Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 117

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 117
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 values of the selected target companies and Fortegra. Based upon these judgments, Barclays selected (1) a P/BV multiple range of 1.20x to 2.20x, (2) a P/TBV multiple range of 1.20x to 2.20x and (3) a Non-GAAP P/E ‘26E multiple range of 9.0x to 11.0x, and applied such ranges to the Fortegra Projections to calculate a range of implied values of Fortegra. The following table sets forth the transactions analyzed based on such characteristics and the results of such analysis: Pure Specialty:

| • | Date Announced:3/19/2025Buyer:The Doctor’s CompanyTarget:ProAssurance Corporation |

| • | Date Announced:12/16/2022Buyer:Altaris, LLCTarget:Trean Insurance Group, Inc. |

| • | Date Announced:8/10/2022Buyer:Mitsui Sumitomo Insurance Co. Ltd.Target:Transverse Insurance Group LLC |

| • | Date Announced:1/15/2021Buyer:TowerBrook Capital Partners L.P. & Further Global Capital ManagementTarget:ProSight Global, Inc. |

| • | Date Announced:8/22/2018Buyer:The Hartford Financial Services Group, Inc.Target:The Navigators Group, Inc. |

Commercial:

| • | Date Announced:8/27/2025Buyer:Sompo Holdings, Inc.Target:Aspen |

| • | Date Announced:7/29/2024Buyer:Affiliates of Sixth Street Partners, LLCTarget:Enstar Group Limited |

| • | Date Announced:4/5/2024Buyer:Arch Insurance North AmericaTarget:Fireman’s Fund Insurance Company (Allianz) |

| • | Date Announced:2/28/2023Buyer:Brookfield Reinsurance Ltd.Target:Argo Group International Holdings, Ltd. |

| • | Date Announced:3/21/2022Buyer:Berkshire Hathway 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, LL