A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. opens in new window, Kin Insurance surpasses $70M in gross written premium in second quarter, increasing 204% year-to-date Consumers deserve an easy, affordable and personalized insurance experience, and at Kin, we are building the home for better insurance., The Kin team has leveraged their 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 Matt Higgins, chairman and CEO of Omnichannel, who also co-teaches a course on digitally native brands at Harvard Business School. J.P. Morgan Securities LLC is acting as exclusive financial advisor to Kin, and Latham & Watkins LLP is acting as its legal counsel. How to get the most from your teams, Forbes: Why cross-functional teams solve problems best, Forbes: The limits of being awesome in a highly regulated industry, Chicago Inno: Facing legacy insurance giants, Chicago upstart Kin gains popularity with homeowners, Forbes: Eliminating the hidden costs of saving on customer support, VentureBeat: 5 startup trends that shaped the Midwest in 2018, Forbes: 12 late-stage interview faux pas that could cost you the job, Forbes: How data allows you to create tailor-made customer experiences, Forbes: How solving real problems is a competitive advantage in todays world, Forbes: Reminder: Capitalism is supposed to benefit customers, Inc.: Let the person with the most information make the decision, Forbes: How to successfully identify problems worth solving, Crains Chicago Business: Insurance startup Kin raises $13 million, Crains Chicago Business: Meet Allstate's newest challengers, Built In: 5 Chicago tech companies redefining the insurance industry. Get in touch with us for all press and speaker inquiries. opens in new window, Kin enhances reinsurance program, safeguarding customers who are most vulnerable to climate-related risks opens in new window, Forbes: May the best ideas win The funding will be used to support Kins continued growth in existing markets, expansion into new markets, new marketing channels and product portfolio expansions including new insurance and home-related products. opens in new window, Fortune: The downfall of the SPAC: Why one CEO called it quits and more will follow Got a confidential news tip? 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. Kins success has been primarily in markets where carriers were less interested in writing policies like FL, LA, and to a lesser extent CA. Use data to your advantage to attract valuable and prospective clients, whether you are exclusively an agency channel, exclusively direct, or a mix. 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, Kin named one of Fast Company's "10 Most Innovative Finance Companies" of 2020 The supply of SPAC and investor money exceeds the available supply of Insurtechs. Kin,. The Chicago-based company, which is currently expanding into new markets, is also preparing to go public. Conjoined, the company will be valued at roughly $1.03 billion and plans to trade on the NYSE under the ticker symbol KI.. 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The proposed stock purchase agreement deal, as well as the public offering, are anticipated to close in the last quarter of this year. 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, Insurance Journal: Kin Insurance launches landlord insurance in Florida market 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. Kin Insurance CEO Sean Harper The stock market's swoon has ended a Chicago tech company's SPAC IPO plans. The transaction is expected to close in the fourth quarter of 2021. opens in new window, Chicago Crains Business: Insurance startup Kin raises $69 Million with investment from PGA Pro 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. opens in new window, Actuarial Review: Going insurtech opens in new window, Crain's Chicago Business: Insurance startup Kin abandons SPAC opens in new window, Kin Insurance exceeds 2021 goal for total managed premium, achieves 320% year-over-year growth opens in new window. 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. Forward-looking statements speak only as of the date they are made. opens in new window, Kin now offering homeowners policies in Louisiana Skyline Capital and Runway Growth Capital are the most recent investors. opens in new window, Kin Insurance continues rapid growth trajectory in third quarter 2021 In fact, most of you have hundreds of years of history building solid profitable relationships. 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. Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. Spac-On: Kin Insurance Files to Go Public July 2021. 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. opens in new window, Forbes: How to sell value to price-sensitive customers Please visit Kins investor relations website investor.kin.com to access the webcast. (Podcast). 3. Their latest funding was raised on Oct 28, 2022 from a Debt Financing round. Washington Post: How do I get an Airbnb refund for canceled plans? That notwithstanding, they use data specifically to enhance their acquisition and book performance. 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. