OCA - OCA STOCK NEWS

Kin Insurance and Omnichannel Acquisition Corp. have mutually agreed to terminate their Business Combination Agreement due to unfavorable market conditions. Kin's CEO Sean Harper indicated that despite their efforts, current conditions hinder Kin's transition to a public company. Kin reported a 320% growth in managed premium and emphasized its strong unit economics in the insurtech industry. Matt Higgins, CEO of Omnichannel, highlighted the challenge for high-growth companies to navigate the current market sentiment, while expressing pride in Kin's accomplishments during the process.

Kin Insurance has announced preliminary results for 2021, reporting $104.8 million in Total Managed Premium, up from $25.0 million in 2020. The majority of premium, $99.2 million (95%), was underwritten by the Kin Interinsurance Network. The Premium Renewal Rate stood at 97% for the year, reflecting a significant increase. Kin's business combination with Omnichannel Acquisition Corp. is expected to close in Q1 2022, creating Kin Holdings, Inc., listed under the ticker "KI".

Omnichannel Acquisition Corp. (NYSE: OCA) announced that its registration statement for the business combination with Kin Insurance, Inc. has been declared effective by the SEC. A virtual Special Meeting for shareholders will be held on February 1, 2022, to approve the transaction. Shareholders of record as of December 27, 2021, are eligible to vote. If approved, the merger is expected to close shortly after, with the new entity named Kin Holdings, Inc. The deadline for shareholders to exercise redemption rights is January 28, 2022.

Kin Insurance has successfully completed its acquisition of an inactive insurance carrier, expanding its operational capacity to 43 states and tapping into a $110 billion home insurance market. This strategic move, paired with its existing technology, aims to provide affordable coverage in catastrophe-prone states. The acquisition's impact on business includes a focus on the growing market and leveraging Kin's technology for growth. The transaction is part of a merger with Omnichannel Acquisition Corp (NYSE: OCA), set to close in Q1 2022, leading to the formation of Kin Holdings Inc.

Kin Insurance, Inc. has reported preliminary operating results through November 30, 2021, highlighting a substantial increase in Total Managed Premium, which reached $90.7 million, up from $21.2 million in the previous year. November's premium, written primarily through Kin Interinsurance Network, accounted for $11.0 million. The company maintained a high Premium Renewal Rate of 99% for November, contributing to a year-to-date rate of 96%. Kin's acquisition of an inactive insurance carrier has also closed, supporting its business strategy ahead of a planned merger with Omnichannel Acquisition Corp. (NYSE: OCA).

Kin Insurance, a direct-to-consumer homeowners insurance technology firm, has entered a definitive business combination with Omnichannel Acquisition Corp (NYSE: OCA). CEO Sean Harper will present during a fireside chat at the Best Ideas Conference on November 17 at 11:10 am EST, accessible via the company's investor relations website. The business combination is expected to conclude in Q4 2021, with the combined company rebranded as Kin Insurance Inc. and trading under the symbol 'KI'. Kin emphasizes a tech-driven approach to affordable and efficient homeowners insurance.

As of October 2021, Kin Insurance reported a remarkable 437% increase in Total Managed Premium to $10.6 million, totaling $79.4 million year-to-date. The company experienced a 17.6% improvement in Adjusted Loss Ratio, now at 89.8%. The Premium Renewal Rate remained strong at 102.3% in October. Kin aims for an annual goal of $98 million. The company is set to complete a business combination with Omnichannel Acquisition Corp. (NYSE: OCA) in Q4 2021, expected to enhance growth prospects.

Omnichannel Acquisition Corp. (NYSE: OCA) and Kin Insurance reported significant growth in their third quarter 2021 results. Gross Written Premium surged $26.7 million, a 534% year-over-year increase, while Total Managed Premium reached $27.8 million, increasing by 420%. Notably, the Premium Renewal Rate for the Kin Carrier hit a record 99%. Overall, Gross Profit from management operations soared $8.0 million, a 487% rise compared to the previous year. The anticipated business combination is expected to close in Q4 2021.

Kin Insurance reported significant growth in its second quarter 2021 results, with total written premium rising to $24.7 million, nearly quadrupling from $6.4 million year-over-year. Approximately $22.9 million of this premium came from the Kin Interinsurance Network, maintaining a strong premium renewal rate of 92%. The gross profit from management operations surged 354% to $6.8 million, while the adjusted loss ratio improved dramatically from 96% to 67%. Despite an operating loss of $6.9 million, Kin remains optimistic about its technology-driven business model.