# EDGAR Filing Document

**Accession Number:** 0001777236
**File Stem:** 0001213900-23-010743
**Filing Date:** 2023-2
**Character Count:** 35954
**Document Hash:** 642b7bf72a4b546b22f0b477c64b9d78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-010743.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001213900-23-010743

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**GROUP MEMBERS**: ACP-BHC LLC

**GROUP MEMBERS**: ACP-TH LLC

**GROUP MEMBERS**: AHP CONSTELLATION GP, L.P.

**GROUP MEMBERS**: AHP III GP, L.P.

**GROUP MEMBERS**: AHP-BHC LLC

**GROUP MEMBERS**: AHP-TH LLC

**GROUP MEMBERS**: ALTARIS CONSTELLATION PARTNERS, L.P.

**GROUP MEMBERS**: ALTARIS HEALTH PARTNERS III, L.P.

**GROUP MEMBERS**: DANIEL TULLY

**GROUP MEMBERS**: GEORGE AITKEN-DAVIES

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Trean Insurance Group, Inc.
- **CENTRAL INDEX KEY:** 0001801754
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **IRS NUMBER:** 844512647
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91608
- **FILM NUMBER:** 23618811

**BUSINESS ADDRESS:**
- **STREET 1:** 150 LAKE STREET WEST
- **CITY:** WAYZATA
- **STATE:** MN
- **ZIP:** 55391
- **BUSINESS PHONE:** (952) 974-2222

**MAIL ADDRESS:**
- **STREET 1:** 150 LAKE STREET WEST
- **CITY:** WAYZATA
- **STATE:** MN
- **ZIP:** 55391
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Altaris Partners, LLC
- **CENTRAL INDEX KEY:** 0001777236
- **IRS NUMBER:** 208720149
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 10 EAST 53RD STREET
- **STREET 2:** 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-931-0250

**MAIL ADDRESS:**
- **STREET 1:** 10 EAST 53RD STREET
- **STREET 2:** 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 13G**

**Under the Securities Exchange Act of 1934**

(Amendment No. 2)\*

**Trean Insurance Group, Inc.**

(Name of Issuer)

**Common Stock, par value $0.01 per share**

(Title of Class of Securities)

**89457R101**

(CUSIP Number)

**December 31, 2022**

(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☐ Rule 13d-1(c)

&nbsp;&nbsp;&nbsp;&nbsp;☒ Rule 13d-1(d)

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the *Notes*).

---

| | |
|:---|:---|
| CUSIP No. 89457R101 | CUSIP No. 89457R101 |
| 1 | NAMES OF REPORTING PERSONS: |
| | Altaris Partners, LLC |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
|  | (a) ☐ |
| | (b) ☒ |
| 3 | SEC USE ONLY: |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION: |
|  | Delaware |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 5 | SOLE VOTING POWER: <br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 6 | SHARED VOTING POWER: <br>24,023,919\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 7 | SOLE DISPOSITIVE POWER: <br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 8 | SHARED DISPOSITIVE POWER: <br>24,023,919\*  |

---

---

| | |
|:---|:---|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
|  | 24,023,919\* |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): |
|  | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): |
|  | 46.90%\*\* |
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): |
|  | OO |

---

\* Reflects ownership as of the date this filing was filed with the Securities and Exchange Commission.

\*\* Based on 51,222,485, shares of common stock, $0.01 par value per share, of Trean Insurance Group, Inc. outstanding as of January 13, 2023, as reported on Trean Insurance Group, Inc.'s Preliminary Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 19, 2023.

Page 2 of 18

---

| | |
|:---|:---|
| CUSIP No. 89457R101 | CUSIP No. 89457R101 |
| 1 | NAMES OF REPORTING PERSONS: |
| | AHP-TH LLC |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
|  | (a) ☐ |
| | (b) ☒ |
| 3 | SEC USE ONLY: |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION: |
|  | Delaware |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 5 | SOLE VOTING POWER:<br>270\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 6 | SHARED VOTING POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 7 | SOLE DISPOSITIVE POWER:<br>270\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 8 | SHARED DISPOSITIVE POWER:<br>0  |

---

---

| | |
|:---|:---|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
|  | 270\* |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): |
|  | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): |
|  | # %\*\* |
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): |
|  | OO |

---

\* Reflects ownership as of the date this filing was filed with the Securities and Exchange Commission.

