Kin Insurance “Cat-Focused” Acquires Shell for Expansion; Expects PSPC to close in Q1

Kin Insurance, a direct-to-consumer digital home insurer that targets disaster-prone areas, said it has acquired an inactive insurer with licenses in 43 states.

Kin, which has operated in Florida, California, Georgia and Louisiana, first announced the planned purchase of the licenses in July. The deal was disclosed along with plans to go public by merging with Omnichannel Acquisition Corp., a reverse merger, or Special Purpose Acquisition Company (SPAC). The PSPC deal is still pending and is expected to be finalized in the first quarter of 2022.

“Kin’s benefits are most relevant in the 40% of the country currently at risk of disasters, including some of our most populous states,” said Sean Harper, CEO of Kin, in prepared remarks.

Harper said the new licenses for the shell company it acquired will facilitate its expansion into states where it does not currently operate and allow it to reach a global home insurance market worth 110 billion dollars.

Kin plans to announce its entry into several new states in the first half of 2022.

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Harper told Reuters this summer that Kin is looking to expand into North Carolina, South Carolina and Texas, and may offer auto and life insurance, mortgages, and major appliance financing.

The newly acquired carrier will be renamed Kin Interinsurance Nexus.

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The shell acquisition builds on the success of the Kin Interinsurance Network, a reciprocal exchange where clients, through their premiums, insure other members and share the underwriting profits when there are few losses. Kin offers homeowners, homeowners, co-owners and mobile homes insurance through the network. Kin said 94% of the $ 91 million generated since the start of the year in total managed premiums has been written through this carrier.

Source: Kin Insurance

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