opens in new window, Crunchbase: Some Crossover Investors Ramp up While Others Scale Back Amid Market Wonkiness 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, Forbes: How to successfully identify problems worth solving 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. opens in new window, TechCrunch: Insurtech startups are leveraging rapid growth to raise big money opens in new window, Kin Insurance partners with Cape Analytics for remote risk assessment 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. 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 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 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. 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. 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, Forbes: When fintech succeeds: The three Ds opens in new window, Kin named one of Tracxn's "Top Emerging Internet First Insurance Startups" opens in new window, USA Today: The tech bubble has burst, experts say, but you might be able to pick up some discounts 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. 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. opens in new window, Forbes: Which insurtech distribution model gets it right? Please try again later. 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. Press Release: Investors Presentation: Coming Soon Article: Kin Insurance Inc., an insurance-technology startup that counts Press J to jump to the feed. opens in new window, Built In: Home insurtech startup Kin raises $35M plans to hire 100 people Focus on the claims experience by responding proactively and in real time through SMS, messaging, and other means. A portion of the funding will be investedin building out Kins product offerings as well as growing its product into more markets. opens in new window, Fox Business: Many Americans concerned about inflations impact on insurance coverage Omnichannel Acquisition Corp. is led by Matt Higgins, who is CEO at incubator and investment firm RSE Ventures. opens in new window, Quartz: New study shows why hurricanes stay so strong after making landfall Kin believes that their direct to consumer model is fundamentally better than a commission-based agent model. As a result, Kin has an opportunity to reinvent and lead the massive homeowners insurance marketplace. opens in new window, GoBankingRates: How to buy a house without a realtor opens in new window, Kin gives Floridians new insurance discounts following passage of assignment of benefits bill Important Information for Investors and Stockholders. 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. opens in new window, Business Insider: Insurtech disruptors report 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 opens in new window, Forbes named Kin one of "America's Best Startup Employers" in 2022 The agreement values Kin Insurance at roughly $1.03 billion. Kin Insurance, a digital direct-to-consumer home insurer that targets catastrophe-prone areas, said it has has acquired an inactive insurance carrier holding licenses in 43 states. 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, Crains Chicago Business: Meet Allstate's newest challengers The transaction is set to close in Q4 this year. What they emphasized during the investor talk and what I saw throughout the investor deck is a focus on data. opens in new window, American Inno: 12 biggest Chicago startup fundings of 2019 They are doing this by merging with the Omnichannel Acquisition Corp SPAC. Heres what I learned opens in new window, Forbes: In the era of customer experience, chatbots dont always pay Download our logo, speaker headshots, and more. opens in new window, Cinch Home Services partners with insurance industry disruptor Kin Insurance Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Kin Insurance is funded by 43 investors. 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 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 . opens in new window, Built In: The lessons 5 founders learned going from startup to growth company | 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. Skyline Capital and Runway Growth Capital are the most recent investors. 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. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. 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, Bloomberg: Kin Insurance to go public via Matt Higgins SPAC deal opens in new window, Inside P&C: Kin raising new VC funding after SPAC deal termination opens in new window, Property Casualty 360: Climate change is measurable and manageable We can offer Louisiana HO3 coverage issued through the Kin Interinsurance Network, rated A, Exceptional, by Demotech. The agreement values Kin Insurance at roughly $1.03 billion. 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. By doing these small things, you could even influence the percentage of claims that may be settled in court. opens in new window, Forbes: Want to build a successful startup? 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. opens in new window, Alpha Street: Kin insurances strategy is focused on growing in catastrophe-exposed states 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. opens in new window, Kin Insurance sees growth accelerate at the start of fourth quarter, while adjusted loss ratio improves Please visit Kins investor relations website investor.kin.com to access the webcast. opens in new window, Benzinga: EXCLUSIVE: Kin Insurance's CEO on the competition, national expansion plans, DTC advantage opens in new window, Carrier Management: Kin Insurance upgrades reinsurance program to beef up disaster protection capacity Because of its efficient technology and direct-to-consumer model, Kin provides affordable pricing and peer leading customer reviews without compromising coverage. In fact, according to their filing, it is 17% better. The supply of SPAC and investor money exceeds the available supply of Insurtechs. 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. 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. PYMNTS Data: Why Consumers Are Trying Digital Wallets. 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. Required fields are marked *. "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. Bloomberg Daybreak Middle East. . 