Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 118

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 118
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CTarget: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. |

59

TABLE OF CONTENTS

| Pure Specialty |     | P/BV  |     | P/TBV |     | Forward    
 Year 2 P/E |
| Median         |     | 1.06x |     | 1.38x |     | 16.1x      |
| Mean           |     | 1.82x |     | 1.39x |     | 16.1x      |

| Overall |     | P/BV  |     | P/TBV |     | Forward    
 Year 2 P/E |
| Median  |     | 1.19x |     | 1.22x |     | 11.1x      |
| Mean    |     | 1.41x |     | 1.36x |     | 12.6x      |

The following summarizes the result of these calculations:

| Metric            |     | Implied Value         
 (dollars in millions) |
| Q2’25A P/BV       |     | $877 - $1,608         |
| Q2'25A P/TBV      |     | $514 -$ 942           |
| Non-GAAP P/E '26E |     | $1,843 - $2,253       |

Barclays noted that on the basis of the selected precedent transaction analysis, the aggregate consideration of $1,650,000,000 was above the range of implied values calculated using Fortegra’s Q2 2025 book value, above the range of implied values calculated using Fortegra’s Q2 2025 tangible book value and below Fortegra’s range of implied values calculated using Fortegra’s Non-GAAP P/E ‘26E. Dividend Discount Analysis 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 Fort