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. 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. opens in new window, Kin Insurance maintains steady year-over-year growth in third quarter, increasing 151% year-to-date Kin Insurance is funded by 43 investors. opens in new window, GoBankingRates: How to buy a house without a realtor opens in new window, Kin Insurance announces condo insurance in Florida 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. 2023 CNBC LLC. opens in new window, Inside P&C: Kin proved its model works through its high customer retention: CEO Harper 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. Stephen Ross, Jeff Blau and Bruce Beal of Related Companies and golf pro Rory McIlroy are among Kin's other backers. 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 continues rapid growth trajectory in third quarter 2021 The supply of SPAC and investor money exceeds the available supply of Insurtechs. opens in new window, Money: I fought an insurance company in a slip-and-fall case. opens in new window, Crain's Chicago Business: Insurer Kin lines up $145 million in credit opens in new window, Kin Insurance awarded Built In's 2021 "Best Midsize Companies to Work For" By stepping into climate-impacted areas and offering cost-efficient insurance priced with sophisticated climate models, Kin plays a key part in helping our society adapt to climate change. opens in new window, Kin Insurance named among Chicago Inno's 2021 "50 on Fire" opens in new window, Kin Insurance grows total written premium by 287% year-over-year in second quarter 2021 Kins SPAC merger will provide the company with an additional $242 million in fresh capital. 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. 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. 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. 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. 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. 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, NerdWallet: The best home insurance companies for 2022 Your email address will not be published. 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. opens in new window, Kin grows total written premium by 230% year-over-year opens in new window, Crains Chicago Business: Meet Allstate's newest challengers He cited his teams expertise with customer acquisition -- such as with the use of micro-influencers -- as a mechanism to accelerate growth at Kin, which benefited from increased e-commerce adoption throughout the pandemic. Now Required fields are marked *. opens in new window, Forbes: How solving real problems is a competitive advantage in todays world opens in new window, Carrier Management: Kin Insurance upgrades reinsurance program to beef up disaster protection capacity 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. Such forward looking statements include estimated financial information, including insurance premium run-rate and enterprise software revenue. This communication relates to a proposed business combination (the Business Combination) between Omnichannel Acquisition Corp. (Omnichannel) and Kin Insurance, Inc. (Kin). a 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. Data to acquire leads, data to price leads, and data to work claims. Spac-On: Kin Insurance Files to Go Public July 2021. opens in new window, Property Casualty 360: Climate change is measurable and manageable Important Information for Investors and Stockholders. 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. 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. 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. Call K. Flynn Insurance Agency at (636) 528-6363 today. Relateds Stephen Ross, Jeff Blau are participating in PIPE, Pro basketball player Draymond Green is a Kin investor. Kin and Omnichannel will host a joint investor call regarding the proposed transaction today at 9:00 am ET. 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. 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, Forbes: When fintech succeeds: The three Ds Throughout his career he has held leading roles within Marketing Strategy and Decision Management with top Insurance, Banking and Finance companies, including USAA, Citibank and Sallie Mae. opens in new window, ValuePenguin: Insurance expert Q&A with Angel Conlin, CIO of Kin Chicago-based Kin says it offers affordable coverage in "catastrophe-prone" regions including California, Florida and Louisiana directly to consumers online. 3. Invest in emotional intelligence 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. opens in new window, Forbes: How to sell value to price-sensitive customers opens in new window, Forbes: In the era of customer experience, chatbots dont always pay opens in new window, Insurtech startup Kin Insurance continues to expand its capacity to serve Florida residents opens in new window, Bloomberg: Kin Insurance to go public via Matt Higgins SPAC deal opens in new window, Kin Insurance receives Chicago honors for its talent and workplace culture Mcilroy are among Kin 's other backers information, including insurance premium run-rate and enterprise software revenue The best insurance. 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