Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Kin Insurance sees growth accelerate at start of fourth quarter, and Clover Health strengthens presence across Georgia with new contracts
Kin Insurance Sees Growth Accelerate at the Start of Fourth Quarter 2021, While Adjusted Loss Ratio Improves
Kin Insurance, Inc., a leading direct-to-consumer homeowners insurance technology company that has entered into a definitive business combination agreement with Omnichannel Acquisition Corp. (NYSE: OCA), today announced select preliminary operating results through October 31, 2021, and additional preliminary results for the third quarter ended September 30, 2021.
Total Managed Premium1 increased to $79.4 million year-to-date through October 31, 2021, over four times the $18.5 million of Total Managed Premium in the prior-year comparative period.
Adjusted Loss Ratio on the Carrier through September 30, 2021 was 89.8%, a 17.6% improvement over the prior-year comparative period. Adjusted Loss Ratio, net of XOL recoveries, was 79.3% through September 30, 2021.READ
Clover Health Strengthens Presence Across Georgia with New Medicare Advantage Network Contracts
Clover Health (NASDAQ: CLOV), a technology company committed to improving health equity for America’s underserved seniors, today announced it has significantly increased the breadth and depth of its provider network throughout Georgia with the addition of dozens of hospitals, health systems and key provider partners across the region.
These contracts align approximately 5,000 new primary care physicians and specialists with Clover’s Medicare Advantage PPO network and complement the strong existing network in the Atlanta, Savannah, and Macon markets, offering Clover members in-network access to nearly 15,000 providers statewide.
Social Capital Hedosophia Holdings Corporation III approved its business combination with Clover Health earlier this year on January 6.READ