This deal follows in the footsteps ofseveral other private companiesthat have opted togo public through a SPAC merger. The agreement. Data is a real-time snapshot *Data is delayed at least 15 minutes. The company currently operates in Florida, California and Louisiana areas that are highly prone to disastrous weather conditions that are worsening with climate change. The business combination reflects an estimated implied pro forma enterprise value at closing of $1.03 billion, assuming no redemptions by Omnichannels public stockholders. opens in new window, Crains Chicago Business: Insurance startup Kin raises $13 million 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. He has played a key role in innovating many start-ups and established carriers. opens in new window, Inc.: Let the person with the most information make the decision opens in new window, Kin named one of Fast Company's "10 Most Innovative Finance Companies" of 2020 opens in new window, USA Today: The tech bubble has burst, experts say, but you might be able to pick up some discounts 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, Insurance Journal: Cat-focused Kin Insurance acquires shell for expansion Trust your team 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. Payments, More 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. 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, GoBankingRates: How to buy a house without a realtor Payments, Grocery Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. Why it matters: This is likely to be a good outcome for Kin. opens in new window, Forbes: In the era of customer experience, chatbots dont always pay 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, Business Insider: These are the biggest fintech winners of 2019 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. 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. Call K. Flynn Insurance Agency at (636) 528-6363 today. opens in new window, Benzinga: Top 10 insurtech influencers opens in new window, Kin Insurance grows total written premium by 287% year-over-year in second quarter 2021 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. A Division of NBCUniversal. 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You should carefully consider the foregoing factors and the other risks and uncertainties described in the Risk Factors section of Omnichannels Annual Report on Form 10-K, and other documents filed by Omnichannel from time to time with the SEC and the registration statement on Form S-4 and proxy statement/prospectus discussed above. 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.. Sign up to start afree trial today. 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. opens in new window, Built In: 26 insurtech companies making coverage simpler 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 believes that their direct to consumer model is fundamentally better than a commission-based agent model. opens in new window, The Insurer: Insurtech Kin announces $82MN first close in latest financing round Citigroup Global Markets Inc. is acting as capital markets advisor to Omnichannel, and Winston & Strawn LLP is acting as its legal counsel. Commerce, Real-Time opens in new window, Insurance Journal: Kin Insurance to offer homeowners coverage in Louisiana Kin Insurance CEO Sean Harper The stock market's swoon has ended a Chicago tech company's SPAC IPO plans. opens in new window. "We are growing fast, generating industry-leading unit economics, and are well-positioned to significantly expand our market share moving forward," the company added. Investors may listen to a pre-recorded call regarding the proposed business combination today at 9:00 am ET. opens in new window, Kin gives Floridians new insurance discounts following passage of assignment of benefits bill (More to follow). Kin signed an agreement to acquire an inactive insurance carrier with licenses in over 40 states, bringing the unicorn one step closer to national expansion. We believe Kin is well positioned to capitalize on that unmet demand for years to come.. Once connected with the operator, please provide the conference ID of 13721202., A replay of the call will also be available today from 11:00 am ET to 11:59 pm ET on August 2, 2021. opens in new window, Kin Insurance surges to $11.3 million in total managed premium in November, increasing 327% year-to-date (Podcast). opens in new window, Built In: The lessons 5 founders learned going from startup to growth company opens in new window, Forbes: Reminder: Capitalism is supposed to benefit customers Built In Chicago is the online community for Chicago startups and tech companies. 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. Data to acquire leads, data to price leads, and data to work claims. Kin Insurance is funded by 43 investors. How ChatGPT Can Help You Sell More Insurance Than a Talking Gecko in 2023, Onward and Skyward: Our first IPO and Insurtech 2022 in review, Size doesnt matter. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. opens in new window, Authority: 5 things you need to succeed in the modern world of finance & fintech opens in new window, Kin Insurance named among Chicago Inno's 2020 "50 on Fire" opens in new window, Kin announces $82M first close in Series D financing And that is very compelling. Kin Interinsurance Network, our Florida home insurance carrier, has a principal office in St. Petersburg, Florida, and our NAIC number is 16603. Live from Dubai, connecting Asian markets to the European opens. 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, Inside P&C: Kin pulls in $82MN in Series D funding The Boards of Directors of each of Omnichannel and Kin approved the transaction. 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. 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. opens in new window, USA Today: Which tech investments can weather volatile markets best? We want to hear from you. 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