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  "documentTitle": "Kin | SPAC Presentation Deck | 91 slides",
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  "authorName": "Kin",
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  "presentationDate": "2021-09-01 00:00:00",
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  "notes": "The slide uses a stacked bar chart to contrast business composition, with callouts explaining the implications of each segment.",
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      "text": "Stacked bar chart comparing Kin and Hippo business mix",
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      "text": "Nearly 20% of Hippo's 'Total Generated Premium' is low margin (typically ~5%) B2B fronting business carried over from the Spinnaker acquisition",
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      "text": "None of Kin's business is originated by external agents, while approximately 60% of Hippo's business is originated by external agents or low margin channel partners",
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      "text": "90+% of Kin's 2021 business is directly originated and placed in our reciprocal, whereas only ~20% of Hippo's total premium is direct & on Spinnaker.",
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      "text": "Source: Company filings. (1) Hippo Shareholder Letter... (2) Calculated by subtracting... (3) Calculated from Spinnaker...",
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      "text": "Truly DTC, Kin's business model is significantly higher margin than its peers",
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