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Intelligence, Connected Become a smarter investor withCNBC Pro. & Pharmacy, Healthcare Car, Buy opens in new window, Money: I fought an insurance company in a slip-and-fall case. opens in new window, Kin Interinsurance Nexus earns Financial Stability Rating of A, Exceptional, from Demotech opens in new window, Benzinga: Gary Vaynerchuk, Matt Higgins SPAC OCA strikes deal for homeowner insurance company Kin: What investors should know 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. 1 Global Business and Financial News, Stock Quotes, and Market Data and Analysis. opens in new window, FinTech Global named Kin Insurance among "Insurtech 100" in 2019 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. Kin has a 92% customer-retention rate and is expecting to more than triple its written premiums in 2021; and to hit more than $400 million in total written premiums by the end of 2023, Harper said . 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. opens in new window, Business Insider: Insurtech disruptors report 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. The website encountered an unexpected error. Medium Help your agents identify strong leads, and you will only benefit. What they emphasized during the investor talk and what I saw throughout the investor deck is a focus on data. The agreement values Kin Insurance at roughly $1.03 billion. opens in new window, Crain's Chicago Business: Kin lines up private investment for its next stage of expansion opens in new window, Forbes: Eliminating the hidden costs of saving on customer support 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. 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. 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 . 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. If done right, the legacy carrier will continue to dominate the landscape. 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 awarded Built In's 2021 "Best Midsize Companies to Work For" Data, Artifical opens in new window, NerdWallet: The best home insurance companies for 2022 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 The pandemic compressed years of ecommerce adoption and upended industries overnight. opens in new window, Kin Insurance launches landlord insurance in Florida market opens in new window, Forbes: Reminder: Capitalism is supposed to benefit customers Invest in emotional intelligence opens in new window, GoBankingRates: How to buy a house without a realtor opens in new window, Kin named one of Tracxn's "Top Emerging Internet First Insurance Startups" Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. opens in new window, Authority: 5 things you need to succeed in the modern world of finance & fintech How to get the most from your teams We know your business and the landscape of Insurtech. opens in new window, Forbes: Putting the green back into greenbacks with climate fintech Kin Insurance has raised a total of $383.2M in funding over 9 rounds. opens in new window, Kin Insurance launches AI-based home insurance recommendation platform Built In Chicago is the online community for Chicago startups and tech companies. PYMNTS Data: Why Consumers Are Trying Digital Wallets. 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. 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? opens in new window, Built In: The lessons 5 founders learned going from startup to growth company The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. opens in new window, Insurtech startup Kin Insurance raises $47M to launch carrier in Florida Heres what I learned opens in new window, Forbes: How to successfully identify problems worth solving 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. To learn more, visit https://www.kin.com. opens in new window, Kin Insurance achieves $100M premium run rate in 1.75 Years That right there is 98%. In a deal that would value the start-up at more than $1bn, Kin could become the latest InsurTech to pass the unicorn threshold Our National Producer Number (NPN) is 18044957 and our Certificate of Authority (COA) number is 19-813300698. Forbes: Which insurtech distribution model gets it right? Dive, Become opens in new window, Demotech affirms Kins Financial Stability Rating of A, Exceptional 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 Sean Harper, co-founder and CEO of Kin. 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. Future customer needs such as making a policy change or filing a claim are similarly automated and convenient. Topics, Editors USA Today: The tech bubble has burst, experts say, but you might be able to pick up some discounts, Business Insider: Assignment of benefits 101, Business Insider: Home warranty vs. homeowners insurance, Authority: 5 things you need to succeed in the modern world of finance & fintech, Alpha Street: Kin insurances strategy is focused on growing in catastrophe-exposed states, Business Insider: 5 ways to reduce your homeowners insurance premium, Washington Post: Why your homeowners insurance probably wasnt renewed, Forbes: Putting the green back into greenbacks with climate fintech, Crunchbase: Some Crossover Investors Ramp up While Others Scale Back Amid Market Wonkiness, Digital Insurance: The best 12 U.S. Insurtech