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  "documentTitle": "Kin | SPAC Presentation Deck | 91 slides",
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  "presentationDate": "2021-09-01 00:00:00",
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  "notes": "Uses a waterfall-style flow to illustrate the movement of capital from premium to carrier overhead to distributor profit.",
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      "text": "Breakdown of $12 agent commission into EBITDA and General & Other OpEx",
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      "text": "Breakdown of $100 premium into UW Profit, Expense, and Loss & Loss adj. expense",
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      "text": "Source: Company filings, S&P Global Market Intelligence, FactSet. 1.Average of aggregate homeowners industry statutory data over the past 6 years (2013 -2020). 2.Based on the median 2022E EBITDA margin for broker peers (MMC, AON, WLTW, AJG, BRO, GSHD, and BRP) per FactSet consensus estimates.",
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