Because Kin has eliminated the need for an external agent and has replaced antiquated insurance technology with modern, more efficient technology, Kin can offer attractive pricing to customers without sacrificing margins. 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? Chicago-based Kin says it offers affordable coverage in "catastrophe-prone" regions including California, Florida and Louisiana directly to consumers online. 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, The Future of Insurance: Sean Harper, Kin Insurance opens in new window, Forbes: How to sell value to price-sensitive customers Data is a real-time snapshot *Data is delayed at least 15 minutes. 2016-2023 Kin Insurance Technology Hub, LLC. A Division of NBCUniversal. 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. 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. opens in new window, Business Insider: Insurtech disrupters: Heres what full-stack insurtechs are doing to beat incumbents Got a confidential news tip? This deal follows in the footsteps ofseveral other private companiesthat have opted togo public through a SPAC merger. opens in new window, Forbes: Want to build a successful startup? opens in new window, Chicago Inno: Facing legacy insurance giants, Chicago upstart Kin gains popularity with homeowners Why it matters: This is likely to be a good outcome for Kin. It is unclear how rate increases affect retention. Platforms, Subscription opens in new window, Forbes: How to win with transparency Such forward looking statements include estimated financial information, including insurance premium run-rate and enterprise software revenue. Required fields are marked *. Dive, Become opens in new window, Kin Insurance receives Chicago honors for its talent and workplace culture opens in new window, Insurance Business America: CEO turns back to private markets after reverse merger derailment 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. Businesses, Social Kin Insurance CEO Sean Harper The stock market's swoon has ended a Chicago tech company's SPAC IPO plans. opens in new window, Built In: 5 Chicago tech companies redefining the insurance industry 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. 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. Now To access the replay, the domestic toll-free access number is (844) 512-2921 and participants should provide the conference ID of 13721202.. Kin Insurance Plans to Go Public Through $1.03B SPAC Merger, Natures Fynd Raises $350M to Bring Its Meatless Food to Market. opens in new window, Axios: The hidden factor in Floridas property insurance crisis The supply of SPAC and investor money exceeds the available supply of Insurtechs. 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. 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. 2: Kin Interinsurance Network total policies in force at the end of the period (new and renewal). opens in new window, Kin now offering homeowners policies in Louisiana In fact, most of you have hundreds of years of history building solid profitable relationships. 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. Its software analyzes thousands of data points on each property, enabling it to accurately evaluate risk and price policies. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of Omnichannel, Kin or the combined company after completion of the Business Combination are based on current expectations that are subject to risks and uncertainties. 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. 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. As an admitted product, especially in Florida, I found this comment surprising. Built In Chicago is the online community for Chicago startups and tech companies. Medium 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. J.P. Morgan Securities LLC and Citigroup Global Markets Inc. acted as joint placement agents to Omnichannel on the PIPE transaction, and Mayer Brown LLP is acting as legal counsel to the placement agents. Payments, Grocery 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. Kins low cost structure, fast reaction time and data advantage enable Kin to adapt better to the increasingly volatile weather occurring throughout the country as the climate warms. opens in new window, Kin Insurance grows total written premium by 287% year-over-year in second quarter 2021 Data, Artifical (Podcast). 2016-2023 Kin Insurance Technology Hub, LLC. opens in new window, Forbes: The limits of being awesome in a highly regulated industry opens in new window, Carrier Management: Kin Insurance upgrades reinsurance program to beef up disaster protection capacity 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, Insurtech startup Kin Insurance continues to expand its capacity to serve Florida residents opens in new window, Kin closes first-ever $175M multi-year catastrophe bond 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. 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. Kaenan is a professional in the areas of block chain, telematics, wearables, analytics, artificial intelligence (AI) and Insurtech. opens in new window, Insurance Journal: Kin Insurance launches landlord insurance in Florida market / opens in new window, Fox Business: Many Americans concerned about inflations impact on insurance coverage opens in new window, Forbes: Want to build a superteam? 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. All Rights Reserved. opens in new window, Digital Insurance: The best 12 U.S. Insurtech employers, according to Forbes opens in new window, Forbes: How to level up as a founder Kin,. Get our latest stories curated just for you. 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. 