opens in new window, Cinch Home Services partners with insurance industry disruptor Kin Insurance The investor presentation lays out Kin Insurance as being built for the digital era with competitors stuck in the past. The transaction is set to close in Q4 this year. During the call, they mentioned the capability to dynamically adjust premiums depending on the weather. The agreement. Kin grows total written premium by 230% year-over-year, Kin Insurance exceeds 2021 goal for total managed premium, , Cinch Home Services partners with insurance industry , Displaying post opens in new window, Built In: 5 Chicago tech companies redefining the insurance industry opens in new window, Forbes: The case for concentrated growth Kins success has been primarily in markets where carriers were less interested in writing policies like FL, LA, and to a lesser extent CA. opens in new window, Kin now offering homeowners policies in Louisiana As such, they benefited from an older average age of customers of 57 in a less competitive market. opens in new window, Kin, the only pure-play direct-to-consumer home insurance technology company, to go public Kins proprietary technology enables customers to insure their homes in minutes online, bringing convenience to a historically manual process. opens in new window, Inc.: Let the person with the most information make the decision Topics, Editors Kin is the only pure-play direct-to-consumer digital insurer focused on the complex and growing $100+ billion homeowners insurance market. opens in new window, Forbes: How data allows you to create tailor-made customer experiences 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. 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. 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, Seeking Alpha: Omnichannel CEO Matt Higgins, Kin CEO Sean Harper - focus on macro trends 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. opens in new window, Kin Insurance exceeds 2021 goal for total managed premium, achieves 320% year-over-year growth opens in new window, Forbes: How to adapt when your industry is facing disruption Spac-On: Kin Insurance Files to Go Public July 2021. opens in new window, Insurtech startup Kin Insurance continues to expand its capacity to serve Florida residents 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. 3. 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. Our customers receive a simple, direct and exceptional experience that provides them with real savings and leaves them delighted and loyal to Kin. Heres what I learned Kin Insurance Plans to Go Public Through $1.03B SPAC Merger, Natures Fynd Raises $350M to Bring Its Meatless Food to Market. 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. We know your business and the landscape of Insurtech. No offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act, or an exemption therefrom. The business combination reflects an estimated implied pro forma enterprise value at closing of $1.03 billion, assuming no redemptions by Omnichannels public stockholders. Matt Higgins, Chairman and CEO of Omnichannel, who also co-teaches a course on digitally native brands at Harvard Business School., The Omni team is already hard at work helping elevate Kins brand presence, expanding Kins acquisition channels and layering in the most cutting-edge acquisition tactics.. 2: Kin Interinsurance Network total policies in force at the end of the period (new and renewal). opens in new window, Benzinga: This fintech company could have the staying power weve been waiting for Why it matters: This is likely to be a good outcome for Kin. 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. J.P. Morgan Securities LLC is acting as exclusive financial advisor to Kin, and Latham & Watkins LLP is acting as its legal counsel. In fact, they claim to use over 10,000 data points to generate the quote in real time. Behind the scenes, Kin utilizes thousands of data points about each property to provide accurate pricing and produce better underwriting results. 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. Omnichannel stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and executive officers of Omnichannel Acquisition Corp. and their ownership of Omnichannels securities in Omnichannels final prospectus relating to its initial public offering, which was filed with the SEC on November 23, 2020 and is available free of charge at the SECs website at www.sec.gov, or by written request to: Christine Pantoya, Chief Financial Officer, Omnichannel Acquisition Corp., 485 Springfield Avenue #8, Summit, New Jersey 07901. a Find startup jobs, tech news and events. 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, Business Insider: 5 ways to reduce your homeowners insurance premium By leveraging proprietary technology, Kin delivers fully digital homeowners insurance with an elegant user experience, accurate pricing and fast, high-quality claims service. Kins SPAC merger will provide the company with an additional $242 million in fresh capital. 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, 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? As an admitted product, especially in Florida, I found this comment surprising. opens in new window, CNBC: Home Insurance company Kin to go public via SPAC merger opens in new window, Kin named one of Fast Company's "10 Most Innovative Finance Companies" of 2020 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. What they dont realize is that you are continuously innovative and have the confidence and experience to build long-term relationships with your agents, partners and customers. opens in new window, Forbes: Why cross-functional teams solve problems best opens in new window, Forbes: May the best ideas win opens in new window, Kin Interinsurance Nexus earns Financial Stability Rating of A, Exceptional, from Demotech opens in new window, Fortune: How your homeowners insurance premium is determinedplus 7 tips to help you save opens in new window, Kin gives Floridians new insurance discounts following passage of assignment of benefits bill 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. 