- Home insurance tech company Kin Insurance, which is set to go public through reverse merger with Omnichannel Acquisition (NYSE:OCA) reports four-fold growth in its FY21 total managed premium.
- Kin says it finished 2021 with $104.8M in total managed premium, that is about four times higher than the $25M as at the end of 2020.
- Premium renewal rate was 102% in December, taking the full year rate to 97% (+ 400 bps Y/Y).
- "Kin achieved several remarkable milestones in 2021 – we exceeded our annual goal for total managed premium by 7%, increased our premium renewal rate to 97%, and tripled the number of customers we serve," says Kin CEO Sean Harper.
- In July 2021, SPAC Omnichannel Acquisition announced the deal to take Kin Insurance public in $1.03B combined company pro forma enterprise value.
- This business combination is expected to close in Q1 2022, resulting in combined company to be listed on NYSE under the name "Kin Holdings" and ticker symbol "KI".
- CEO Interview: OCA CEO and Shark Tank investor Matt Higgins and Kin CEO Sean Harper joined Seeking Alpha for a lively discussion around company's targets and expansion plans.
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