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. Please reach out if you want to discuss Kin or some of the advances you could use to guarantee your continued growth and success. With S&P 500 down 10% to start the year, Kin Insurance canceled its planned. Kin is the only pure-play direct-to-consumer digital insurer focused on the complex and growing $100+ billion homeowners insurance market. 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. Get in touch with us for all press and speaker inquiries. 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 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. 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. We believe Kin is well positioned to capitalize on that unmet demand for years to come.. 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, FinTech Global named Kin Insurance among "Insurtech 100" in 2019 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. 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. Behind the scenes, Kin utilizes thousands of data points about each property to provide accurate pricing and produce better underwriting results. Call K. Flynn Insurance Agency at (636) 528-6363 today. opens in new window, Kin ranked #349 on Inc. 5000 list of "Fastest-Growing Private Companies" 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, Business Insider: Insurtech disrupters: Heres what full-stack insurtechs are doing to beat incumbents 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. 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. The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. 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. opens in new window, Axios: Kin Insurance gets new funding after spurning its SPAC opens in new window, Crunchbase: Exclusive: Kin raises $63.9M in Series C funding for data-driven home insurance opens in new window, Kin recognized as one of "America's Best Startup Employers" by Forbes + Statista Become a smarter investor withCNBC Pro. Pay Later, Cross-Border opens in new window, Kin Insurance surpasses $70M in gross written premium in second quarter, increasing 204% year-to-date opens in new window. We were searching for a digitally fueled business that was going to disrupt a change-resistant industry, said Higgins. 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. Your email address will not be published. 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. Data to acquire leads, data to price leads, and data to work claims. Now 2000 - 2023 Razor Planet, Inc. All Rights Reserved Privacy Policy - Terms Of Use 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, Inc.: Let the person with the most information make the decision As an admitted product, especially in Florida, I found this comment surprising. They indicate that they expect a loss ratio of 40% where they explain the reciprocal. opens in new window, Seeking Alpha: Omnichannel CEO Matt Higgins, Kin CEO Sean Harper - focus on macro trends (More to follow). Trust your team 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 . We can offer Louisiana HO3 coverage issued through the Kin Interinsurance Network, rated A, Exceptional, by Demotech. 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 . 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, Forbes: How to successfully identify problems worth solving opens in new window, Money: I fought an insurance company in a slip-and-fall case. opens in new window, Forbes: How to win with transparency 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, TechCrunch: Can data fix healthcare? Sign up for free newsletters and get more CNBC delivered to your inbox. Spac-On: Kin Insurance Files to Go Public July 2021. Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. Required fields are marked *. 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.. Download our logo, speaker headshots, and more. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. 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. opens in new window, Chicago Inno: Kin Insurance raises $82M after canceling SPAC deal 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 . The insurtech company announced on Monday its upcoming merger with Omnichannel Acquisition Corp. to be listed as a public company. Get our latest stories curated just for you. That notwithstanding, they use data specifically to enhance their acquisition and book performance. opens in new window, Insurance Business America: CEO turns back to private markets after reverse merger derailment 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, Carrier Management: Kin Insurance upgrades reinsurance program to beef up disaster protection capacity In fact, most of you have hundreds of years of history building solid profitable relationships. 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. Invest in emotional intelligence. Future customer needs such as making a policy change or filing a claim are similarly automated and convenient. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Risk Factors section of Omnichannels Annual Report on Form 10-K, and other documents filed by Omnichannel from time to time with the SEC and the registration statement on Form S-4 and proxy statement/prospectus discussed above. opens in new window, Forbes: Want to build a superteam? This communication does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. It allows them to manage the messaging and customer experience end-to-end, ultimately leading to higher retention rates of 92% and NPS 85. Insurance canceled its planned up for free newsletters and get more CNBC delivered to your.... July 2021 is well positioned to capitalize on that unmet demand for years on legacy technology and antiquated! 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