# Less than one percent.

\*\* Based on 51,222,485, shares of common stock, $0.01 par value per share, of Trean Insurance Group, Inc. outstanding as of January 13, 2023, as reported on Trean Insurance Group, Inc.'s Preliminary Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 19, 2023.

Page 3 of 18

---

| | |
|:---|:---|
| CUSIP No. 89457R101 | CUSIP No. 89457R101 |
| 1 | NAMES OF REPORTING PERSONS: |
| | AHP-BHC LLC |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
|  | (a) ☐ |
| | (b) ☒ |
| 3 | SEC USE ONLY: |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION: |
|  | Delaware |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 5 | SOLE VOTING POWER:<br>19,545,133\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 6 | SHARED VOTING POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 7 | SOLE DISPOSITIVE POWER:<br>19,545,133\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 8 | SHARED DISPOSITIVE POWER:<br>0  |

---

---

| | |
|:---|:---|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
|  | 19,545,133\* |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): |
|  | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): |
|  | 38.16%\*\* |
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): |
|  | OO |

---

\* Reflects ownership as of the date this filing was filed with the Securities and Exchange Commission.

\*\* Based on 51,222,485, shares of common stock, $0.01 par value per share, of Trean Insurance Group, Inc. outstanding as of January 13, 2023, as reported on Trean Insurance Group, Inc.'s Preliminary Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 19, 2023.

Page 4 of 18

---

| | |
|:---|:---|
| CUSIP No. 89457R101 | CUSIP No. 89457R101 |
| 1 | NAMES OF REPORTING PERSONS: |
| | ACP-TH LLC |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
|  | (a) ☐ |
| | (b) ☒ |
| 3 | SEC USE ONLY: |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION: |
|  | Delaware |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 5 | SOLE VOTING POWER:<br>61\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 6 | SHARED VOTING POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 7 | SOLE DISPOSITIVE POWER:<br>61\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 8 | SHARED DISPOSITIVE POWER:<br>0  |

---

---

| | |
|:---|:---|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
|  | 61\* |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): |
|  | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): |
|  | # %\*\* |
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): |
|  | OO |

---

\* Reflects ownership as of the date this filing was filed with the Securities and Exchange Commission.

# Less than one percent.

\*\* Based on 51,222,485, shares of common stock, $0.01 par value per share, of Trean Insurance Group, Inc. outstanding as of January 13, 2023, as reported on Trean Insurance Group, Inc.'s Preliminary Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 19, 2023.

Page 5 of 18

---

| | |
|:---|:---|
| CUSIP No. 89457R101 | CUSIP No. 89457R101 |
| 1 | NAMES OF REPORTING PERSONS: |
| | ACP-BHC LLC |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
|  | (a) ☐ |
| | (b) ☒ |
| 3 | SEC USE ONLY: |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION: |
|  | Delaware |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 5 | SOLE VOTING POWER:<br>4,478,455\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 6 | SHARED VOTING POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 7 | SOLE DISPOSITIVE POWER:<br>4,478,455\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 8 | SHARED DISPOSITIVE POWER:<br>0  |

---

---

| | |
|:---|:---|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
|  | 4,478,455\* |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): |
|  | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): |
|  | 8.74%\*\* |
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): |
|  | OO |

---

\* Reflects ownership as of the date this filing was filed with the Securities and Exchange Commission.

\*\* Based on 51,222,485, shares of common stock, $0.01 par value per share, of Trean Insurance Group, Inc. outstanding as of January 13, 2023, as reported on Trean Insurance Group, Inc.'s Preliminary Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 19, 2023.

Page 6 of 18

---

| | |
|:---|:---|
| CUSIP No. 89457R101 | CUSIP No. 89457R101 |
| 1 | NAMES OF REPORTING PERSONS: |
| | Altaris Health Partners III, L.P. |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
|  | (a) ☐ |
| | (b) ☒ |
| 3 | SEC USE ONLY: |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION: |
|  | Delaware |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 5 | SOLE VOTING POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 6 | SHARED VOTING POWER:<br>19,545,403\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 7 | SOLE DISPOSITIVE POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 8 | SHARED DISPOSITIVE POWER:<br>19,545,403\*  |

---

---

| | |
|:---|:---|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
|  | 19,545,403\* |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): |
|  | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): |
|  | 38.16%\*\* |
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): |
|  | PN |

---

\* Reflects ownership as of the date this filing was filed with the Securities and Exchange Commission.

