Company: TIPT
Filing Date: 2025-11-25
Form Type: DEFA14A
Source: 0001140361-25-043224
Chunk: 6

Company: TIPTREE INC.
Filing Date: 2025-11-25
Form: DEFA14A
Chunk 6
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 Inc.Target:Alleghany Corporation |

| • | Date Announced:9/11/2020Buyer:Third Point Reinsurance 
 Ltd.Target:Sirius International Insurance Group, Ltd. |

| • | Date Announced:8/28/2018Buyer:Affiliates of certain                                 
 investment funds managed by affiliates of Apollo Global Management, LLCTarget:Aspen |

| • | Date Announced:3/4/2018Buyer:AXA S.A.Target:XL Group Ltd |

| • | Date Announced:1/23/2018Buyer:American International 
 Group, Inc.Target:Validus Holdings, Ltd.             |

| • | Under “Dividend Discount Analysis” on page 60, replace the paragraph starting 
 with “As a further analysis” with the following:                              |

As a further analysis in estimating the implied equity value of Fortegra, Barclays performed a dividend discount analysis. To analyze the present value of Fortegra, Barclays discounted to present value the estimated dividends expected to be paid by Fortegra to its stockholders in future years using a range of selected discount rates. In connection with this analysis, Barclays assumed (i) dividends in each of the years 2025 to 2030 as provided in the Fortegra Projections, (ii) dividends in each of the years from and following 2031 using the Gordon growth method with a rate of 2.5% applied to 2030E projected estimateddividend of $164.6 million based on the guidance from the management of Fortegra for operating leverage, (iii) an operating leverage, calculated as year-end NPW divided by year-end book value, based on the Fortegra Projections through 2029E, reflecting no incremental capital release or injection, (iv) target operating leverage for 2030E in-line with the Fortegra Projections for 2029E and (v) estimates of Fortegra’s cost of equity, ranging from 9.0% to 11.0%. This dividend discount model analysis resulted in a range of implied equity values of $1,269 million to $2,029 million.

| • | Under “Interests of Tiptree’s Directors and Executive Officers in the Merger”                  
 on page 66, replace the paragraph starting with “Tiptree does not believe” with the following: |

Tiptree does not believe that any director, director nominee or executive officer of Tiptree since January 1, 202