HTCMA Acted as Financial Advisor to Gallatin Point in its investment in VIE

Gallatin Point Capital LLC (“Gallatin”) has made a surplus note investment in Victor Insurance Exchange (“VIE”)

• VIE is a newly formed A.M. Best “A-” rated reciprocal exchange focused on serving small to mid-size businesses and homeowners in catastrophe-exposed regions of the United States for International Catastrophe Insurance Managers LLC (“ICAT”)

VIE will be licensed as a domestic surplus lines insurer in Delaware

• VIE will join ICAT’s existing carrier panel offering small commercial property catastrophe coverage in the 42 states in which ICAT operates

The Attorney-In-Fact (“AIF”) will be jointly owned by Gallatin and Victor Holdings

• The AIF has appointed International Catastrophe Insurance Managers, LLC (“ICAT”) to serve as VIE’s exclusive MGA
• In addition, ICAT will immediately launch a coastal homeowners program serving policyholders in states along the Gulf and Atlantic coasts

ICAT was founded in 1998 with the goal of helping homeowners and business owners in hurricane and earthquake-prone regions of the United States recover from natural disasters

Gallatin Point Capital is a private investment firm with a primary focus on making opportunistic investments in financial institutions, services and assets

HTCMA acted as exclusive financial advisor to Gallatin in its investment in VIE; key roles and responsibilities included:

• Introducing Gallatin to ICAT
• A detailed review of financial projections and underwriting performance of ICAT and VIE
• Financial modeling and analysis including a detailed review of alternative return scenarios
• Significant analytical work and insights on the ICAT portfolio and reinsurance structure
• Rating agency consultation / oversight including guidance on precedent reciprocal startup A.M. Best note structure
• Offering insights around transaction structuring
• Providing objective advice and acting as a confidant to Gallatin throughout the process

This transaction further solidifies HTCMA as the market leader in advising on the structuring, formation and capital raising for reciprocal exchanges