Formation of Dellwood Insurance Group (“Dellwood”)

On March 7, 2024, Dellwood Insurance Group announced its formation with initial capital of over $250mm

• Investor group includes RenaissanceRe, PartnerRe, Starr Insurance, Central Mutual Insurance, and prominent individual investors including Dominic Addesso, David Delaney, VJ Dowling, Jim Hays and several senior principals from Stone Point Capital
• The consortium of investors assembled by Dellwood enables them to focus on long term growth and manage market cycles

Dellwood is differentiated through underwriting acumen, cutting edge and differentiated insurance technology, and overall team experience

• The Company will be led by insurance industry veterans Michael Price (CEO) and Kean Driscoll (President and CUO)
  • Price most recently served as CEO, North America General Insurance at AIG with previous leadership positions at Arch and The Hartford
  • Driscoll most recently served as Global Chief Underwriting Officer, General Insurance at AIG after holding leadership roles at Validus Group and Quanta Capital Holdings
  • Dominic Addesso, former President and CEO of Everest Re, will serve as Dellwood’s Non-Executive Chairman

Dellwood is a purpose-built underwriting platform and offers a full-suite of insurance products for the small-commercial market

• Dellwood is an E&S insurer dedicated exclusively to wholesale brokers with an emphasis on small and middle enterprise (SME) risks
• Dellwood will commence operations with a technology-enabled model and a clean balance sheet with no legacy liabilities
• Lines of business include contract binding, E&S Property, E&S Casualty, Small Private Financial Lines, and Programs

The Company is in a strong position to build a leading E&S carrier that is focused on hard-to-place small commercial risks

HTCMA is acting as financial advisor to Dellwood; key aspects of the transaction led by HTCMA include:

• Review of Dellwood’s business plan and assistance with development of a detailed financial model
• Assistance with development of investor marketing materials
• Assistance in negotiation of key terms with investors
• Structuring of Dellwood’s reinsurance program
• Assistance with preparing for and navigating the rating process
• Advising on the capitalization and organizational structure of the Company
• Assistance in structuring and modelling Dellwood’s management incentive plan