Now opens in new window, Kin Insurance achieves $100M premium run rate in 1.75 Years Louisiana homeowners insurance can cover: Your dwelling, including walls, foundation, roof, floors, plumbing, and more. opens in new window, Forbes: 12 late-stage interview faux pas that could cost you the job Deep 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. Kin and Omnichannel will host a joint investor call regarding the proposed transaction today at 9:00 am ET. More in ChicagoNatures Fynd Raises $350M to Bring Its Meatless Food to Market. Kins proprietary technology enables customers to insure their homes in minutes online, bringing convenience to a historically manual process. Built In Chicago is the online community for Chicago startups and tech companies. opens in new window, Kin Insurance provides Hurricane Ian update Before making any voting or investment decision, investors and security holders are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed Business Combination as they become available because they will contain important information about the proposed transaction. Trust your team Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Kin's technology-first approach enables customers to insure homes online within minutes. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. 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. They are doing this by merging with the Omnichannel Acquisition Corp SPAC. Data to acquire leads, data to price leads, and data to work claims. By doing these small things, you could even influence the percentage of claims that may be settled in court. opens in new window, Forbes: In hyper-growth mode? Now the future belongs to frictionless commerce, and the homeowners insurance industry is lagging way behind. opens in new window, Forbes: The importance of humans in fintech A Division of NBCUniversal. Call K. Flynn Insurance Agency at (636) 528-6363 today. opens in new window, Inside P&C: Kin proved its model works through its high customer retention: CEO Harper opens in new window, Kin, the only pure-play direct-to-consumer home insurance technology company, to go public The agreement values Kin Insurance at roughly $1.03 billion. Kin Insurance has raised a total of $383.2M in funding over 9 rounds. opens in new window, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet 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. opens in new window, Forbes: Four ways to amplify your teams creativity opens in new window, Kin Insurance, Inc. and Omnichannel Acquisition Corp. mutually agree to terminate business combination agreement 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, Crains Chicago Business: Meet Allstate's newest challengers In fact, most of you have hundreds of years of history building solid profitable relationships. Please try again later. 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. This communication relates to a proposed business combination (the Business Combination) between Omnichannel Acquisition Corp. (Omnichannel) and Kin Insurance, Inc. (Kin). Kin Insurance CEO Sean Harper The stock market's swoon has ended a Chicago tech company's SPAC IPO plans. If done right, the legacy carrier will continue to dominate the landscape. "We are growing fast, generating industry-leading unit economics, and are well-positioned to significantly expand our market share moving forward," the company added. We want to hear from you. Such forward looking statements include estimated financial information, including insurance premium run-rate and enterprise software revenue. Commerce, Real-Time 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: Insurtech startups are leveraging rapid growth to raise big money opens in new window, Insurance Journal: Kin Insurance launches landlord insurance in Florida market 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. opens in new window, Quartz: New study shows why hurricanes stay so strong after making landfall The insurtech company announced on Monday its upcoming merger withOmnichannel Acquisition Corp. to be listed as a public company. The investor presentation lays out Kin Insurance as being built for the digital era with competitors stuck in the past. It is a great time to be a Carrier or MGA Insurtech that decides to go public. opens in new window, Kin Insurance grows total written premium by 287% year-over-year in second quarter 2021 The Boards of Directors of each of Omnichannel and Kin approved the transaction. opens in new window, Forbes: When fintech succeeds: The three Ds Payments, Small & opens in new window, Benzinga: Omnichannel acquisition partner Kin Insurance reports triple digit growth in Q3 opens in new window, Forbes: May the best ideas win opens in new window, The Future of Insurance: Sean Harper, Kin Insurance Press question mark to learn the rest of the keyboard shortcuts It is unclear how rate increases affect retention. Kin launches home and property insurance in South Carolina Forbes: Which insurtech distribution model gets it right? opens in new window, Forbes: In the era of customer experience, chatbots dont always pay 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. Kin is the home insurance company for every new normal. Kin Insurance calls off SPAC IPO . The Chicago-based company, which is currently expanding into new markets, is also preparing to go public. 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. The agreement values Kin Insurance at roughly $1.03 billion. 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. Get our latest stories curated just for you. opens in new window, Kin now offering homeowners policies in Louisiana opens in new window, Inside P&C: Kin pulls in $82MN in Series D funding 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. The rest of Kins new funding will go toward expanding its 300-person teamwith a focus on filling key positions within the company's marketing, product, engineering, finance and legal departments. opens in new window, Built In: Home insurtech startup Kin raises $35M plans to hire 100 people 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. opens in new window, Forbes: The limits of being awesome in a highly regulated industry opens in new window, Kin Insurance brings new flood coverage to Florida homeowners opens in new window, Investopedia: Best hurricane insurance Become a smarter investor withCNBC Pro. 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 awarded Built In's 2021 "Best Midsize Companies to Work For" 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. There are definitely things that a legacy carrier could learn from Kin. opens in new window, Crain's Chicago Business: Insurer Kin lines up $145 million in credit 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. 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. 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. Pay Later, Cross-Border 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. Businesses, Social opens in new window, American Inno: 12 biggest Chicago startup fundings of 2019 Relateds Stephen Ross, Jeff Blau are participating in PIPE, Pro basketball player Draymond Green is a Kin investor. Kins customers have relatively high spending power, are embracing technology and generally recommend businesses they love to their friends and family. 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 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, Kin Insurance named among Chicago Inno's 2020 "50 on Fire" 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. 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. The agreement. 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? Sign up to start afree trial today. opens in new window, GoBankingRates: How to buy a house without a realtor With S&P 500 down 10% to start the year, Kin Insurance canceled its planned. opens in new window, Business Insider: Home warranty vs. homeowners insurance 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. 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. opens in new window, Forbes: Fintech startups: Plan for your customers emotional realities 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 . 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. opens in new window, Washington Post: Eight tips for buying homeowners insurance opens in new window, VentureBeat: 5 startup trends that shaped the Midwest in 2018 The transaction is expected to close in the fourth quarter of 2021. This also enables it to operate in markets that are subject to growing weather volatility as a result of climate change. 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