Kin Insurance Inc recently executed a business combination partnership with Omnichannel Acquisition Corporation (NYSE: OCA) and reported a Total Managed Premium surge of $11.3 million.
Top management sentiments
Kin’s Chief Executive Officer, Sean Harper, claimed they’re on route to making more than a total managed premium of $100 million in 2021. This is more than 4x compared to the $25 million they reported the previous year, additionally exceeding the targets they set in their investor presentation. Sean Harper said:
“We’ve achieved this while maintaining strong unit economics, with each dollar spent on customer acquisition generating nearly eight dollars of lifetime value.”
The company’s Chief Financial Officer, Josh Cohen, said:
“Our 96% year-to-date premium renewal rate through November is a strong signifier of our commitment to delivering positive outcomes for our customers.”
The CFO claims that they generated a premium of $91 million. He says that if the company’s current renewal rate is transferred to the next fiscal year, this will account for about 38% of their premium target for 2022.
Financial and business highlights
This top direct-to-consumer homeowner insurance tech firm increased its total managed premium to $90.7 million in the financial year of 2021. This was over 4x the premium of $21.2 million they reported in the previous fiscal year.
The Carrier’s premium renewal rate remained strong at a healthy 99%, representing a 96% year-to-date increase.
In July 2021, the company executed a business combination partnership with Omnichannel Acquisition Corp. This deal is expected to be complete by the end of Q4 of this fiscal year. When the agreement is completed, the new, combined public company will use the name Kin Holdings Incorporated. In addition, it will a have a common stock listing on the New York Stock Exchange and will be using the ticker symbol “KI.”
Kin is a home insurance tech company that everyone can use. It can provide digital homeowners insurance tech services with excellent user experience, high-quality claims services and accurate pricing by leveraging proprietary technology. Kin offers these services via its Kin Interinsurance Network.
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