13 million 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. Data, Artifical Kin is the home insurance company for every new normal. In fact, according to their filing, it is 17% better. Got a confidential news tip? opens in new window, Business Observer: Insurtech startup brings fresh perspectives to market opens in new window, Kin Insurance raises $13M in financing, welcomes new board member 3. opens in new window, Kiplinger: How to protect your home from natural disasters opens in new window, Washington Post: How do I get an Airbnb refund for canceled plans? The agreement values Kin Insurance at roughly $1.03 billion. opens in new window, Kin ranked #349 on Inc. 5000 list of "Fastest-Growing Private Companies" 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. Kin Insurance, Inc. and Omnichannel Acquisition Corp. (NYSE: OCA) enter into business combination agreement; transaction implies an approximate $1.03 billion combined company pro forma enterprise value, 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, Significant opportunity to further grow and scale in a vastly underserved market, Direct-to-consumer model, along with scalable technology, that enables lower customer acquisition cost, resulting in a 7.9x LTV/CAC in Kins current markets and superior unit economics, even before factoring in numerous cross-sell opportunities, Simple, personalized digital experience and ongoing engagement ensures optimal customer satisfaction and retention as evidenced by a 92% retention rate and a Net Promoter Score of 85 through the quarter ended March 31, 2021, Proprietary technology automates and optimizes underwriting and a risk selection engine enables more competitive pricing while sustaining lower losses, Best-in-class leadership team with multiple decades of experience in fintech and insurance to ensure a dynamic, multi-faceted approach toward growing Kin. opens in new window, Kin eclipses $10B in total insured property value Kaenan is a professional in the areas of block chain, telematics, wearables, analytics, artificial intelligence (AI) and Insurtech. 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. 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? opens in new window, NerdWallet: The best home insurance companies for 2022 opens in new window, Ad Age: Florida Man start in new Kin Insurance campaign 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 . 2000 - 2023 Razor Planet, Inc. All Rights Reserved Privacy Policy - Terms Of Use We know your business and the landscape of Insurtech. opens in new window, Insurance Journal: Kin Insurance to offer homeowners coverage in Louisiana (Podcast). 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. With S&P 500 down 10% to start the year, Kin Insurance canceled its planned. 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. 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. Such forward looking statements include estimated financial information, including insurance premium run-rate and enterprise software revenue. opens in new window, Kin announces new additions to leadership team Kins low cost structure, fast reaction time and data advantage enable Kin to adapt better to the increasingly volatile weather occurring throughout the country as the climate warms. opens in new window, Built In: 5 Chicago tech companies redefining the insurance industry 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. Car, Buy This sets Kin apart since the company prioritizes serving customers in places where home insurance is exceptionally crucial. These factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement and the proposed Business Combination contemplated thereby; (2) the inability to complete the transactions contemplated by the transaction agreement due to the failure to obtain approval of the stockholders of Omnichannel or other conditions to closing in the transaction agreement; (3) the ability to meet the NYSEs listing standards following the consummation of the transactions contemplated by the transaction agreement; (4) the risk that the proposed transaction disrupts current plans and operations of Kin as a result of the announcement and consummation of the transactions described herein; (5) the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) costs related to the proposed Business Combination; (7) changes in applicable laws or regulations; and (8) the possibility that Kin may be adversely affected by other economic, business, and/or competitive factors. opens in new window, Kin secures $145M in debt financing to fuel continued growth 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. 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. Picks, CE100 opens in new window, Forbes: Why cross-functional teams solve problems best opens in new window, Kin Insurance provides Hurricane Ian update We know that the insurance consumer has become very price sensitive. opens in new window, Fox Business: Many Americans concerned about inflations impact on insurance coverage It is led by co-founders Sean Harper,. opens in new window, Inside P&C: Kin proved its model works through its high customer retention: CEO Harper 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. opens in new window, CNBC: Home Insurance company Kin to go public via SPAC merger opens in new window, Kin Insurance closes $35M Series B to fuel industry disruption Find startup jobs, tech news and events. 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. 