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, which currently operates in Florida, Louisiana and California, now has the ability to serve customers in most of the remaining states in which it does not currently operate, which constitute, in aggregate, a $110 billion home insurance market. The newly-acquired carrier, to be renamed the Kin Interinsurance Nexus, will enable Kin to continue its expansion with a focus on serving the growing number of catastrophe-prone states where homeowners need a new option for coverage.
“Kin’s advantages are most relevant in the 40% of the country that is currently catastrophe exposed, including some of our most populous states,” said Sean Harper, Chief Executive Officer of Kin. “These new licenses, combined with our best-in-class technology, will make expanding into those states and offering new products relatively easy.”
The acquisition builds upon the success of the Kin Interinsurance Network, a reciprocal exchange where customers, through their premiums, insure other members and share in the underwriting profits when there are few losses. 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. “Because of our efficient technology and direct-to-consumer model, we’ll be able to provide affordable pricing and essential coverage to vastly more people.”
Kin expects to announce its entry into several new states in the first half of 2022.
Business Combination Transaction
On July 19, 2021, Kin entered into a business combination agreement with Omnichannel Acquisition Corp. (NYSE: OCA). The business combination is expected to close in the first quarter of 2022. Upon closing, the combined public company will be named Kin Holdings Inc., and its common stock is expected to be listed on the NYSE under the new ticker symbol “KI”.