Kin SPAC Presentation Deck
Currently, we need to consolidate financials with the carrier;
long term, we can deconsolidate
Our Reciprocal is a
Variable Interest Entity
(VIE) to Kin Insurance
As both Attorney-In-Fact (AIF) and
primary capital provider through the
Surplus Notes funding the carrier, Kin
Insurance currently has both
management control and capital at
risk in the carrier.
The reciprocal qualifies as a VIE and
must be consolidated until the
Surplus Notes are paid down or
placed with a third party
kin.com | 81
Management Operations
and Carrier are broken out in
segment reporting
Kin Insurance, Inc.
(Shareholder Interest)
This is the management entity that
shareholders own, incurs all payroll,
marketing, and other costs &
generates revenue primarily from the
reciprocal
Kin Interinsurance Network
(Non-Controlling Interest)
This is the reciprocal carrier, which
qualifies as a non-controlling interest
as it's owned by policyholders
Long term we can
deconsolidate the carrier
Once the carrier matures and shows
consistent surplus growth without
capital infusions, we can start paying
down the surplus notes and/or place
them with a third party
Kin Insurance, Inc. will remain as AIF,
but without direct capital at risk in the
carrier we will not have to consolidate
kin.
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