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, Forbes: 12 late-stage interview faux pas that could cost you the job Our customers receive a simple, direct and exceptional experience that provides them with real savings and leaves them delighted and loyal to Kin. Now the future belongs to frictionless commerce, and the homeowners insurance industry is lagging way behind. The insurtech company announced on Monday its upcoming merger with Omnichannel Acquisition Corp. to be listed as a public company. opens in new window, Insurtech startup Kin Insurance continues to expand its capacity to serve Florida residents We expect to use our strengthened balance sheet to further scale our platform to new geographies, accelerating the growth of our premiums and profitability. 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. Kin launches home and property insurance in South Carolina Insurtech Advisors helps regional carriers and agencies to work with the best Insurtechs that will enable you to thrive and continue to meet the needs of your members, employees and independent agents. a It is unclear how rate increases affect retention. The residential property market cannot function without homeowners insurance, because insurance is required by most mortgage lenders. opens in new window, Alpha Street: Kin Insurance CEO Sean Harper: Will expand into new states, enhance portfolio Invest in emotional intelligence opens in new window, FinTech Global named Kin Insurance among "Insurtech 100" in 2019 As Kin looks to soon expand its reach into new markets, the company announced NBA superstar Draymond Green joined four-time major champion golf pro Rory McIlroy in the recent Series C round as an investor, both of whom will assist in raising Kins profile across the country in current markets and in new geographies. opens in new window, Actuarial Review: Going insurtech opens in new window, Kin closes first-ever $175M multi-year catastrophe bond That right there is 98%. 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 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 opens in new window, Benzinga: Top 10 insurtech influencers Relateds Stephen Ross, Jeff Blau are participating in PIPE, Pro basketball player Draymond Green is a Kin investor. Medium opens in new window, Axios: Kin Insurance gets new funding after spurning its SPAC Live from Dubai, connecting Asian markets to the European opens. 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. 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. That notwithstanding, they use data specifically to enhance their acquisition and book performance. opens in new window, Forbes: How solving real problems is a competitive advantage in todays world opens in new window, VentureBeat: 5 startup trends that shaped the Midwest in 2018 opens in new window, Washington Post: Eight tips for buying homeowners insurance opens in new window, Inside P&C: Kin pulls in $82MN in Series D funding opens in new window, University of Chicago: Kin Insurance to go public expand nationally with aim to save homeowners time and money opens in new window, Inc.: Let the person with the most information make the decision A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. We also work closely with your team to identify opportunities and goals, then introduce you personally to the best Insurtechs to pilot. opens in new window, Forbes: Why cross-functional teams solve problems best opens in new window, Kin Insurance brings new flood coverage to Florida homeowners opens in new window, Built In: 5 Chicago tech companies redefining the insurance industry opens in new window, Kin Insurance closes $35M Series B to fuel industry disruption Golf's Greatest Holes: Golfing legend Paul McGinley takes television presenter Chris Hollins on a tour of the best golf courses in Ireland and Northern Ireland. 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. The transaction is further supported by a fully committed $80 million PIPE at $10 per share of Class A common stock of Omnichannel led by HSCM Bermuda and Senator Investment Group. There are definitely things that a legacy carrier could learn from Kin. Kin Insurance has raised a total of $383.2M in funding over 9 rounds. Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. Kin is the home insurance company for every new normal. opens in new window, Demotech affirms Kins Financial Stability Rating of A, Exceptional The transaction is expected to close in the fourth quarter of 2021. If done right, the legacy carrier will continue to dominate the landscape. The Chicago-based company, which is currently expanding into new markets, is also preparing to go public. 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.. 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. The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. opens in new window, Money: I fought an insurance company in a slip-and-fall case. articles a month for anyone to read, even non-subscribers! 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. 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. As, pproach to everything, consumers relationships with, PYMNTS opens in new window, Kin now offering homeowners policies in Louisiana opens in new window, Kin upgrades reinsurance program, emphasizing commitment to homeowners most impacted by climate change opens in new window, Ad Age: Florida Man start in new Kin Insurance campaign 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. 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, Crain's Chicago Business: Insurance startup raises $47 million More in ChicagoNatures Fynd Raises $350M to Bring Its Meatless Food to Market. opens in new window, Fortune: The downfall of the SPAC: Why one CEO called it quits and more will follow The deal includes an $80 million PIPE commitment led by HSCM Bermuda and Senator Investment Group, with participation from Gillson Capital, Park West Asset Management and other institutional investors, according to a press releaseon Monday (July 19). This communication relates to a proposed business combination (the Business Combination) between Omnichannel Acquisition Corp. (Omnichannel) and Kin Insurance, Inc. (Kin). 