Company: TIPT
Filing Date: 2025-10-17
Form Type: PREM14A
Source: 0001140361-25-038514
Chunk: 115

Company: TIPTREE INC.
Filing Date: 2025-10-17
Form: PREM14A
Chunk 115
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 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 SNL Financial) and closing prices, as of September 19, 2025. Barclays divided the comparable companies into two groups: (i) warranty, comprised only of Assurant, Inc.; and (ii) specialty, comprised of the remaining companies. The results of this warranty comparable company analysis are summarized below:

| Metric   |     | Second Quarter  
 2025 Actual     
 (“Q2’25A”) P/BV |     | Q2'25A 
 P/TBV