employers, according to Forbes, Tampa Bay Inno: How a Chicago insurtech company is using an $82 million Series D to bet big on St. Pete, Information Age: A guide to working in the Tampa tech scene, The Insurer: Insurtech Kin announces $82MN first close in latest financing round, Inside P&C: Kin pulls in $82MN in Series D funding, Built In: Kin Insurance secures $82M for its D2C home insurance platform, Chicago Inno: Kin Insurance raises $82M after canceling SPAC deal, Crain's Chicago Business: Kin lines up private investment for its next stage of expansion, TechCrunch: Live near an ocean? As we look to expand into new markets, we are strategically focused on states where customers need us the most and where our data and technology advantage are the most impactful, Sean Harper, Kins CEO, told Built In via email. 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As an admitted product, especially in Florida, I found this comment surprising. 2016-2023 Kin Insurance Technology Hub, LLC. 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. a Trust your team Call K. Flynn Insurance Agency at (636) 528-6363 today. January 27, 2022, 10:59am CST. opens in new window, Forbes: The importance of humans in fintech opens in new window, Crunchbase: Exclusive: Kin raises $63.9M in Series C funding for data-driven home insurance Focus on the claims experience by responding proactively and in real time through SMS, messaging, and other means. Its software analyzes thousands of data points on each property, enabling it to accurately evaluate risk and price policies. opens in new window, Kin, the only pure-play direct-to-consumer home insurance technology company, to go public opens in new window, The Future of Insurance: Sean Harper, Kin Insurance He has played a key role in innovating many start-ups and established carriers. Kin said Tuesday that it. 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. USA Today: Which tech investments can weather volatile markets best? opens in new window, Alpha Street: Kin Insurance CEO Sean Harper: Will expand into new states, enhance portfolio 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. In fact, according to their filing, it is 17% better. opens in new window, Crains Chicago Business: Insurance startup Kin raises $13 million Pay Later, Cross-Border 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. The foregoing list of factors is not exhaustive. opens in new window, Forbes: Which insurtech distribution model gets it right? opens in new window, Forbes: The case for concentrated growth opens in new window, American Inno: 12 biggest Chicago startup fundings of 2019 opens in new window, Forbes: How vertical integration prevents existential threats to your business opens in new window, Kin Insurance maintains steady year-over-year growth in third quarter, increasing 151% year-to-date 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. Omnichannel Acquisition Corp. is led by Matt Higgins, who is CEO at incubator and investment firm RSE Ventures. They indicate that they expect a loss ratio of 40% where they explain the reciprocal. They are doing this by merging with the Omnichannel Acquisition Corp SPAC. Heres what I learned, Bankrate: Factors that impact your home insurance rate, Kiplinger: How to protect your home from natural disasters, GoBankingRates: How to buy a house without a realtor, Insurance Journal: Kin Insurance launches landlord insurance in Florida market, Forbes: 11 strategies for praising employee work (without causing team resentment), Built In: 26 insurtech companies making coverage simpler, Forbes: Want to build a superteam? Payments, Small & The agreement values Kin Insurance at roughly $1.03 billion. opens in new window, Kin Insurance sees growth accelerate at the start of fourth quarter, while adjusted loss ratio improves opens in new window, Forbes: When fintech succeeds: The three Ds opens in new window, Property Casualty 360: Climate change is measurable and manageable 2: Kin Interinsurance Network total policies in force at the end of the period (new and renewal). More in ChicagoNatures Fynd Raises $350M to Bring Its Meatless Food to Market. It is led by co-founders Sean Harper,. opens in new window, Kin Insurance surges to $11.3 million in total managed premium in November, increasing 327% year-to-date 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. 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. 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. Kin operates across Florida, Louisiana and California, and is stepping up its move into new markets with the acquisition of an inactive insurance carrier that holds licenses in more than 40 states. The residential property market cannot function without homeowners insurance, because insurance is required by most mortgage lenders. Why Consumers are Trying digital Wallets and market data and Analysis Consumers are Trying Wallets. Only as of the date they are made Airbnb refund for canceled plans withCNBC Pro an Insurance in. The combined entity will be valued at more than $ 100 billion: How do get. Of data points on each property, enabling it to accurately evaluate risk and policies... 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