OMNICHANNEL ACQUISITION CORP.

Kin Insurance, Inc. and Omnichannel Acquisition Corp. Mutually Agree to Terminate Business Combination Agreement

Retrieved on: 
Wednesday, January 26, 2022
Professional Services, Insurance, Finance, Omni, NYSE, Acquisition, Business architecture, Industry, Combination, Insurance, Climate change, KIN, Economics, Growth, OCA, City, Technology, Time, Financial services, Omnichannel, Kin, Omnichannel Acquisition Corp., Kin, OMNICHANNEL ACQUISITION CORP.

Kin Insurance, Inc. (Kin), a leading direct-to-consumer homeowners insurance technology company, and Omnichannel Acquisition Corp. (NYSE: OCA) (Omnichannel), a publicly traded special purpose acquisition company, announced today that the companies have mutually agreed to terminate their previously announced agreement and plan of merger (the Business Combination Agreement), effective immediately.

Key Points: 
  • Kin Insurance, Inc. (Kin), a leading direct-to-consumer homeowners insurance technology company, and Omnichannel Acquisition Corp. (NYSE: OCA) (Omnichannel), a publicly traded special purpose acquisition company, announced today that the companies have mutually agreed to terminate their previously announced agreement and plan of merger (the Business Combination Agreement), effective immediately.
  • The parties have decided to terminate the Business Combination Agreement as a result of current unfavorable market conditions.
  • Matt Higgins, Chief Executive Officer of Omnichannel, stated, Kin is a very special company with an important mandate.
  • 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.

Kin Insurance Exceeds 2021 Goal for Total Managed Premium, Achieves 320% Year-Over-Year Growth

Retrieved on: 
Thursday, January 20, 2022
Insurance, Professional Services, Forward-looking statement, Technology, Carrier, Person, Business architecture, Insurance, SEC, NYSE, Securities Act of 1933, Policy, OCA, Economics, Ownership, Private Securities Litigation Reform Act, Form, Multimedia, Sale, Risk, Communication, Business, Mission statement, Prospectus, Failure, KIN, Acquisition, Financial services, Audit, Security (finance), Omnichannel, Kin, Omnichannel Acquisition Corp., Kin, OMNICHANNEL ACQUISITION CORP.

View the full release here: https://www.businesswire.com/news/home/20220120005217/en/

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20220120005217/en/
    Kin finished 2021 with $104.8 million in Total Managed Premium1, four times higher than the $25.0 million of Total Managed Premium at the end of 2020.
  • $99.2 million (95%) of Total Managed Premium in 2021 was written through the Kin Interinsurance Network (the Carrier), a reciprocal exchange managed by Kin Insurance, Inc.
  • Kin is winning with fast growth, great unit economics, and loyal customers, said Josh Cohen, Chief Financial Officer of Kin.
  • This communication relates to a proposed business combination (the Business Combination) between Omnichannel Acquisition Corp. (Omnichannel) and Kin Insurance, Inc. (Kin).

Omnichannel Acquisition Corp. Announces Effectiveness of Registration Statement for Proposed Business Combination With Kin

Retrieved on: 
Tuesday, January 11, 2022
Professional Services, Insurance, Finance, U.S. Securities and Exchange Commission, Forward-looking statement, Technology, Person, Business architecture, Exercise, SEC, Common stock, NYSE, Securities Act of 1933, Proxy, OCA, Insurance, Special, Ownership, Private Securities Litigation Reform Act, Attention, Form, Date, SEC filing, Sale, Risk, Communication, Business, United States Army Acquisition Corps, Prospectus, Failure, KIN, Acquisition, Security (finance), Omnichannel, Kin, Omnichannel Acquisition Corp., Kin, OMNICHANNEL ACQUISITION CORP.

On July 19, 2021, Kin entered into a business combination agreement with Omnichannel Acquisition Corp. (NYSE: OCA).

Key Points: 
  • On July 19, 2021, Kin entered into a business combination agreement with Omnichannel Acquisition Corp. (NYSE: OCA).
  • This communication relates to a proposed business combination (the Business Combination) between Omnichannel Acquisition Corp. (Omnichannel) and Kin Insurance, Inc. (Kin).
  • In connection with the proposed Business Combination, Omnichannel has filed with the SEC a registration statement on Form S-4 that includes 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.
  • Omnichannel, Kin and their respective directors and executive officers may be deemed participants in the solicitation of proxies of Omnichannel stockholders with respect to the proposed Business Combination.

