Dwelling Insurance Firm Kin Goes Public By means of SPAC Merger – CNBC
KB Home's construction of single family homes is shown under construction on June 3, 2021 in the Valley Center community, California, United States.
Mike Blake | Reuters
Consumer direct insurance technology company Kin Insurance goes through a reverse merger with Omnichannel Acquisition Corp. the company announced on Monday. The deal values Kin Insurance at approximately $ 1.03 billion.
The company, currently operating in Florida, Louisiana, and California, also announced plans for national expansion after purchasing an inactive insurer that operates in more than forty states.
Kin's technology-driven approach enables clients to insure homes online in minutes. The company is the only pure digital direct insurer in the homeowner insurance market valued at more than $ 100 billion.
The company analyzes thousands of data points that it says will enable more accurate pricing and better underwriting results. This also makes it possible to operate in markets that are exposed to increasing weather volatility due to climate change.
"Access to affordable home insurance is challenging in regions hit by climate change and severe weather. At Kin, our proprietary technology and extensive data advantage enable us to best assess risk and value home insurance fairly for consumers," said the company Company in a statement.
"We are growing rapidly, generating an industry-leading unit economy and are well positioned to significantly expand our market share in the future," added the company.
Omnichannel Acquisition Corp. is led by Matt Higgins, who is CEO of incubator and investment firm RSE Ventures. Stephen Ross, Jeff Blau and Bruce Beal of Related Companies, and professional golfer Rory McIlroy are among Kin's other supporters.
Become a smarter investor with CNBC Pro.
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
Sign in to one. to start Try it for free today