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. We know that the insurance consumer has become very price sensitive. opens in new window, Kin Insurance raises $13M in financing, welcomes new board member 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 Your email address will not be published. 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, Built In: Kin Insurance secures $82M for its D2C home insurance platform Sign up for free newsletters and get more CNBC delivered to your inbox. opens in new window, Forbes: In hyper-growth mode? The Insurance world is seen by these investors as sleepy and ripe for disruption. More in ChicagoNatures Fynd Raises $350M to Bring Its Meatless Food to Market. The Florida license number for Kin Insurance is L098613. Kin's proprietary technology enables customers to insure their homes in minutes online, bringing convenience to a historically manual process. 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. It is unclear how rate increases affect retention. The agreement values Kin Insurance at roughly $1.03 billion. opens in new window, Crain's Chicago Business: Insurance startup raises $47 million Kins customers have relatively high spending power, are embracing technology and generally recommend businesses they love to their friends and family. 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. Forbes: Which insurtech distribution model gets it right? Dive, Become Data, Artifical Its software analyzes thousands of data points on each property, enabling it to accurately evaluate risk and price policies. 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 . 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. 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.. opens in new window, American Inno: 12 biggest Chicago startup fundings of 2019 opens in new window, Forbes: Want to build a superteam? opens in new window, Forbes: 10 startups leading the way in customer experience Our National Producer Number (NPN) is 18044957 and our Certificate of Authority (COA) number is 19-813300698. 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 blank-check firm led by Matt Higgins, a longtime investor who has appeared as a Shark Tank judge. 2016-2023 Kin Insurance Technology Hub, LLC. opens in new window, Kin Insurance continues rapid growth trajectory in third quarter 2021 opens in new window, Insurance Journal: Kin Insurance to offer homeowners coverage in Louisiana The Chicago-based company, which is currently expanding into new markets, is also preparing to go public. Kin Insurance calls off SPAC IPO . 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. 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. Investors may listen to a pre-recorded call regarding the proposed business combination today at 9:00 am ET. 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. 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, Lifeblood: House Insurance with Sean Harper Kin is the only pure-play direct-to-consumer digital insurer focused on the complex and growing $100+ billion homeowners insurance market. opens in new window, Forbes: In the era of customer experience, chatbots dont always pay Live from Dubai, connecting Asian markets to the European opens. opens in new window, Forbes: Putting the green back into greenbacks with climate fintech The Omni team is already hard at work helping elevate Kins brand presence, expanding Kins acquisition channels and layering in the most cutting-edge acquisition tactics. Stephen Ross, Jeff Blau and Bruce Beal of Related Companies and golf pro Rory McIlroy are among Kin's other backers. PYMNTS Data: Why Consumers Are Trying Digital Wallets. opens in new window, Inside P&C: Kin proved its model works through its high customer retention: CEO Harper 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, Business Insider: Assignment of benefits 101 And that is very compelling. Focus on the claims experience by responding proactively and in real time through SMS, messaging, and other means. Kins direct-to-consumer approach to insurance is a true differentiator and provides it with a clear-cut advantage versus the competition. Kin and . opens in new window, Kin Insurance launches landlord insurance in Florida market opens in new window, Kin Insurance brings new flood coverage to Florida homeowners . opens in new window, Kin Insurance receives Chicago honors for its talent and workplace culture 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 enable us to best evaluate risk and price home insurance fairly for consumers, he added. Help your agents identify strong leads, and you will only benefit. opens in new window, Kin Insurance named among Chicago Inno's 2020 "50 on Fire" This sets Kin apart since the company prioritizes serving customers in places where home insurance is exceptionally crucial. Citigroup Global Markets Inc. is acting as capital markets advisor to Omnichannel, and Winston & Strawn LLP is acting as its legal counsel. Bloomberg Daybreak Middle East. A month after canceling its SPAC deal, Chicago startup Kin Insurance is raising new funding as it prepares to bring its home insurance product to more states. 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. Kin Insurances data aims to more accurately predict home risk 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. Kin Insurance, a Chicago home insurance startup, is canceling its previously announced SPAC deal that would have valued the company at more than $1 billion. Transaction is set to close in Q4 this year, rated a Exceptional. 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