Kin Insurance Inc., an insurance-technology startup that counts golfer Rory McIlroy among its investors, has agreed to go public through a merger with Omnichannel Acquisition Corp ., a. 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. Required fields are marked *. opens in new window, Forbes: In hyper-growth mode? opens in new window, Business Insider: Home warranty vs. homeowners insurance opens in new window, Kin secures $145M in debt financing to fuel continued growth opens in new window, Quartz: New study shows why hurricanes stay so strong after making landfall Topics, Editors In other words, it has the financial stability to pay out claims even after widespread disasters. opens in new window, University of Chicago: Kin Insurance to go public expand nationally with aim to save homeowners time and money How to get the most from your teams In fact, most of you have hundreds of years of history building solid profitable relationships. 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. Kin believes that their direct to consumer model is fundamentally better than a commission-based agent model. Investors and security holders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Omnichannel through the website maintained by the SEC at www.sec.gov. 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 Insurance bolsters leadership team amid rapid growth 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, Forbes: How to win with transparency opens in new window, GoBankingRates: How to buy a house without a realtor 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. opens in new window, Demotech affirms Kins Financial Stability Rating of A, Exceptional Kin's proprietary technology enables customers to insure their homes in minutes online, bringing convenience to a historically manual process. As an admitted product, especially in Florida, I found this comment surprising. Now opens in new window, Kin Insurance announces condo insurance in Florida This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 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. Kin is the home insurance company for every new normal. Kin and . The proposed acquisition of the inactive insurance carrier and the business combination are both expected to close in the fourth quarter of 2021 following the satisfaction of customary closing conditions, including regulatory approval, and in the case of the business combination, shareholder approval. opens in new window, Forbes: 10 startups leading the way in customer experience Comments from the investor conference, as well as the following quotes from their SEC filing, suggest that Kin intends to use the SPACs expertise to help them continue to grow digitally. opens in new window, Kin Insurance exceeds 2021 goal for total managed premium, achieves 320% year-over-year growth opens in new window, Kiplinger: How to protect your home from natural disasters 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, Forbes: Eight steps managers can take to facilitate an employees move to another department The company is the only pure-play direct-to-consumer digital insurer within the homeowners insurance market, which is valued at more than $100 billion. opens in new window, Money: I fought an insurance company in a slip-and-fall case. opens in new window, Forbes: Want to build a superteam? It is led by co-founders Sean Harper,. Data is a real-time snapshot *Data is delayed at least 15 minutes. Kin's technology-first approach enables customers to insure homes online within minutes. 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. Download our logo, speaker headshots, and more. This provides Kin with a wealth of future cross-sell opportunities for existing and new customers with respect to potential additional home-related and insurance products. 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. The Insurance world is seen by these investors as sleepy and ripe for disruption. opens in new window, The Future of Insurance: Sean Harper, Kin Insurance Because of its efficient technology and direct-to-consumer model, Kin provides affordable pricing and peer leading customer reviews without compromising coverage. 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. 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.. 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. opens in new window, Fox Business: Many Americans concerned about inflations impact on insurance coverage Kin Insurances data aims to more accurately predict home risk opens in new window, Built In: 26 insurtech companies making coverage simpler opens in new window, Crains Chicago Business: Meet Allstate's newest challengers This also enables it to operate in markets that are subject to growing weather volatility as a result of climate change. opens in new window, Bloomberg: Kin Insurance to go public via Matt Higgins SPAC deal opens in new window, Crains Chicago Business: Insurance startup Kin raises another $35 million 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. Payments, Grocery | 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. They are doing this by merging with the Omnichannel Acquisition Corp SPAC. With S&P 500 down 10% to start the year, Kin Insurance canceled its planned. Were always on the lookout for opportunities to partner with innovators and disruptors. Got a confidential news tip? opens in new window, Inc.: Let the person with the most information make the decision Focus on the claims experience by responding proactively and in real time through SMS, messaging, and other means. 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. opens in new window, Crunchbase: Exclusive: Kin raises $63.9M in Series C funding for data-driven home insurance opens in new window, Information Age: A guide to working in the Tampa tech scene To access the replay, the domestic toll-free access number is (844) 512-2921 and participants should provide the conference ID of 13721202.. opens in new window, Benzinga: EXCLUSIVE: Kin Insurance's CEO on the competition, national expansion plans, DTC advantage opens in new window, Ad Age: Florida Man start in new Kin Insurance campaign Your email address will not be published. "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. Car, Buy USA Today: Which tech investments can weather volatile markets best? Kin Insurance, a home insurance company, is targeting a Q4 public debut after announcing a SPAC deal with "Shark Tank" investor Matt Higgins' SPAC Omnichannel Acquisition Corp. (NYSE: OCA) last . Payments, Small & opens in new window, Kin Insurance named among Chicago Inno's 2021 "50 on Fire" Kin,. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Chicago-based Kin says it offers affordable coverage in "catastrophe-prone" regions including California, Florida and Louisiana directly to consumers online. 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. 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? 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. What they emphasized during the investor talk and what I saw throughout the investor deck is a focus on data. 1 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. opens in new window, Kin Insurance completes acquisition of carrier with licenses in 43 states opens in new window, Authority: 5 things you need to succeed in the modern world of finance & fintech Transaction includes commitment for $80 million PIPE led by HSCM Bermuda and Senator Investment Group, with participation from Gillson Capital, Park West Asset Management and other institutional investors, New strategic investors include Joe Plumeri, former chairman and CEO, Willis Group Holdings; Stephen Ross, Jeff Blau and Bruce Beal of related companies, the most prominent privately-owned real estate firm in the United States; and Gary Vaynerchuk, CEO of VaynerMedia, Previous Series C investors include NBA all-star Draymond Green and four-time major champion golf pro Rory McIlroy; noth back Kin to raise brand profile across the country. As a result, Kin has an opportunity to reinvent and lead the massive homeowners insurance marketplace. opens in new window, Kin announces $82M first close in Series D financing Data, Artifical opens in new window, Kin grows total written premium by 230% year-over-year Pay Later, Cross-Border opens in new window, Kin Insurance continues rapid growth trajectory in third quarter 2021 J.P. Morgan Securities LLC is acting as exclusive financial advisor to Kin, and Latham & Watkins LLP is acting as its legal counsel. opens in new window, Forbes: The case for concentrated growth That notwithstanding, they use data specifically to enhance their acquisition and book performance. opens in new window, Fortune: How your homeowners insurance premium is determinedplus 7 tips to help you save The insurtech company announced on Monday its upcoming merger with Omnichannel Acquisition Corp. to be listed as a public company. The pandemic compressed years of ecommerce adoption and upended industries overnight. opens in new window, Benzinga: This fintech company could have the staying power weve been waiting for Kin's technology-first approach enables customers to insure homes online within minutes. 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. 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. We know that the insurance consumer has become very price sensitive. opens in new window, Alpha Street: Kin Insurance CEO Sean Harper: Will expand into new states, enhance portfolio 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. The agreement. 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. This sets Kin apart since the company prioritizes serving customers in places where home insurance is exceptionally crucial. opens in new window, Seeking Alpha: Kin Insurance reports four times growth in managed premium We believe Kin is well positioned to capitalize on that unmet demand for years to come.. We were searching for a digitally fueled business that was going to disrupt a change-resistant industry, said Higgins. Commerce, Real-Time Kins SPAC merger will provide the company with an additional $242 million in fresh capital. opens in new window, Kin named one of Tracxn's "Top Emerging Internet First Insurance Startups" 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. 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