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. Investors may listen to a pre-recorded call regarding the proposed business combination today at 9:00 am ET. Payments, Grocery The agreement. Medium opens in new window, Axios: Kin Insurance gets new funding after spurning its SPAC 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. opens in new window, Forbes: Putting the green back into greenbacks with climate fintech Chicago-based Kin says it offers affordable coverage in "catastrophe-prone" regions including California, Florida and Louisiana directly to consumers online. Kins SPAC merger will provide the company with an additional $242 million in fresh capital. (More to follow). Relateds Stephen Ross, Jeff Blau are participating in PIPE, Pro basketball player Draymond Green is a Kin investor. In other words, it has the financial stability to pay out claims even after widespread disasters. J.P. Morgan Securities LLC is acting as exclusive financial advisor to Kin, and Latham & Watkins LLP is acting as its legal counsel. . How ChatGPT Can Help You Sell More Insurance Than a Talking Gecko in 2023, Onward and Skyward: Our first IPO and Insurtech 2022 in review, Size doesnt matter. 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. Kin,. Press question mark to learn the rest of the keyboard shortcuts opens in new window, Business Insider: These are the biggest fintech winners of 2019 This deal follows in the footsteps ofseveral other private companiesthat have opted togo public through a SPAC merger. opens in new window, Crain's Chicago Business: Insurance startup raises $47 million opens in new window, Forbes: 12 late-stage interview faux pas that could cost you the job opens in new window, Washington Post: Why your homeowners insurance probably wasnt renewed opens in new window, Kin Insurance launches modern home insurance, announces $4M financing Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. 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. A portion of the funding will be investedin building out Kins product offerings as well as growing its product into more markets. Kin believes that their direct to consumer model is fundamentally better than a commission-based agent model. opens in new window, Crains Chicago Business: Meet Allstate's newest challengers 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, Benzinga: Omnichannel acquisition partner Kin Insurance reports triple digit growth in Q3 opens in new window, VentureBeat: Kin raises $47 million and launches homeowner insurance carrier in disaster-prone areas 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. 2: Kin Interinsurance Network total policies in force at the end of the period (new and renewal). opens in new window, Forbes: 10 startups leading the way in customer experience opens in new window, Kin Insurance receives Chicago honors for its talent and workplace culture opens in new window, TechCrunch: Live near an ocean? opens in new window, Kin recognized as one of "America's Best Startup Employers" by Forbes + Statista Their latest funding was raised on Oct 28, 2022 from a Debt Financing round. Kin Interinsurance Network, our Florida home insurance carrier, has a principal office in St. Petersburg, Florida, and our NAIC number is 16603. How to get the most from your teams Press Release: Investors Presentation: Coming Soon Article: Kin Insurance Inc., an insurance-technology startup that counts Press J to jump to the feed. Kins existing stockholders will be rolling 100% of their equity into the combined company and are expected to own approximately 74% of the combined company immediately following the closing of the business combination, assuming no redemptions by Omnichannels public stockholders. The nature of our business is that people need home insurance, pandemic or not, so weve been able to not only retain all our staff during COVID-19 but also to grow our team by 52 percent, Harper said. In connection with the proposed Business Combination, Omnichannel intends to file with the SEC a registration statement on Form S-4 that will include a proxy statement of Omnichannel in connection with Omnichannels solicitation of proxies for the vote by Omnichannels stockholders with respect to the proposed Business Combination and a prospectus of Omnichannel. opens in new window, Crunchbase: Exclusive: Kin raises $63.9M in Series C funding for data-driven home insurance opens in new window, Kin Insurance named among Chicago Inno's 2020 "50 on Fire" opens in new window, Kin Insurance launches AI-based home insurance recommendation platform Pay Later, Cross-Border We can offer Louisiana HO3 coverage issued through the Kin Interinsurance Network, rated A, Exceptional, by Demotech. 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. Moreover, the math barely adds up when you look at a 38% loss ratio, a 28% reinsurance premium, and a 32% commission. 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 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 . opens in new window, The Future of Insurance: Sean Harper, Kin Insurance Once connected with the operator, please provide the conference ID of 13721202., A replay of the call will also be available today from 11:00 am ET to 11:59 pm ET on August 2, 2021. Download our logo, speaker headshots, and more. opens in new window, Kin named one of Fast Company's "10 Most Innovative Finance Companies" of 2020 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 2023 CNBC LLC. During the call, they mentioned the capability to dynamically adjust premiums depending on the weather. The funding will be used to support Kins continued growth in existing markets, expansion into new markets, new marketing channels and product portfolio expansions including new insurance and home-related products. opens in new window, Forbes: How to win with transparency Why it matters: This is likely to be a good outcome for Kin. opens in new window. 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 Kin Co-founder and CEO, 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. Louisiana homeowners insurance can cover: Your dwelling, including walls, foundation, roof, floors, plumbing, and more. 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. 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