\*\* Based on 51,222,485, shares of common stock, $0.01 par value per share, of Trean Insurance Group, Inc. outstanding as of January 13, 2023, as reported on Trean Insurance Group, Inc.'s Preliminary Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 19, 2023.

Page 7 of 18

---

| | |
|:---|:---|
| CUSIP No. 89457R101 | CUSIP No. 89457R101 |
| 1 | NAMES OF REPORTING PERSONS: |
| | AHP III GP, L.P. |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
|  | (a) ☐ |
| | (b) ☒ |
| 3 | SEC USE ONLY: |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION: |
|  | Delaware |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 5 | SOLE VOTING POWER:<br>0 |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 6 | SHARED VOTING POWER:<br>19,545,403\* |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 7 | SOLE DISPOSITIVE POWER:<br>0 |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 8 | SHARED DISPOSITIVE POWER:<br>19,545,403\* |

---

---

| | |
|:---|:---|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
|  | 19,545,403\* |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): |
|  | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): |
|  | 38.16%\*\* |
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): |
|  | PN |

---

\* Reflects ownership as of the date this filing was filed with the Securities and Exchange Commission.

\*\* Based on 51,222,485, shares of common stock, $0.01 par value per share, of Trean Insurance Group, Inc. outstanding as of January 13, 2023, as reported on Trean Insurance Group, Inc.'s Preliminary Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 19, 2023.

Page 8 of 18

---

| | |
|:---|:---|
| CUSIP No. 89457R101 | CUSIP No. 89457R101 |
| 1 | NAMES OF REPORTING PERSONS: |
|  | Altaris Constellation Partners, L.P. |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
|  | (a) ☐ |
|  | (b) ☒ |
| 3 | SEC USE ONLY: |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION: |
|  | Delaware |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 5 | SOLE VOTING POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 6 | SHARED VOTING POWER:<br>4,478,516\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 7 | SOLE DISPOSITIVE POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 8 | SHARED DISPOSITIVE POWER:<br>4,478,516\*  |

---

---

| | |
|:---|:---|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
|  | 4,478,516\* |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): |
|  | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): |
|  | 8.74%\*\* |
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): |
|  | PN |

---

\* Reflects ownership as of the date this filing was filed with the Securities and Exchange Commission.

\*\* Based on 51,222,485, shares of common stock, $0.01 par value per share, of Trean Insurance Group, Inc. outstanding as of January 13, 2023, as reported on Trean Insurance Group, Inc.'s Preliminary Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 19, 2023.

Page 9 of 18

---

| | |
|:---|:---|
| CUSIP No. 89457R101 | CUSIP No. 89457R101 |
| 1 | NAMES OF REPORTING PERSONS: |
| | AHP Constellation GP, L.P. |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
|  | (a) ☐ |
| | (b) ☒ |
| 3 | SEC USE ONLY: |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION: |
|  | Delaware |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 5 | SOLE VOTING POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 6 | SHARED VOTING POWER:<br>4,478,516\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 7 | SOLE DISPOSITIVE POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 8 | SHARED DISPOSITIVE POWER:<br>4,478,516\*  |

---

---

| | |
|:---|:---|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
|  | 4,478,516\* |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): |
|  | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): |
|  | 8.74%\*\* |
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): |
|  | PN |

---

\* Reflects ownership as of the date this filing was filed with the Securities and Exchange Commission.

\*\* Based on 51,222,485, shares of common stock, $0.01 par value per share, of Trean Insurance Group, Inc. outstanding as of January 13, 2023, as reported on Trean Insurance Group, Inc.'s Preliminary Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 19, 2023.

Page 10 of 18

---

| | |
|:---|:---|
| CUSIP No. 89457R101 | CUSIP No. 89457R101 |
| 1 | NAMES OF REPORTING PERSONS: |
| | George Aitken-Davies |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
|  | (a) ☐ |
| | (b) ☒ |
| 3 | SEC USE ONLY: |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION: |
|  | United Kingdom |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 5 | SOLE VOTING POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 6 | SHARED VOTING POWER:<br>24,023,919\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 7 | SOLE DISPOSITIVE POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 8 | SHARED DISPOSITIVE POWER:<br>24,023,919\*  |

---

---

| | |
|:---|:---|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
|  | 24,023,919\* |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): |
|  | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): |
|  | 46.90%\*\* |
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): |
|  | IN |

---

\* Reflects ownership as of the date this filing was filed with the Securities and Exchange Commission.