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, Business Insider: Home warranty vs. homeowners insurance opens in new window, Business Insider: These are the biggest fintech winners of 2019 opens in new window, GoBankingRates: How to buy a house without a realtor opens in new window, Forbes: How vertical integration prevents existential threats to your business 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, Kin Insurance exceeds 2021 goal for total managed premium, achieves 320% year-over-year growth 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 upgrades reinsurance program, emphasizing commitment to homeowners most impacted by climate change opens in new window, TechCrunch: Can data fix healthcare? 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 named among Chicago Inno's 2020 "50 on Fire" opens in new window, Kin Insurance provides Hurricane Ian update opens in new window, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet Please visit Kins investor relations website investor.kin.com to access the webcast. In fact, they claim to use over 10,000 data points to generate the quote in real time. opens in new window, Quartz: New study shows why hurricanes stay so strong after making landfall 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. opens in new window, Built In: Kin Insurance secures $82M for its D2C home insurance platform opens in new window, Kin Insurance closes $35M Series B to fuel industry disruption Kin believes that their direct to consumer model is fundamentally better than a commission-based agent model. opens in new window, Kin Insurance brings new flood coverage to Florida homeowners The deal also includes backing from new strategic investors including Willis Group Holdings CEO Joe Plumeri; Stephen Ross, Jeff Blau and Bruce Beal of Related Companies; and VaynerMedia CEO Gary Vaynerchuk. opens in new window, Crunchbase: Some Crossover Investors Ramp up While Others Scale Back Amid Market Wonkiness 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. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. opens in new window, Kin again recognized as a "Best Place to Work" by Built In Kin Insurances data aims to more accurately predict home risk, Business Observer: Insurtech startup brings fresh perspectives to market, Fortune: The downfall of the SPAC: Why one CEO called it quits and more will follow, Insurance Business America: CEO turns back to private markets after reverse merger derailment, Property Casualty 360: Climate change is measurable and manageable, Inside P&C: Kin raising new VC funding after SPAC deal termination, Axios: Kin Insurance gets new funding after spurning its SPAC, Crain's Chicago Business: Insurance startup Kin abandons SPAC, Seeking Alpha: Kin Insurance reports four times growth in managed premium, Insurance Journal: Cat-focused Kin Insurance acquires shell for expansion, Inside P&C: Kin proved its model works through its high customer retention: CEO Harper, NerdWallet: The best home insurance companies for 2022, Benzinga: This fintech company could have the staying power weve been waiting for, The Future of Insurance: Sean Harper, Kin Insurance, Lifeblood: House Insurance with Sean Harper, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet, Alpha Street: Kin Insurance CEO Sean Harper: Will expand into new states, enhance portfolio, Benzinga: Omnichannel acquisition partner Kin Insurance reports triple digit growth in Q3, Forbes: Four ways to amplify your teams creativity, Carrier Management: Kin Insurance upgrades reinsurance program to beef up disaster protection capacity, Seeking Alpha: Omnichannel CEO Matt Higgins, Kin CEO Sean Harper - focus on macro trends, ValuePenguin: Insurance expert Q&A with Angel Conlin, CIO of Kin, Ad Age: Florida Man start in new Kin Insurance campaign, Benzinga: EXCLUSIVE: Kin Insurance's CEO on the competition, national expansion plans, DTC advantage, Forbes: The smartest thing a leader can do? During the call, they mentioned the capability to dynamically adjust premiums depending on the weather. opens in new window, Kin Insurance expands into California to serve homeowners statewide 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. How to get the most from your teams 2000 - 2023 Razor Planet, Inc. All Rights Reserved Privacy Policy - Terms Of Use With S&P 500 down 10% to start the year, Kin Insurance canceled its planned. 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. opens in new window, Kin recognized as one of "America's Best Startup Employers" by Forbes + Statista Kin and Omnichannel will host a joint investor call regarding the proposed transaction today at 9:00 am ET. As a result, Kin has an opportunity to reinvent and lead the massive homeowners insurance marketplace. opens in new window, Tampa Bay Inno: How a Chicago insurtech company is using an $82 million Series D to bet big on St. Pete 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, Inc: Could you, should you, would you: Questions for hiring corporate misfits opens in new window, Forbes: 12 late-stage interview faux pas that could cost you the job opens in new window, Forbes: Reminder: Capitalism is supposed to benefit customers 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. PIPE investors are expected to own approximately 6% of the combined company, and Omnichannel stockholders are expected to own approximately 16%. opens in new window, Forbes: Fintech startups: Plan for your customers emotional realities 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 raises $13M in financing, welcomes new board member It is a great time to be a Carrier or MGA Insurtech that decides to go public. 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. Kin is the only pure-play direct-to-consumer digital insurer focused on the complex and growing $100+ billion homeowners insurance market. 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 named one of Tracxn's "Top Emerging Internet First Insurance Startups" Download our logo, speaker headshots, and more. 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. Reinvent and lead the massive homeowners insurance kin insurance spac presentation company, and Omnichannel stockholders are expected to own approximately %. Block chain, telematics, wearables, analytics, artificial intelligence ( )... 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