Kin has lower customer acquisition costs and does not . The rest of Kins new funding will go toward expanding its 300-person teamwith a focus on filling key positions within the company's marketing, product, engineering, finance and legal departments. opens in new window, Kin announces new additions to leadership team 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. Help your agents identify strong leads, and you will only benefit. 2016-2023 Kin Insurance Technology Hub, LLC. opens in new window, Kin secures $145M in debt financing to fuel continued growth opens in new window, Fortune: How your homeowners insurance premium is determinedplus 7 tips to help you save opens in new window, Forbes: Fintech startups: Plan for your customers emotional realities Kin does not collect premiums for its third party agent business and has used third party carrier commission statements to estimate the total premiums produced. 2: Kin Interinsurance Network total policies in force at the end of the period (new and renewal). 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. opens in new window, Insurance Journal: Kin Insurance launches landlord insurance in Florida market In a deal that would value the start-up at more than $1bn, Kin could become the latest InsurTech to pass the unicorn threshold As such, they benefited from an older average age of customers of 57 in a less competitive market. 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. Please visit Kins investor relations website investor.kin.com to access the webcast. opens in new window, Inc.: Let the person with the most information make the decision They are doing this by merging with the Omnichannel Acquisition Corp SPAC. opens in new window, Kin Insurance announces condo insurance in Florida Washington Post: How do I get an Airbnb refund for canceled plans? Future customer needs such as making a policy change or filing a claim are similarly automated and convenient. 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. The insurtech company announced on Monday its upcoming merger with Omnichannel Acquisition Corp. to be listed as a public company. "We are growing fast, generating industry-leading unit economics, and are well-positioned to significantly expand our market share moving forward," the company added. 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 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 named among Chicago Inno's 2021 "50 on Fire" Because of its efficient technology and direct-to-consumer model, Kin provides affordable pricing and peer leading customer reviews without compromising coverage. opens in new window, Seeking Alpha: Kin Insurance reports four times growth in managed premium opens in new window, Kin Insurance receives Chicago honors for its talent and workplace culture 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. "Access to affordable home insurance is challenging in regions that are impacted by climate change and severe weather; at Kin, our proprietary technology and deep data advantage enables us to best evaluate risk and price home insurance fairly for consumers," the company said in a statement. opens in new window, Crain's Chicago Business: Kin lines up private investment for its next stage of expansion Kaenan is a professional in the areas of block chain, telematics, wearables, analytics, artificial intelligence (AI) and Insurtech. 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 opens in new window, Built In: 26 insurtech companies making coverage simpler opens in new window, Kin gives Floridians new insurance discounts following passage of assignment of benefits bill Kin is the only pure-play direct-to-consumer digital insurer focused on the complex and growing $100+ billion homeowners insurance market. 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. 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 Sean Harper. Medium Kins customers have relatively high spending power, are embracing technology and generally recommend businesses they love to their friends and family. 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. 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. opens in new window, Quartz: New study shows why hurricanes stay so strong after making landfall Kin Insurance, an InsurTech that has just finalized a $64mn series C investment round, is in talks to merge with a special purpose acquisition company (SPAC) led by Shark Tank judge Matt Higgins, Bloomberg has reported. opens in new window, Insurtech startup Kin Insurance continues to expand its capacity to serve Florida residents How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, China Warns Hedonistic Bankers to Toe the Communist Party Line, Apple Suppliers Are Racing to Exit China, AirPods Maker Says. Topics, Editors opens in new window, Forbes: Putting the green back into greenbacks with climate fintech 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. opens in new window, Fortune: The downfall of the SPAC: Why one CEO called it quits and more will follow opens in new window, TechCrunch: Can data fix healthcare? opens in new window, Forbes: In hyper-growth mode? 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. opens in new window, Kin Insurance achieves $100M premium run rate in 1.75 Years The investor presentation lays out Kin Insurance as being built for the digital era with competitors stuck in the past. opens in new window, Forbes: Eliminating the hidden costs of saving on customer support opens in new window, ValuePenguin: Insurance expert Q&A with Angel Conlin, CIO of Kin PIPE investors are expected to own approximately 6% of the combined company, and Omnichannel stockholders are expected to own approximately 16%. opens in new window, Kin announces $82M first close in Series D 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. Kin's technology-first approach enables customers to insure homes online within minutes. 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: Kin Insurance to offer homeowners coverage in Louisiana opens in new window, Kiplinger: How to protect your home from natural disasters Kin Insurance, a homeowners insurance startup, is in talks to raise around $75 million to $100 million after it pulled the plug on a deal to go public via SPAC merger, according to three sources with knowledge of the matter. The business combination reflects an estimated implied pro forma enterprise value at closing of $1.03 billion, assuming no redemptions by Omnichannels public stockholders. opens in new window, Kin Insurance brings new flood coverage to Florida homeowners Get a quote in Troy, MO. opens in new window, Insurtech startup Kin Insurance raises $47M to launch carrier in Florida opens in new window, FinTech Global named Kin Insurance among "Insurtech 100" in 2019 In other words, it has the financial stability to pay out claims even after widespread disasters. 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. 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 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, Bankrate: Factors that impact your home insurance rate opens in new window, USA Today: The tech bubble has burst, experts say, but you might be able to pick up some discounts opens in new window, Authority: 5 things you need to succeed in the modern world of finance & fintech Kin Insurance calls off SPAC IPO . opens in new window, Built In: Kin Insurance secures $82M for its D2C home insurance platform opens in new window, Chicago Inno: Kin Insurance raises $82M after canceling SPAC deal This deal follows in the footsteps ofseveral other private companiesthat have opted togo public through a SPAC merger. opens in new window, Actuarial Review: Going insurtech opens in new window, Investopedia: Best hurricane insurance 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. 2000 - 2023 Razor Planet, Inc. All Rights Reserved Privacy Policy - Terms Of Use 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. Pay Later, Cross-Border Get our latest stories curated just for you. opens in new window, American Inno: 12 biggest Chicago startup fundings of 2019 Payments, More 2023 CNBC LLC. 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. 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