September 25, 2021

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Home insurance company Kin released due to SPAC merger

2 min read

KB Home’s construction of a single-family home has been shown to be under construction in the Valley Center, California, USA community on June 3, 2021.

Mike Break | Reuters

Kin Insurance, a direct-to-consumer home insurance technology company, is Omnichannel Acquisition Corp. The company announced on Monday that it will be released through a reverse merger with. Under this agreement, Kin Insurance is worth about $ 1.03 billion.

The company, which currently operates in Florida, Louisiana and California, has also announced plans for nationwide expansion after acquiring inactive insurance companies operating in more than 40 states.

Kin’s technology-first approach allows customers to insure their homes online within minutes. The company is the only purely direct-to-consumer digital insurer in the homeowners insurance market and is worth over $ 100 billion.

The company processes thousands of data points that say it enables more accurate pricing and better underwriting results. This will also enable operations in markets where climate change is increasing as a result of climate change.

“Affordable home insurance is difficult to access in areas affected by climate change and stormy weather. At Kin, the benefits of unique technology and a wealth of data make it the most appropriate home insurance risk and price for consumers. You can evaluate it, “the company said. statement.

“We are growing rapidly, creating industry-leading unit economics and are in a good position to significantly increase our market share in the future,” the company added.

Omnichannel Acquisition Corp. is headed by Matt Higgins, CEO of incubator and investment firm RSE Ventures. Stephen Ross, Jeff Blau, affiliate Bruce Beer, and golf pro Rory McIlroy are among Kin’s other backers.

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