Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. The agreement values Kin Insurance at roughly $1.03 billion.
The company, which currently operates in Florida, Louisiana and California, also announced plans for a national expansion after purchasing an inactive insurer that operates in more than forty states.
Kin’s technology-first approach enables customers to insure homes online within minutes. The company is the only pure-play direct-to-consumer digital insurer within the homeowners insurance market, which is valued north of $100 billion.
The company crunches thousands of data points that it says allows for more accurate pricing and better underwriting results. This also enables it to operate in markets that are subject to growing weather volatility as a result of climate change.
“Access to affordable home insurance is challenging in regions that are impacted by climate change and severe weather; at Kin, our proprietary technology and deep data advantage enables us to best evaluate risk and price home insurance fairly for consumers,” the company said in a statement.
“We are growing fast, generating industry-leading unit economics, and are well-positioned to significantly expand our market share moving forward,” the company added.
Omnichannel Acquisition Corp. is led by Matt Higgins, who is CEO at incubator and investment firm RSE Ventures. Stephen Ross, Jeff Blau and Bruce Beal of Related Companies and golf pro Rory McIlroy are among Kin’s other backers.