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. 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. While such information and projections are necessarily speculative, Omnichannel and Kin believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. Kin's technology-first approach enables customers to insure homes online within minutes. How to get the most from your teams 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. Kin,. Previous Series C investors included NBA All-Star Draymond Green and four-time champion golfer Rory McIlroy. Get this delivered to your inbox, and more info about our products and services. Kins SPAC merger will provide the company with an additional $242 million in fresh capital. Call K. Flynn Insurance Agency at (636) 528-6363 today. opens in new window, Business Insider: These are the biggest fintech winners of 2019 Platforms, Subscription opens in new window, Insurtech startup Kin Insurance raises $47M to launch carrier in Florida 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. Get comfortable with rejection opens in new window, Washington Post: Why your homeowners insurance probably wasnt renewed With S&P 500 down 10% to start the year, Kin Insurance canceled its planned. Kin's proprietary technology enables customers to insure their homes in minutes online, bringing convenience to a historically manual process. Additional information about the transaction, including an investor presentation, will be available at investor.kin.com and will be filed with the U.S. Securities and Exchange Commission (the SEC) by Omnichannel as an exhibit to a Current Report on Form 8-K prior to the call, and available on the SEC website at www.sec.gov. opens in new window, Chicago Crains Business: Insurance startup Kin raises $69 Million with investment from PGA Pro In addition, the documents filed by Omnichannel may be obtained free of charge by written request to: Christine Pantoya, Chief Financial Officer, Omnichannel Acquisition Corp., 485 Springfield Avenue #8, Summit, New Jersey 07901. opens in new window, Seeking Alpha: Omnichannel CEO Matt Higgins, Kin CEO Sean Harper - focus on macro trends 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. opens in new window, Kin Insurance announces condo insurance in Florida opens in new window, Crain's Chicago Business: Insurance startup Kin abandons SPAC 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. Data, Artifical opens in new window, Digital Insurance: The best 12 U.S. Insurtech employers, according to Forbes Forbes: When fintech succeeds: The three Ds, Forbes: How to adapt when your industry is facing disruption, Quartz: New study shows why hurricanes stay so strong after making landfall, Washington Post: Eight tips for buying homeowners insurance, Forbes: Want to build a successful startup? opens in new window, Forbes: How to adapt when your industry is facing disruption Get comfortable with rejection, Built In: How these 7 Chicago tech companies found their product-market fit, Forbes: Fintech startups: Plan for your customers emotional realities, Built In: Home insurtech startup Kin raises $35M plans to hire 100 people, Crains Chicago Business: Insurance startup Kin raises another $35 million, Forbes: The importance of humans in fintech, Forbes: How to sell value to price-sensitive customers, Forbes: The counterintuitive advantage of a beginners mindset, Built In: The lessons 5 founders learned going from startup to growth company, Forbes: 10 startups leading the way in customer experience, Forbes: How vertical integration prevents existential threats to your business, Business Insider: Insurtech disrupters: Heres what full-stack insurtechs are doing to beat incumbents, American Inno: 12 biggest Chicago startup fundings of 2019, Business Insider: These are the biggest fintech winners of 2019, Business Insider: Insurtech disruptors report. opens in new window, Kin recognized as one of "America's Best Startup Employers" by Forbes + Statista opens in new window, Kin Insurance grows total written premium by 287% year-over-year in second quarter 2021 We want to hear from you. As a result, we are growing fast, generating attractive unit economics, and we believe we are well-positioned to significantly expand our market share moving forward., Todays announcement is a major milestone and validation of what we have built, as well as an important next step in our development, continued Harper. Kin is the only pure-play direct-to-consumer digital insurer focused on the complex and growing $100+ billion homeowners insurance market. This communication includes forward looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. 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, Forbes: Eliminating the hidden costs of saving on customer support By leveraging proprietary technology, Kin delivers fully digital homeowners insurance with an elegant user experience, accurate pricing and fast, high-quality claims service. Kin Interinsurance Network, our Florida home insurance carrier, has a principal office in St. Petersburg, Florida, and our NAIC number is 16603. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. opens in new window, TechCrunch: Live near an ocean? opens in new window, Kin Insurance announces Series C funding with investment by professional golfer Rory McIlroy and others To reinvent and lead the massive homeowners insurance marketplace investor money exceeds the available supply of SPAC investor! And Runway Growth Capital are the most recent investors focused on the and! Golfer Rory McIlroy at roughly $ 1.03 billion done right, the legacy carrier will continue to the. Its upcoming merger with Omnichannel Acquisition Corp. to be listed as a result Kin. For kin insurance spac presentation on legacy technology and an antiquated way of interacting with customers golfer McIlroy. Insurtech distribution model gets it right Capital are the most recent investors building out product. 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K. Flynn insurance Agency at ( 636 ) 528-6363 today: Meet Allstate 's newest the! Raised a total of $ 383.2M in funding over 9 rounds data: Why Consumers Trying... Free newsletters and get more CNBC delivered to your inbox, and more info our...
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