Kin Insurance Completes Acquisition of Carrier With Licenses in 43 States

Retrieved on: 
Wednesday, December 15, 2021
Other Consumer, Technology, Insurance, Human Resources, Finance, Other Technology, Professional Services, Small Business, Consumer, Nexus, Forward-looking statement, Failure, Technology, Form, Business architecture, Insurance, Securities Act of 1933, Business, NYSE, Ownership, Private Securities Litigation Reform Act, Sale, Acquisition, SEC, OCA, KIN, Risk, Person, Communication, Prospectus, Security (finance), Omnichannel, Kin, Omnichannel Acquisition Corp., Kin, OMNICHANNEL ACQUISITION CORP.

Kin Insurance, Inc. (Kin), a leading direct-to-consumer homeowners insurance technology company that has entered into a definitive business combination agreement with Omnichannel Acquisition Corp. (NYSE: OCA) (Omnichannel), today announced it has completed the acquisition of an inactive insurance carrier that holds licenses in 43 states.

Key Points: 
  • Kin Insurance, Inc. (Kin), a leading direct-to-consumer homeowners insurance technology company that has entered into a definitive business combination agreement with Omnichannel Acquisition Corp. (NYSE: OCA) (Omnichannel), today announced it has completed the acquisition of an inactive insurance carrier that holds licenses in 43 states.
  • Kin recently announced that 94% of the $91 million it has generated year-to-date in Total Managed Premium was written through that carrier.
  • This was an important step in bringing the future of insurance to homeowners across the country, said Chief Insurance Officer Angel Conlin.
  • This communication relates to a proposed business combination (the Business Combination) between Omnichannel Acquisition Corp. (Omnichannel) and Kin Insurance, Inc. (Kin).

Kin Insurance Surges to $11.3 Million in Total Managed Premium in November, Increasing 327% Year-to-Date

Retrieved on: 
Thursday, December 9, 2021
Insurance, Professional Services, Carrier, NYSE, Risk, Forward-looking statement, Prospectus, SEC, Securities Act of 1933, Insurance, Technology, Business, Economics, Failure, Private Securities Litigation Reform Act, Form, Business architecture, OCA, Policy, Multimedia, Ownership, Mission statement, Sale, Acquisition, Person, KIN, Communication, Audit, Risk management, Security (finance), Kin, Omnichannel Acquisition Corp., Kin, OMNICHANNEL ACQUISITION CORP.

View the full release here: https://www.businesswire.com/news/home/20211209005615/en/

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20211209005615/en/
    Total Managed Premium1 increased to $90.7 million year-to-date through November 30, 2021, over four times the $21.2 million of Total Managed Premium in the prior-year comparative period.
  • $11.0 million (97%) of Total Managed Premium in November was written through the Kin Interinsurance Network (the Carrier), a reciprocal exchange managed by Kin Insurance, Inc.
  • This communication relates to a proposed business combination (the Business Combination) between Omnichannel Acquisition Corp. (Omnichannel) and Kin Insurance, Inc. (Kin).
  • 1Total managed premium, a non-GAAP financial measure, is the aggregate written premium placed across all of our business platforms.

Kin Insurance Co-Founder and CEO Sean Harper to Participate in the MKM Partners Best Ideas Conference

Retrieved on: 
Friday, November 12, 2021
Banking, Professional Services, Insurance, Entrepreneurship, Insurance, EST, NYSE, OCA, Technology, Webcast, New Normal, KIN, Acquisition, Conference, Financial services, Kin, Omnichannel Acquisition Corp., Kin, OMNICHANNEL ACQUISITION CORP.

Kin Insurance, Inc. (Kin or the Company), a leading direct-to-consumer homeowners insurance technology company that has entered into a definitive business combination agreement with Omnichannel Acquisition Corp. (NYSE: OCA), today announced that Co-Founder and Chief Executive Officer Sean Harper will participate in a fireside chat at Gearing up for the New Normal: A Best Ideas Conference by MKM Partners on Wednesday, November 17 via webcast.

Key Points: 
  • Kin Insurance, Inc. (Kin or the Company), a leading direct-to-consumer homeowners insurance technology company that has entered into a definitive business combination agreement with Omnichannel Acquisition Corp. (NYSE: OCA), today announced that Co-Founder and Chief Executive Officer Sean Harper will participate in a fireside chat at Gearing up for the New Normal: A Best Ideas Conference by MKM Partners on Wednesday, November 17 via webcast.
  • On July 19, 2021, Kin entered into a business combination agreement with Omnichannel Acquisition Corp. (NYSE: OCA).
  • By leveraging proprietary technology, Kin delivers fully digital homeowners insurance with an elegant user experience, accurate pricing, and fast, high-quality claims service.
  • Kin offers homeowners, landlord, condo, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit.

