Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. opens in new window, Forbes: 10 startups leading the way in customer experience opens in new window, CNBC: Home Insurance company Kin to go public via SPAC merger Data is a real-time snapshot *Data is delayed at least 15 minutes. Important Information for Investors and Stockholders. Kins customers have relatively high spending power, are embracing technology and generally recommend businesses they love to their friends and family. It is led by co-founders Sean Harper,. opens in new window, Built In: The lessons 5 founders learned going from startup to growth company opens in new window, Kin Insurance closes $35M Series B to fuel industry disruption opens in new window, Kin Insurance, Inc. and Omnichannel Acquisition Corp. mutually agree to terminate business combination agreement The deal includes an $80 million PIPE commitment led by HSCM Bermuda and Senator Investment Group, with participation from Gillson Capital, Park West Asset Management and other institutional investors, according to a press releaseon Monday (July 19). Trust your team, University of Chicago: Kin Insurance to go public expand nationally with aim to save homeowners time and money, Benzinga: Gary Vaynerchuk, Matt Higgins SPAC OCA strikes deal for homeowner insurance company Kin: What investors should know, Bloomberg: Kin Insurance to go public via Matt Higgins SPAC deal, CNBC: Home Insurance company Kin to go public via SPAC merger, Chicago Crains Business: Insurance startup Kin raises $69 Million with investment from PGA Pro, Crunchbase: Exclusive: Kin raises $63.9M in Series C funding for data-driven home insurance, TechCrunch: Insurtech startups are leveraging rapid growth to raise big money, Insurance Journal: Kin Insurance to offer homeowners coverage in Louisiana, Forbes: Eight steps managers can take to facilitate an employees move to another department, Money: I fought an insurance company in a slip-and-fall case. opens in new window, University of Chicago: Kin Insurance to go public expand nationally with aim to save homeowners time and money Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement / prospectus that Omnichannel intends to file with the SEC. Get comfortable with rejection opens in new window, Kin named one of Fast Company's "10 Most Innovative Finance Companies" of 2020 Sign up for free newsletters and get more CNBC delivered to your inbox. 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. Kin has lower customer acquisition costs and does not . 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. Sign up to start afree trial today. 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. opens in new window, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet By doing these small things, you could even influence the percentage of claims that may be settled in court. Omnichannel Acquisition Corp. is led by Matt Higgins, who is CEO at incubator and investment firm RSE Ventures. He has played a key role in innovating many start-ups and established carriers. J.P. Morgan Securities LLC is acting as exclusive financial advisor to Kin, and Latham & Watkins LLP is acting as its legal counsel. Please visit Kins investor relations website investor.kin.com to access the webcast. Get in touch with us for all press and speaker inquiries. opens in new window, Forbes: How to adapt when your industry is facing disruption opens in new window, Forbes: The case for concentrated growth / Kin is the home insurance company for every new normal. 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, Kin Insurance surges to $11.3 million in total managed premium in November, increasing 327% year-to-date 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. 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. 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? We are excited to enter the public markets with Matt Higgins and the incredible team at Omnichannel, who have a proven track record of building enduring direct-to-consumer brands, making them the perfect complement for Kin. 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. Payments, Small & opens in new window, Forbes named Kin one of "America's Best Startup Employers" in 2022 opens in new window, Kin Insurance grows total written premium by 287% year-over-year in second quarter 2021 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. Your email address will not be published. The agreement. opens in new window, Axios: The hidden factor in Floridas property insurance crisis As such, they benefited from an older average age of customers of 57 in a less competitive market. opens in new window, Axios: Kin Insurance gets new funding after spurning its SPAC Kins SPAC merger will provide the company with an additional $242 million in fresh capital. opens in new window, Built In: 26 insurtech companies making coverage simpler Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. The insurtech company announced on Monday its upcoming merger with Omnichannel Acquisition Corp. to be listed as a public company. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. It is a great time to be a Carrier or MGA Insurtech that decides to go public. Data, Artifical 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. Kin launches home and property insurance in South Carolina 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. Find startup jobs, tech news and events. Become a smarter investor withCNBC Pro. Kin Insurance is funded by 43 investors. Heres what I learned, Bankrate: Factors that impact your home insurance rate, Kiplinger: How to protect your home from natural disasters, GoBankingRates: How to buy a house without a realtor, Insurance Journal: Kin Insurance launches landlord insurance in Florida market, Forbes: 11 strategies for praising employee work (without causing team resentment), Built In: 26 insurtech companies making coverage simpler, Forbes: Want to build a superteam? Pay Later, Cross-Border Lemonade vs Root 3Q22 Results, Insurtech Hippo vs the Beaver 2Q22 Results Unpacked, Root and Lemonade 2Q22 a tale of country roads, https://koupitedpilulky.com/genericka-levitra-bez-predpisu.html, The KINdred Spirit of Legacy Has More Value, Insurtech Lemonades 2Q21 Results: How to scale premium and expenses at the same time. The agreement values Kin Insurance at roughly $1.03 billion. 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. 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. The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. 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 . opens in new window, Forbes: The limits of being awesome in a highly regulated industry opens in new window, TechCrunch: Insurtech startups are leveraging rapid growth to raise big money The call may be accessed by dialing (877) 407-4018 for domestic callers or (201) 689-8471 for international callers. Forward-looking statements may be identified by the use of words such as forecast, intend, seek, target, anticipate, believe, expect, estimate, plan, outlook, and project and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. 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. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. And that is very compelling. Commerce, Real-Time Please reach out if you want to discuss Kin or some of the advances you could use to guarantee your continued growth and success. 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. 2023 CNBC LLC. We can offer Louisiana HO3 coverage issued through the Kin Interinsurance Network, rated A, Exceptional, by Demotech. Transaction includes commitment for $80 million PIPE led by HSCM Bermuda and Senator Investment Group, with participation from Gillson Capital, Park West Asset Management and other institutional investors, New strategic investors include Joe Plumeri, former chairman and CEO, Willis Group Holdings; Stephen Ross, Jeff Blau and Bruce Beal of related companies, the most prominent privately-owned real estate firm in the United States; and Gary Vaynerchuk, CEO of VaynerMedia, Previous Series C investors include NBA all-star Draymond Green and four-time major champion golf pro Rory McIlroy; noth back Kin to raise brand profile across the country. Kin is operating within an industry thats worth over $100 billion and continues to grow, especially since the COVID-19 pandemic has expedited digital advancements across a variety of sectors. opens in new window, Kin named one of Tracxn's "Top Emerging Internet First Insurance Startups" 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. 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 KI. The combined entity will be called Kin Insurance and will be valued at an estimated $1.03 billion. 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