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) (“Omnichannel”), today
announced select preliminary operating results through November 30,
2021:
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- 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.
- Premium Renewal Rate2 on the Carrier remained strong at 99% in
November 2021, increasing the year-to-date Premium Renewal Rate to
96% through November 30, 2021.
“We’re on the cusp of eclipsing $100 million in total managed
premium in 2021, over four times the $25 million reported last
year, and exceeding the targets set forth in our investor
presentation,” said Sean Harper, Chief Executive Officer of Kin.
“We’ve achieved this while maintaining strong unit economics, with
each dollar spent on customer acquisition generating nearly eight
dollars of lifetime value.”
“Our 96% year-to-date premium renewal rate through November is a
strong signifier of our commitment to delivering positive outcomes
for our customers,” said Kin Chief Financial Officer Josh Cohen.
“We’ve generated $91 million of premium in 2021 and if our current
renewal rate carries over into next year, that already accounts for
38% of our premium target for 2022.”
These preliminary results through November 30, 2021 are based on
the information available to us at this time. Our actual results
may vary from the estimated preliminary results presented here due
to the completion of our financial closing procedures and final
adjustments. The estimated preliminary results have not been
audited or reviewed by our independent registered public accounting
firm. These estimates should not be viewed as a substitute for our
full interim financial statements. Accordingly, you should not
place undue reliance on this preliminary data.
Additionally, Kin’s acquisition of an inactive insurance carrier
with licenses in more than 40 states has now closed.
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 fourth quarter of
2021. 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”.
About Kin
Kin is the home insurance company for every new normal. 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. Because of its
efficient technology and direct-to-consumer model, Kin provides
affordable pricing without compromising coverage. To learn more,
visit https://www.kin.com.
About Omnichannel Acquisition Corp.
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. For more
information, please visit www.omnichannelcorp.com.
Important Information for Investors and Stockholders
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
preliminary proxy statement of Omnichannel in connection with
Omnichannel’s solicitation of proxies for the vote by Omnichannel’s
stockholders with respect to the proposed Business Combination and
a preliminary prospectus of Omnichannel. The final proxy
statement/prospectus will be sent to all Omnichannel stockholders,
and Omnichannel will also file other documents regarding the
proposed Business Combination with the SEC. This communication does
not contain all the information that should be considered
concerning the proposed Business Combination and is not intended to
form the basis of any investment decision or any other decision in
respect of the Business Combination. 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.
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. 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.
Forward-Looking Statements
This communication includes “forward looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. 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. Such
forward looking statements with respect to revenues, earnings,
performance, strategies, prospects and other aspects of the
business of Kin or the combined company after completion of the
Business Combination are based on current expectations that are
subject to risks and uncertainties. A number of factors could cause
actual results or outcomes to differ materially from those
indicated by such forward looking statements. 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 NYSE’s 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. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the “Risk Factors”
section of Omnichannel’s 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. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. 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.
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.
Participants in the Solicitation
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. Omnichannel stockholders and other interested persons
may obtain, without charge, more detailed information regarding the
directors and executive officers of Omnichannel Acquisition Corp.
and their ownership of Omnichannel’s securities in Omnichannel’s
final prospectus relating to its initial public offering, which was
filed with the SEC on November 23, 2020 and is available free of
charge at the SEC’s website at www.sec.gov, or by written request
to: Christine Pantoya, Chief Financial Officer, Omnichannel
Acquisition Corp., 485 Springfield Avenue #8, Summit, New Jersey
07901.
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.
No Offer or Solicitation
This communication does not constitute an offer to sell or
exchange, or the solicitation of an offer to buy or exchange any
securities, or a solicitation of any vote or approval, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation, sale or exchange would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of section 10 of the
Securities Act, or an exemption therefrom.
1Total managed premium, a non-GAAP financial measure, is the
aggregate written premium placed across all of our business
platforms. We calculate total managed premium as the sum of gross
written premium and gross placed premium of policies placed with
third-party insurance companies, for which we do not retain
insurance risk and for which we earn a commission payment, and
policy fees charged by us to the policyholders on the effective
date of the policy.
2 Premium renewal rate, a non-GAAP financial measure, is defined
as premium renewed as a percentage of all premium that went inforce
in the prior policy period written through Kin Interinsurance
Network (the “Carrier”).
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