kin insurance spac presentation

A PYMNTS study, New Payments Options: Why Consumers Are Trying Digital Wallets finds that 52% of US consumers tried out a new payment method in 2022, with many choosing to give digital wallets a try for the first time. opens in new window, TechCrunch: Live near an ocean? opens in new window, Kin enhances reinsurance program, safeguarding customers who are most vulnerable to climate-related risks The transaction is set to close in Q4 this year. If done right, the legacy carrier will continue to dominate the landscape. opens in new window, Washington Post: Eight tips for buying homeowners insurance (More to follow). 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. 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. Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. opens in new window, Carrier Management: Kin Insurance upgrades reinsurance program to beef up disaster protection capacity opens in new window, Seeking Alpha: Omnichannel CEO Matt Higgins, Kin CEO Sean Harper - focus on macro trends Heres what I learned 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. opens in new window, NerdWallet: The best home insurance companies for 2022 articles a month for anyone to read, even non-subscribers! Find startup jobs, tech news and events. 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 bolsters leadership team amid rapid growth During the call, they mentioned the capability to dynamically adjust premiums depending on the weather. opens in new window, Forbes: In the era of customer experience, chatbots dont always pay Skyline Capital and Runway Growth Capital are the most recent investors. 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. 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. opens in new window, Chicago Crains Business: Insurance startup Kin raises $69 Million with investment from PGA Pro | 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. opens in new window, Crains Chicago Business: Insurance startup Kin raises $13 million 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 . We want to hear from you. 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, Washington Post: How do I get an Airbnb refund for canceled plans? The business combination reflects an estimated implied pro forma enterprise value at closing of $1.03 billion, assuming no redemptions by Omnichannels public stockholders. They are doing this by merging with the Omnichannel Acquisition Corp SPAC. opens in new window, Kin Insurance maintains steady year-over-year growth in third quarter, increasing 151% year-to-date Relateds Stephen Ross, Jeff Blau are participating in PIPE, Pro basketball player Draymond Green is a Kin investor. That notwithstanding, they use data specifically to enhance their acquisition and book performance. opens in new window, Forbes: May the best ideas win That right there is 98%. opens in new window, Crunchbase: Exclusive: Kin raises $63.9M in Series C funding for data-driven home insurance opens in new window, Kin eclipses $10B in total insured property value 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, Investopedia: Best hurricane insurance opens in new window, Chicago Inno: Kin Insurance raises $82M after canceling SPAC deal 1 Now opens in new window, Forbes: Four ways to amplify your teams creativity opens in new window, Built In: 26 insurtech companies making coverage simpler Invest in emotional intelligence. opens in new window, Axios: Kin Insurance gets new funding after spurning its SPAC opens in new window, Kin Interinsurance Nexus earns Financial Stability Rating of A, Exceptional, from Demotech This also enables it to operate in markets that are subject to growing weather volatility as a result of climate change. 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. opens in new window, Inside P&C: Kin pulls in $82MN in Series D funding Such forward looking statements include estimated financial information, including insurance premium run-rate and enterprise software revenue. opens in new window, TechCrunch: Insurtech startups are leveraging rapid growth to raise big money opens in new window, Inc: Could you, should you, would you: Questions for hiring corporate misfits opens in new window, Forbes: Putting the green back into greenbacks with climate fintech opens in new window, Kin again recognized as a "Best Place to Work" by Built In opens in new window, Forbes: Eight steps managers can take to facilitate an employees move to another department Kaenan is a professional in the areas of block chain, telematics, wearables, analytics, artificial intelligence (AI) and Insurtech. opens in new window, Forbes: Which insurtech distribution model gets it right? Kin launches home and property insurance in South Carolina Sign up for free newsletters and get more CNBC delivered to your inbox. Payments, Small & opens in new window, Insurance Business America: CEO turns back to private markets after reverse merger derailment opens in new window, Forbes: How to sell value to price-sensitive customers They are doing this by merging with the Omnichannel Acquisition Corp SPAC. 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, Business Insider: 5 ways to reduce your homeowners insurance premium Our National Producer Number (NPN) is 18044957 and our Certificate of Authority (COA) number is 19-813300698. 2016-2023 Kin Insurance Technology Hub, LLC. opens in new window, Business Insider: Assignment of benefits 101 "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. 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. This deal follows in the footsteps ofseveral other private companiesthat have opted togo public through a SPAC merger. 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. Picks, CE100 Kins success has been primarily in markets where carriers were less interested in writing policies like FL, LA, and to a lesser extent CA. 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, Quartz: New study shows why hurricanes stay so strong after making landfall J.P. Morgan Securities LLC is acting as exclusive financial advisor to Kin, and Latham & Watkins LLP is acting as its legal counsel. Kin,. Help your agents identify strong leads, and you will only benefit. 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 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. As a result, Kin has an opportunity to reinvent and lead the massive homeowners insurance marketplace. 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. 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.. 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. In a deal that would value the start-up at more than $1bn, Kin could become the latest InsurTech to pass the unicorn threshold The transaction is expected to close in the fourth quarter of 2021. 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. Investors may listen to a pre-recorded call regarding the proposed business combination today at 9:00 am ET. The transaction is further supported by a fully committed $80 million PIPE at $10 per share of Class A common stock of Omnichannel led by HSCM Bermuda and Senator Investment Group. Sign up to start afree trial today. Behind the scenes, Kin utilizes thousands of data points about each property to provide accurate pricing and produce better underwriting results. Louisiana homeowners insurance can cover: Your dwelling, including walls, foundation, roof, floors, plumbing, and more. 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.. The Florida license number for Kin Insurance is L098613. And that is very compelling. "We are growing fast, generating industry-leading unit economics, and are well-positioned to significantly expand our market share moving forward," the company added. opens in new window, Kin gives Floridians new insurance discounts following passage of assignment of benefits bill Valued at more than $ 100 billion Eight tips for buying homeowners insurance ( more to ). Provides Kin with a wealth of future cross-sell opportunities for existing and new customers respect! To a pre-recorded call regarding the proposed business combination today at 9:00 am ET foundation, roof,,. Dwelling, including walls, foundation, roof, floors, plumbing, and you will only.. The scenes, Kin gives Floridians new insurance discounts following passage of assignment of benefits this by merging the! Free newsletters and get more CNBC delivered to your inbox enhance their Acquisition and book performance gives...: Eight tips for buying homeowners insurance ( more to follow ) company... 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