Kin Insurance Sees Growth Accelerate at the Start of Fourth Quarter 2021, While Adjusted Loss Ratio Improves

Retrieved on: 
Wednesday, November 10, 2021
Professional Services, Technology, Insurance, Finance, Software, Networks, Mission statement, Form, Business, Private Securities Litigation Reform Act, Person, Hurricane Ida, Prospectus, Ownership, Technology, Failure, Insurance, Multimedia, Securities Act of 1933, Forward-looking statement, Policy, OCA, Sale, KIN, Acquisition, Business architecture, SEC, NYSE, Communication, PCS, Weather, Risk, LAE, Health insurance, Audit, Risk management, Security (finance), Kin, Omnichannel Acquisition Corp., Kin, OMNICHANNEL ACQUISITION CORP.

Adjusted Loss Ratio2 on the Carrier through September 30, 2021 was 89.8%, a 17.6% improvement over the prior-year comparative period.

Key Points: 
  • Adjusted Loss Ratio2 on the Carrier through September 30, 2021 was 89.8%, a 17.6% improvement over the prior-year comparative period.
  • Through the third quarter of 2021, adjusted loss ratio decreased to 89.8% from 107.4% in the prior-year comparative period.
  • Hurricane Ida contributed 25.4% to the adjusted loss ratio, with other PCS catastrophe events contributing 8.9%.
  • Non-cat adjusted loss ratio of 55.5% has decreased each of the last three quarters, an improvement of 4.2 percentage points over the prior-year comparative period.

Kin Insurance Continues Rapid Growth Trajectory in Third Quarter 2021

Retrieved on: 
Wednesday, October 20, 2021
Finance, Data Management, Professional Services, Technology, Insurance, Depreciation, Acquisition, OCA, Business, Risk, Technology, Form, Person, NYSE, Communication, Failure, Sale, Securities Act of 1933, Mission statement, Business architecture, Insurance, Ownership, Private Securities Litigation Reform Act, Forward-looking statement, KIN, SEC, Prospectus, Audit, Risk management, Security (finance), Kin, Omnichannel Acquisition Corp., Kin, OMNICHANNEL ACQUISITION CORP.

Kins premium renewal rate increased to 99% in the third quarter of 2021 from 92% in the second quarter, bringing its year to date renewal rate to 94%.

Key Points: 
  • Kins premium renewal rate increased to 99% in the third quarter of 2021 from 92% in the second quarter, bringing its year to date renewal rate to 94%.
  • On July 19, 2021, Kin entered into a business combination agreement with Omnichannel Acquisition Corp. (NYSE: OCA).
  • Kin offers homeowners, landlord, condo, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit.
  • This communication relates to a proposed business combination (the Business Combination) between Omnichannel Acquisition Corp. (Omnichannel) and Kin Insurance, Inc. (Kin).

Kin Insurance Grows Total Written Premium by 287% Year-Over-Year in Second Quarter 2021

Retrieved on: 
Friday, September 10, 2021
Finance, Data Management, Professional Services, Technology, Insurance, Kin, Omnichannel Acquisition Corp., Kin, OMNICHANNEL ACQUISITION CORP.

We also grew Total Written Premium by 50% on a sequential basis, while only growing expenses by 21%, said Sean Harper, Chief Executive Officer of Kin.

Key Points: 
  • We also grew Total Written Premium by 50% on a sequential basis, while only growing expenses by 21%, said Sean Harper, Chief Executive Officer of Kin.
  • Kins technology and direct-to-consumer business model enable us to better execute on sound insurance pricing, underwriting and claims principles, said Angel Conlin, Chief Insurance Officer of Kin.
  • On July 19, 2021, Kin entered into a business combination agreement with Omnichannel Acquisition Corp. (NYSE: OCA).
  • This communication relates to a proposed business combination (the Business Combination) between Omnichannel Acquisition Corp. (Omnichannel) and Kin Insurance, Inc. (Kin).

Kin, the Only Pure-Play Direct-to-Consumer Home Insurance Technology Company, to Go Public

Retrieved on: 
Monday, July 19, 2021
Professional services, Data management, Technology, Insurance, Finance, Banking, Finance, Money, Types of insurance, Loans, Insurance, Home insurance, Financial services, Mortgage loan, Professional services, Data management, Technology, Insurance, Finance, Banking, Finance, Money, Types of insurance, Loans, Insurance, Home insurance, Financial services, Mortgage loan, Kin, Omnichannel Acquisition Corp., Kin, OMNICHANNEL ACQUISITION CORP.

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.

Key Points: 
  • 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.
  • The residential property market cannot function without homeowners insurance, because insurance is required by most mortgage lenders.
  • The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers.
  • Consumers deserve an easy, affordable and personalized insurance experience, and at Kin, we are building the home for better insurance.