Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 114

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 114
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 purport to be appraisals or reflect the prices at which the companies, businesses or securities may actually be sold. Accordingly, the estimates used in, and the results derived from, Barclays’ analyses and reviews are inherently subject to substantial uncertainty. The summary of the financial analyses and reviews provided below includes information presented in tabular format. In order to fully understand the financial analyses and reviews used by Barclays, the tables must be read together with the text of each summary, as the tables alone do not constitute a complete description of the financial analyses and reviews. Considering the data in the tables below without considering the full description of the analyses and reviews, including the methodologies and assumptions underlying the analyses and reviews, could create a misleading or incomplete view of Barclays’ analyses and reviews. Selected Comparable Company Analysis In order to assess how the public market values similar publicly traded companies and to provide a range of relative implied equity values of Fortegra by reference to those companies, Barclays reviewed and compared specific financial and operating data relating to Fortegra with selected companies that Barclays, based on its experience in the specialty insurance industry, deemed comparable to Fortegra. The selected comparable companies with respect to Fortegra were:

| • | Assurant, Inc. |

| • | Arch Capital Group Ltd. |

| • | W. R. Berkley Corporation |

| • | Markel Group Inc. |

| • | American Financial Group, Inc. |

| • | Kinsale Capital Group, Inc. |

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TABLE OF CONTENTS

| • | AXIS Capital Holdings Limited |

| • | RLI Corp. |

| • | Palomar Holdings, Inc. |

| • | Aspen Insurance Holdings Limited |

| • | SiriusPoint Ltd. |

| • | Skyward Specialty Insurance Group, Inc. |

| • | Bowhead Specialty Holdings Inc. |

Barclays calculated and compared various financial multiples and ratios of Fortegra and the selected comparable companies. As part of its selected comparable company analysis, Barclays calculated and analyzed each company’s ratio of its current stock price to book value per share (commonly referred to as a price to book ratio, or “P/BV”), tangible book value per share (commonly referred to as a price to tangible book ratio, or “P/TBV”) and projected earnings per share (commonly referred to as a price earnings ratio, or “P/E”) for the fiscal year 2026 (“P/E ‘26E”). All of these calculations were performed, and based on publicly available financial data (including FactSet and