Kin Insurance coverage Surges to $11.3 Million in Whole Managed Premium in November, Rising 327% 12 months-to-Date

CHICAGO, December 09, 2021–(BUSINESS WIRE)–Kin Insurance coverage, Inc. (“Kin” or the “Firm”), a number one direct-to-consumer householders insurance coverage know-how firm that has entered right into a definitive enterprise mixture settlement with Omnichannel Acquisition Corp. (NYSE: OCA) (“Omnichannel”), immediately introduced choose preliminary working outcomes by way of November 30, 2021:

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  • Whole Managed Premium1 elevated to $90.7 million year-to-date by way of November 30, 2021, over 4 instances the $21.2 million of Whole Managed Premium within the prior-year comparative interval.

  • $11.0 million (97%) of Whole Managed Premium in November was written by way of the Kin Interinsurance Community (the “Service”), a reciprocal alternate managed by Kin Insurance coverage, Inc.

  • Premium Renewal Charge2 on the Service remained robust at 99% in November 2021, rising the year-to-date Premium Renewal Charge to 96% by way of November 30, 2021.

“We’re on the cusp of eclipsing $100 million in complete managed premium in 2021, over 4 instances the $25 million reported final 12 months, and exceeding the targets set forth in our investor presentation,” stated Sean Harper, Chief Govt Officer of Kin. “We’ve achieved this whereas sustaining robust unit economics, with every greenback spent on buyer acquisition producing practically eight {dollars} of lifetime worth.”

“Our 96% year-to-date premium renewal fee by way of November is a robust signifier of our dedication to delivering optimistic outcomes for our prospects,” stated Kin Chief Monetary Officer Josh Cohen. “We’ve generated $91 million of premium in 2021 and if our present renewal fee carries over into subsequent 12 months, that already accounts for 38% of our premium goal for 2022.”

These preliminary outcomes by way of November 30, 2021 are based mostly on the data accessible to us at the moment. Our precise outcomes could differ from the estimated preliminary outcomes offered right here because of the completion of our monetary closing procedures and last changes. The estimated preliminary outcomes haven’t been audited or reviewed by our impartial registered public accounting agency. These estimates shouldn’t be considered as an alternative choice to our full interim monetary statements. Accordingly, you shouldn’t place undue reliance on this preliminary information.

Moreover, Kin’s acquisition of an inactive insurance coverage service with licenses in additional than 40 states has now closed.

Enterprise Mixture Transaction

On July 19, 2021, Kin entered right into a enterprise mixture settlement with Omnichannel Acquisition Corp. (NYSE: OCA). The enterprise mixture is anticipated to shut within the fourth quarter of 2021. Upon closing, the mixed public firm might be named Kin Holdings Inc., and its frequent inventory is anticipated to be listed on the NYSE beneath the brand new ticker image “KI”.

About Kin

Kin is the house insurance coverage firm for each new regular. By leveraging proprietary know-how, Kin delivers totally digital householders insurance coverage with a chic person expertise, correct pricing, and quick, high-quality claims service. Kin presents householders, landlord, apartment, and cellular house insurance coverage by way of the Kin Interinsurance Community (KIN), a reciprocal alternate owned by its prospects who share within the underwriting revenue. Due to its environment friendly know-how and direct-to-consumer mannequin, Kin supplies reasonably priced pricing with out compromising protection. To study extra, go to https://www.kin.com.

About Omnichannel Acquisition Corp.

Omnichannel Acquisition Corp. (NYSE: OCA) is a clean examine firm whose enterprise function is to impact a merger, capital inventory alternate, asset acquisition, inventory buy, reorganization or comparable enterprise mixture with a number of companies. For extra data, please go to www.omnichannelcorp.com.

Essential Data for Buyers and Stockholders

This communication pertains to a proposed enterprise mixture (the “Enterprise Mixture”) between Omnichannel Acquisition Corp. (“Omnichannel”) and Kin Insurance coverage, Inc. (“Kin”). In reference to the proposed Enterprise Mixture, Omnichannel has filed with the SEC a registration assertion on Kind S-4 that features a preliminary proxy assertion of Omnichannel in reference to Omnichannel’s solicitation of proxies for the vote by Omnichannel’s stockholders with respect to the proposed Enterprise Mixture and a preliminary prospectus of Omnichannel. The ultimate proxy assertion/prospectus might be despatched to all Omnichannel stockholders, and Omnichannel may even file different paperwork relating to the proposed Enterprise Mixture with the SEC. This communication doesn’t include all the data that needs to be thought-about regarding the proposed Enterprise Mixture and isn’t supposed to kind the idea of any funding determination or every other determination in respect of the Enterprise Mixture. Earlier than making any voting or funding determination, buyers and safety holders are urged to learn the registration assertion, the proxy assertion/prospectus and all different related paperwork filed or that might be filed with the SEC in reference to the proposed Enterprise Mixture as they grow to be accessible as a result of they may include essential details about the proposed transaction.