\*\* Based on 51,222,485, shares of common stock, $0.01 par value per share, of Trean Insurance Group, Inc. outstanding as of January 13, 2023, as reported on Trean Insurance Group, Inc.'s Preliminary Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 19, 2023.

Page 11 of 18

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| | |
|:---|:---|
| CUSIP No. 89457R101 | CUSIP No. 89457R101 |
| 1 | NAMES OF REPORTING PERSONS: |
| | Daniel Tully |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
|  | (a) ☐ |
| | (b) ☒ |
| 3 | SEC USE ONLY: |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION: |
|  | United States |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 5 | SOLE VOTING POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 6 | SHARED VOTING POWER:<br>24,023,919\*  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 7 | SOLE DISPOSITIVE POWER:<br>0  |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON <br> WITH | 8 | SHARED DISPOSITIVE POWER:<br>24,023,919\*  |

---

---

| | |
|:---|:---|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
|  | 24,023,919\* |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): |
|  | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): |
|  | 46.90%\*\* |
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): |
|  | IN |

---

\* Reflects ownership as of the date this filing was filed with the Securities and Exchange Commission.

\*\* Based on 51,222,485, shares of common stock, $0.01 par value per share, of Trean Insurance Group, Inc. outstanding as of January 13, 2023, as reported on Trean Insurance Group, Inc.'s Preliminary Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 19, 2023.

Page 12 of 18

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| | |
|:---|:---|
| Item 1(a) | Name of Issuer: |
|  | Trean Insurance Group, Inc. |
| Item 1(b) | Address of Issuer's Principal Executive Offices: |
|  | 150 Lake Street West, Wayzata, MN 55391 |
| Item 2(a) | Name of Person Filing: |
|  | &nbsp;&nbsp; Altaris Partners, LLC<br> AHP-TH LLC<br> AHP-BHC LLC<br> ACP-TH LLC<br> ACP-BHC LLC<br> Altaris Health Partners III, L.P.<br> AHP III GP. L.P.<br> Altaris Constellation Partners, L.P.<br> AHP Constellation GP, L.P.<br> George Aitken-Davies<br> Daniel Tully<br>Altaris Health Partners III, L.P. is the sole owner of each of AHP-TH LLC and AHP-BHC LLC, and may be deemed to beneficially own the shares of common stock of the Issuer owned by each of AHP-TH LLC and AHP-BHC LLC. AHP III GP, L.P. is the general partner of Altaris Health Partners III, L.P., and may be deemed to beneficially own the shares of common stock of the Issuer beneficially owned by Altaris Health Partners III, L.P. Altaris Partners, LLC is the general partner of AHP III GP, L.P., and may be deemed to beneficially own the shares of common stock of the Issuer beneficially owned by AHP III GP, L.P.<br>Altaris Constellation Partners, L.P. is the sole owner of each of ACP-TH LLC and ACP-BHC LLC, and may be deemed to beneficially own the shares of common stock of the Issuer owned by each of ACP-TH LLC and ACP-BHC LLC. AHP Constellation GP, L.P. is the general partner of Altaris Constellation Partners, L.P., and may be deemed to beneficially own the shares of common stock of the Issuer beneficially owned by Altaris Constellation Partners, L.P. Altaris Partners, LLC is the general partner of AHP Constellation GP, L.P., and may be deemed to beneficially own the shares of common stock of the Issuer beneficially owned by AHP Constellation GP, L.P.<br>Mr. Aitken-Davies and Mr. Tully are the Managers of Altaris Partners, LLC. Each of Mr. Aitken-Davies and Mr. Tully is in a position directly and indirectly to determine the investment and voting decisions made by Altaris Partners, LLC and the affiliated entities listed above. Mr. Aitken-Davies and Mr. Tully may each be deemed to have voting and investment power with respect to all shares of common stock of the Issuer held beneficially by Altaris Partners, LLC through the above listed affiliated entities. Mr. Aitken-Davies and Mr. Tully each disclaim beneficial ownership of all shares of common stock of the Issuer that are held by each of the Altaris Partners, LLC affiliated entities listed above with respect to which each of Mr. Aitken-Davies or Mr. Tully does not have a pecuniary interest therein. Mr. Tully is a director of the Issuer and disclaims beneficial ownership of any shares of common stock of the Issuer that he may be deemed to beneficially own because of his affiliation with Altaris Partners, LLC and its affiliated entities, except to the extent of any pecuniary interest therein. |

