Home insurance platform Kin Insurance has agreed to terminate its planned merger with special purpose acquisition company Omnichannel Acquisition Corp, due to “unfavourable market conditions”.
A report by Coverager said the agreement to call off the IPO was mutually made with Omnichannel.
Kin Insurance offers home insurance policies, which are priced in real-time. Its technology uses data to identify the best protection for consumers offering policies including flood, homeowners, hurricane, umbrella, landlord, and mobile home.
Kin CEO Sean Harper said current market conditions are simply not conducive to Kin becoming a public company at this time. “I am extremely proud of the way we have executed our business plan, as we finished the year with 320 percent growth in total managed premium, and the best unit economics in the InsurTech industry. We have a bright future ahead of us – one that will involve accessing the public markets when the time is appropriate,” he said.
Kin Insurance raised 63.9m in its Series C round in 2021, led by Senator Investment group and Hudson Structured Capital Management.
Matt Higgins, CEO of Omnichannel, added, “Unfortunately, even the most promising high growth companies have a difficult time overcoming current market sentiment, and Kin is no exception.”
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