Buyers and safety holders will be capable to acquire free copies of the registration assertion, proxy assertion/prospectus and all different related paperwork filed or that might be filed with the SEC by Omnichannel by way of the web site maintained by the SEC at www.sec.gov. As well as, the paperwork filed by Omnichannel could also be obtained freed from cost by written request to: Christine Pantoya, Chief Monetary Officer, Omnichannel Acquisition Corp., 485 Springfield Avenue #8, Summit, New Jersey 07901.

Ahead-Wanting Statements

This communication consists of “ahead trying statements” inside the that means of the “secure harbor” provisions of america Personal Securities Litigation Reform Act of 1995. Ahead-looking statements could also be recognized by way of phrases similar to “forecast,” “intend,” “search,” “goal,” “anticipate,” “imagine,” “anticipate,” “estimate,” “plan,” “outlook,” and “venture” and different comparable expressions that predict or point out future occasions or developments or that aren’t statements of historic issues. Such ahead trying statements with respect to revenues, earnings, efficiency, methods, prospects and different elements of the enterprise of Kin or the mixed firm after completion of the Enterprise Mixture are based mostly on present expectations which are topic to dangers and uncertainties. A lot of components may trigger precise outcomes or outcomes to vary materially from these indicated by such ahead trying statements. These components embody, however should not restricted to: (1) the prevalence of any occasion, change or different circumstances that might give rise to the termination of the transaction settlement and the proposed Enterprise Mixture contemplated thereby; (2) the lack to finish the transactions contemplated by the transaction settlement because of the failure to acquire approval of the stockholders of Omnichannel or different circumstances to closing within the transaction settlement; (3) the flexibility to fulfill the NYSE’s itemizing requirements following the consummation of the transactions contemplated by the transaction settlement; (4) the danger that the proposed transaction disrupts present plans and operations of Kin because of the announcement and consummation of the transactions described herein; (5) the flexibility to acknowledge the anticipated advantages of the proposed Enterprise Mixture, which can be affected by, amongst different issues, competitors, the flexibility of the mixed firm to develop and handle progress profitably, preserve relationships with prospects and suppliers and retain its administration and key workers; (6) prices associated to the proposed Enterprise Mixture; (7) adjustments in relevant legal guidelines or rules; and (8) the chance that Kin could also be adversely affected by different financial, enterprise, and/or aggressive components. The foregoing record of things shouldn’t be exhaustive. You must rigorously think about the foregoing components and the opposite dangers and uncertainties described within the “Danger Components” part of Omnichannel’s Annual Report on Kind 10-Ok, and different paperwork filed by Omnichannel once in a while with the SEC and the registration assertion on Kind S-4 and proxy assertion/prospectus mentioned above. These filings establish and handle different essential dangers and uncertainties that might trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements communicate solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and Omnichannel and Kin assume no obligation and don’t intend to replace or revise these forward-looking statements, whether or not because of new data, future occasions, or in any other case.

Nothing on this communication needs to be thought to be a illustration by any person who the forward-looking statements set forth herein might be achieved or that any of the contemplated outcomes of such forward-looking statements might be achieved.

Individuals within the Solicitation

Omnichannel, Kin and their respective administrators and govt officers could also be deemed individuals within the solicitation of proxies of Omnichannel stockholders with respect to the proposed Enterprise Mixture. Omnichannel stockholders and different individuals could acquire, with out cost, extra detailed data relating to the administrators and govt officers of Omnichannel Acquisition Corp. and their possession of Omnichannel’s securities in Omnichannel’s last prospectus regarding its preliminary public providing, which was filed with the SEC on November 23, 2020 and is out there freed from cost on the SEC’s web site at www.sec.gov, or by written request to: Christine Pantoya, Chief Monetary Officer, Omnichannel Acquisition Corp., 485 Springfield Avenue #8, Summit, New Jersey 07901.

Extra data relating to the pursuits of individuals within the solicitation of proxies in reference to the proposed transaction might be included within the proxy assertion / prospectus that Omnichannel intends to file with the SEC.

No Provide or Solicitation

This communication doesn’t represent a suggestion to promote or alternate, or the solicitation of a suggestion to purchase or alternate any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction wherein such provide, solicitation, sale or alternate could be illegal previous to registration or qualification beneath the securities legal guidelines of any such jurisdiction. No providing of securities shall be made besides by way of a prospectus assembly the necessities of part 10 of the Securities Act, or an exemption therefrom.

1Whole managed premium, a non-GAAP monetary measure, is the combination written premium positioned throughout all of our enterprise platforms. We calculate complete managed premium because the sum of gross written premium and gross positioned premium of insurance policies positioned with third-party insurance coverage corporations, for which we don’t retain insurance coverage threat and for which we earn a fee fee, and coverage charges charged by us to the policyholders on the efficient date of the coverage.

2 Premium renewal fee, a non-GAAP monetary measure, is outlined as premium renewed as a proportion of all premium that went inforce within the prior coverage interval written by way of Kin Interinsurance Community (the “Service”).

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Contacts

Kin
Investor Relations
[email protected]

Media Relations
[email protected]

Omnichannel
Investor Relations
[email protected]

Media Relations
[email protected]

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