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Page 13 of 18

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| | |
|:---|:---|
| Item 2(b) | Address of Principal Business Office or, if none, Residence: |
|  | 10 East 53rd Street, 31st Floor<br> New York, New York 10022 |
| Item 2(c) | Citizenship: |
|  | &nbsp;&nbsp; Altaris Partners, LLC – Delaware<br> AHP-TH LLC – Delaware<br> AHP-BHC LLC – Delaware<br> ACP-TH LLC – Delaware<br> ACP-BHC LLC – Delaware<br> Altaris Health Partners III, L.P. – Delaware<br> AHP III GP. L.P. – Delaware<br> Altaris Constellation Partners, L.P. – Delaware<br> AHP Constellation GP, L.P. – Delaware<br> George Aitken-Davies – United Kingdom<br> Daniel Tully – United States<br>|
| Item 2(d) | Title of Class of Securities: |
|  | Common Stock, par value $0.01 per share |
| Item 2(e) | CUSIP Number: |
|  | 89457R101 |
| Item 3. | If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a: |
|  | Not applicable |

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Page 14 of 18

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| | | | |
|:---|:---|:---|:---|
| Item 4. | Ownership | Ownership | Ownership |
|  | (a) | Amount beneficially owned: See row 9 of cover page for each Reporting Person. | Amount beneficially owned: See row 9 of cover page for each Reporting Person. |
|  | (b) | &nbsp;&nbsp; Percent of class: See row 11 of cover page for each Reporting Person.<br>Calculations of the percentage of shares of common stock of the Issuer beneficially owned by each Reporting Person included herein were determined based on 51,222,485 shares of Issuer common stock outstanding as of January 13, 2023, as reported in the Issuer's Preliminary Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 19, 2023. | &nbsp;&nbsp; Percent of class: See row 11 of cover page for each Reporting Person.<br>Calculations of the percentage of shares of common stock of the Issuer beneficially owned by each Reporting Person included herein were determined based on 51,222,485 shares of Issuer common stock outstanding as of January 13, 2023, as reported in the Issuer's Preliminary Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 19, 2023. |
|  | (c) | Number of shares as to which such person has: | Number of shares as to which such person has: |
|  |  | (i) | Sole power to vote or to direct the vote: See row 5 of cover page for each Reporting Person. |
|  |  | (ii) | Shared power to vote or to direct the vote: See row 6 of cover page for each Reporting Person. |
|  |  | (iii) | Sole power to dispose or to direct the disposition of: See row 7 of cover page for each Reporting Person. |
|  |  | (iv) | Shared power to dispose or to direct the disposition of: See row 8 of cover page for each Reporting Person. |
| Item 5. | Ownership of Five Percent or Less of a Class. | Ownership of Five Percent or Less of a Class. | Ownership of Five Percent or Less of a Class. |
|  | If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following ☐. | If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following ☐. | If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following ☐. |
| Item 6. | Ownership of More than Five Percent on Behalf of Another Person. | Ownership of More than Five Percent on Behalf of Another Person. | Ownership of More than Five Percent on Behalf of Another Person. |
|  | Not applicable | Not applicable | Not applicable |
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
|  | Not applicable | Not applicable | Not applicable |

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Page 15 of 18

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| | |
|:---|:---|
| Item 8. | Identification and Classification of Members of the Group. |
|  | The Reporting Persons are making this single, joint filing because they may be deemed to constitute a "group" within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The agreement among each of the Reporting Persons to file jointly is attached as <u>Exhibit 99.1</u> of the Reporting Persons Schedule 13G filed with the Securities and Exchange Commission on August 11, 2020, and is incorporated by reference. Each of the Reporting Persons disclaims beneficial ownership of these securities (except to the extent of any pecuniary interest therein) and this report shall not be deemed an admission that any of them is the beneficial owner of such securities for purposes of Section 13(d) or Section 16 of the Exchange Act, or for any other purposes. |
| Item 9. | Notice of Dissolution of Group. |
|  | Not applicable |
| Item 10. | Certifications. |
|  | Not applicable |

