Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 92

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 92
---
 with the Tiptree Board’s reliance on the fairness opinion to be delivered by Barclays and Tiptree’s disclosure of such opinion, and Tiptree entered into a non reliance letter agreement with BofA Securities in connection with Tiptree’s receipt of materials prepared by BofA Securities.

<div align='center'>45</div>

#### TABLE OF CONTENTS
On May 2, 2025, BofA Securities provided to Ropes & Gray a relationship disclosure addressed to the Fortegra Board regarding BofA Securities’ past or existing relationships with Fortegra, Tiptree, Warburg Pincus LLC (“Warburg Pincus”), Purchaser and Company C.

On May 4, 2025, an executive of Tiptree held a discussion with a representative of Company C’s financial advisor to re-engage with respect to a potential transaction but was informed that Company C was no longer interested in pursuing a transaction.

From May 6, 2025, through May 19, 2025, Tiptree discussed with the WP Investor a potential transaction involving Tiptree repurchasing the WP Investor’s interest in Fortegra and merging Tiptree and Fortegra.

During the first half of May 2025, members of the Tiptree Board, members of the Fortegra Board, representatives of the WP Investor and representatives of Barclays and BofA Securities held several calls to discuss Purchaser’s $1.5 billion valuation of Fortegra. Following those discussions, on May 14, 2025, at the direction of Fortegra, representatives of Barclays and BofA Securities informed representatives of Goldman Sachs that Purchaser would be provided with additional diligence materials once Purchaser increased its equity valuation of Fortegra to at least $1.65 billion plus a purchase price adjustment through closing or a post-closing earnout structure that would provide additional consideration. Following such discussion, on May 16, 2025, representatives of Purchaser submitted a plan for Purchaser to complete additional due diligence and indicated that Purchaser would need to complete such diligence prior to Purchaser responding to the proposal for an increased purchase price.

On May 16, 2025, Insurance Insider US reported that the Fortegra sale process had narrowed down to one interested party: Purchaser.

On May 23, 2025, members of Tiptree and Fortegra management met with an investment bank (“Investment Bank B”) to discuss a potential IPO of Fortegra.

Over the next several days, the