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. 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. 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, Crunchbase: Some Crossover Investors Ramp up While Others Scale Back Amid Market Wonkiness The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. To learn more, visit https://www.kin.com. Relateds Stephen Ross, Jeff Blau are participating in PIPE, Pro basketball player Draymond Green is a Kin investor. The transaction is set to close in Q4 this year. opens in new window, Crains Chicago Business: Insurance startup Kin raises $13 million opens in new window, Kin Insurance expands into California to serve homeowners statewide 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. The residential property market cannot function without homeowners insurance, because insurance is required by most mortgage lenders. opens in new window, Cinch Home Services partners with insurance industry disruptor Kin Insurance 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. opens in new window, Forbes: In the era of customer experience, chatbots dont always pay Bloomberg Daybreak Middle East. opens in new window, Forbes: How solving real problems is a competitive advantage in todays world opens in new window, Kin Insurance announces Series C funding with investment by professional golfer Rory McIlroy and others 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. opens in new window, Kin Insurance partners with Cape Analytics for remote risk assessment Forward-looking statements speak only as of the date they are made. Your email address will not be published. opens in new window, Alpha Street: Kin Insurance CEO Sean Harper: Will expand into new states, enhance portfolio opens in new window, Forbes: Eliminating the hidden costs of saving on customer support During the call, they mentioned the capability to dynamically adjust premiums depending on the weather. opens in new window, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet opens in new window, Kin eclipses $10B in total insured property value 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, Bloomberg: Kin Insurance to go public via Matt Higgins SPAC deal The Chicago-based company, which is currently expanding into new markets, is also preparing to go public. Kin is the home insurance company for every new normal. opens in new window, Kin Insurance launches landlord insurance in Florida market They are doing this by merging with the Omnichannel Acquisition Corp SPAC. Kin Insurance has raised a total of $383.2M in funding over 9 rounds. opens in new window, Seeking Alpha: Kin Insurance reports four times growth in managed premium In fact, most of you have hundreds of years of history building solid profitable relationships. Car, Buy opens in new window, Kin upgrades reinsurance program, emphasizing commitment to homeowners most impacted by climate change 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. Louisiana homeowners insurance can cover: Your dwelling, including walls, foundation, roof, floors, plumbing, and more. 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 opens in new window, Kiplinger: How to protect your home from natural disasters 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? Press question mark to learn the rest of the keyboard shortcuts 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. opens in new window, Crain's Chicago Business: Insurer Kin lines up $145 million in credit 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. Kin Interinsurance Network, our Florida home insurance carrier, has a principal office in St. Petersburg, Florida, and our NAIC number is 16603. opens in new window, Business Insider: Home warranty vs. homeowners insurance opens in new window, Crain's Chicago Business: Insurance startup Kin abandons SPAC 2016-2023 Kin Insurance Technology Hub, LLC. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. By doing these small things, you could even influence the percentage of claims that may be settled in court. 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. Omnichannel Acquisition Corp. (NYSE: OCA) is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Payments, Small & 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, Built In: 5 Chicago tech companies redefining the insurance industry opens in new window, GoBankingRates: How to buy a house without a realtor 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, TechCrunch: Can data fix healthcare? 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. opens in new window, Forbes: Want to build a successful startup? Spac-On: Kin Insurance Files to Go Public July 2021. They indicate that they expect a loss ratio of 40% where they explain the reciprocal. The insurtech company announced on Monday its upcoming merger with Omnichannel Acquisition Corp. to be listed as a public company. opens in new window, Crains Chicago Business: Meet Allstate's newest challengers "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. By leveraging proprietary technology, Kin delivers fully digital homeowners insurance with an elegant user experience, accurate pricing and fast, high-quality claims service. 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. Commerce, Real-Time & Pharmacy, Healthcare Why it matters: This is likely to be a good outcome for Kin. Stephen Ross, Jeff Blau and Bruce Beal of Related Companies and golf pro Rory McIlroy are among Kin's other backers. Our customers receive a simple, direct and exceptional experience that provides them with real savings and leaves them delighted and loyal to Kin. opens in new window, Washington Post: How do I get an Airbnb refund for canceled plans? 2: Kin Interinsurance Network total policies in force at the end of the period (new and renewal). opens in new window, Quartz: New study shows why hurricanes stay so strong after making landfall Behind the scenes, Kin utilizes thousands of data points about each property to provide accurate pricing and produce better underwriting results. opens in new window, Actuarial Review: Going insurtech 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. opens in new window, Business Insider: Insurtech disrupters: Heres what full-stack insurtechs are doing to beat incumbents Kins SPAC merger will provide the company with an additional $242 million in fresh capital. Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp. Please visit Kins investor relations website investor.kin.com to access the webcast. articles a month for anyone to read, even non-subscribers! opens in new window, Bankrate: Factors that impact your home insurance rate Kins customers have relatively high spending power, are embracing technology and generally recommend businesses they love to their friends and family. Kins proprietary technology enables customers to insure their homes in minutes online, bringing convenience to a historically manual process. 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, Property Casualty 360: Climate change is measurable and manageable opens in new window, Built In: How these 7 Chicago tech companies found their product-market fit Kin is the only pure-play direct-to-consumer digital insurer focused on the complex and growing $100+ billion homeowners insurance market. The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. Skyline Capital and Runway Growth Capital are the most recent investors. 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.. opens in new window, Forbes: The smartest thing a leader can do? 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. opens in new window, Seeking Alpha: Omnichannel CEO Matt Higgins, Kin CEO Sean Harper - focus on macro trends opens in new window, Insurance Journal: Kin Insurance launches landlord insurance in Florida market 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. Please try again later. More in ChicagoNatures Fynd Raises $350M to Bring Its Meatless Food to Market. opens in new window, Crain's Chicago Business: Kin lines up private investment for its next stage of expansion opens in new window, Kin Insurance achieves $100M premium run rate in 1.75 Years 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. 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. This communication relates to a proposed business combination (the Business Combination) between Omnichannel Acquisition Corp. (Omnichannel) and Kin Insurance, Inc. (Kin). 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? opens in new window, Kin Insurance brings new flood coverage to Florida homeowners opens in new window, Lifeblood: House Insurance with Sean Harper opens in new window, Forbes: Which insurtech distribution model gets it right? 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, Fortune: The downfall of the SPAC: Why one CEO called it quits and more will follow 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. 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