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<u>Exhibits</u>

99.1 [Joint Filing Agreement](ea173337ex99-1_trean.htm)

Page 16 of 18

**SIGNATURE**

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

February 13, 2023

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| | |
|:---|:---|
| Altaris Partners, LLC | Altaris Partners, LLC |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Manager |
| AHP-TH LLC | AHP-TH LLC |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Managing Director |
| AHP-BHC LLC | AHP-BHC LLC |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Managing Director |
| ACP-TH LLC | ACP-TH LLC |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Managing Director |
| ACP-BHC LLC | ACP-BHC LLC |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Managing Director |

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Page 17 of 18

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| | |
|:---|:---|
| Altaris Health Partners III, L.P., | Altaris Health Partners III, L.P., |
| by AHP III GP. L.P., its general partner | by AHP III GP. L.P., its general partner |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Managing Director |
| AHP III GP. L.P., | AHP III GP. L.P., |
| by Altaris Partners, LLC, its general partner | by Altaris Partners, LLC, its general partner |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Manager |
| Altaris Constellation Partners, L.P., | Altaris Constellation Partners, L.P., |
| by AHP Constellation GP, L.P., its general partner | by AHP Constellation GP, L.P., its general partner |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Managing Director |
| AHP Constellation GP, L.P., | AHP Constellation GP, L.P., |
| by Altaris Partners, LLC, its general partner | by Altaris Partners, LLC, its general partner |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Manager |
| /s/ George Aitken-Davies | /s/ George Aitken-Davies |
| George Aitken-Davies | George Aitken-Davies |
| /s/ Daniel Tully | /s/ Daniel Tully |
| Daniel Tully | Daniel Tully |

---

Page 18 of 18

## Exhibit 99.1

<u>Exhibit 99.1</u>

**JOINT FILING AGREEMENT**

Pursuant to and in accordance with the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the "Exchange Act") the undersigned hereby agree to the joint filing on behalf of each of them of any filing required by such party under Section 13 of the Exchange Act or any rule or regulation thereunder (including any amendment, restatement, supplement, and/or exhibit thereto) with respect to securities of Trean Insurance Group, Inc., a Delaware corporation, and further agree to the filing, furnishing, and/or incorporation by reference of this Agreement as an exhibit thereto. Each of the undersigned is responsible for the timely filing of such filings and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of the undersigned is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate. This Agreement shall remain in full force and effect until revoked by any party hereto in a signed writing provided to each other party hereto, and then only with respect to such revoking party. This Agreement may be executed in any number of counterparts all of which taken together shall constitute one and the same instrument. The undersigned, being duly authorized, have executed this Joint Filing Agreement this 11th day of August, 2020.

---

| | |
|:---|:---|
| Altaris Partners, LLC | Altaris Partners, LLC |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Manager |
| AHP-TH LLC | AHP-TH LLC |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Managing Director |
| AHP-BHC LLC | AHP-BHC LLC |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Managing Director |
| ACP-TH LLC | ACP-TH LLC |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Managing Director |
| ACP-BHC LLC | ACP-BHC LLC |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| Altaris Health Partners III, L.P., | Altaris Health Partners III, L.P., |
| by AHP III GP. L.P., its general partner | by AHP III GP. L.P., its general partner |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Managing Director |
| AHP III GP. L.P., | AHP III GP. L.P., |
| by Altaris Partners, LLC, its general partner | by Altaris Partners, LLC, its general partner |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Manager |
| Altaris Constellation Partners, L.P., | Altaris Constellation Partners, L.P., |
| by AHP Constellation GP, L.P., its general partner | by AHP Constellation GP, L.P., its general partner |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Managing Director |
| AHP Constellation GP, L.P., | AHP Constellation GP, L.P., |
| by Altaris Partners, LLC, its general partner | by Altaris Partners, LLC, its general partner |
| By: | /s/ Daniel Tully |
| Name: | Daniel Tully |
| Title: | Manager |
| /s/ George Aitken-Davies | /s/ George Aitken-Davies |
| George Aitken-Davies | George Aitken-Davies |
| /s/ Daniel Tully | /s/ Daniel Tully |
| Daniel Tully | Daniel Tully |

---