Kin SPAC Presentation Deck
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Insurance distributors typically enjoy higher margins and
lower volatility than insurance carriers
Brokers tend to trade at
a premium valuation to
homeowner peers
Price/Earnings¹
24.4x
Brokers
13.4x
Homeowners
...Supported by
favorable profit
margins...
Operating Margin²
16.5%
Brokers
8.5%
Homeowners
...
.. and lower overall
profit volatility.
Operating Income Volatility³
9.1%
Brokers
19.5%
Homeowners
Source: Company filings, S&P Global Market Intelligence, FactSet. Market data as of 8/27/21. Note: Broker peers include MMC, AON, WLWT, AJG, BRO, GSHD and BRP. Homeowner peers include ALL, CB, ERIE, TRV, THG.
(1) Reflects median peer P/E 2022E. (2) Reflects median peer 2022E adjusted operating earnings/revenue. (3) Reflects median peer standard deviation of year-over-year adjusted operating earnings growth over
past 5 years.
kin.
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