<SEC-DOCUMENT>0001104659-21-142134.txt : 20211122
<SEC-HEADER>0001104659-21-142134.hdr.sgml : 20211122
<ACCEPTANCE-DATETIME>20211122060234
ACCESSION NUMBER:		0001104659-21-142134
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211122
DATE AS OF CHANGE:		20211122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aldel Financial Inc.
		CENTRAL INDEX KEY:			0001840776
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40244
		FILM NUMBER:		211430066

	BUSINESS ADDRESS:	
		STREET 1:		105 S MAPLE STREET
		CITY:			ITASCA
		STATE:			IL
		ZIP:			60143
		BUSINESS PHONE:		8477916817

	MAIL ADDRESS:	
		STREET 1:		105 S MAPLE STREET
		CITY:			ITASCA
		STATE:			IL
		ZIP:			60143
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2125751-8_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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    <title>tm2125751-8_defa14a - none - 1.7187639s</title>
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          <font style="letter-spacing:-0.2pt;">UNITED STATES </font>
          <br >
          <font style="letter-spacing:-0.2pt;">SECURITIES AND EXCHANGE COMMISSION</font>
          <br >
          <font style="letter-spacing:-0.2pt;">Washington, D.C. 20549</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:6pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SCHEDULE 14A</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:2pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Proxy Statement Pursuant to Section&#160;14(a) of the Securities </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Exchange Act of 1934</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:6pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Filed by the Registrant &#9746; </font>
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          <font style="letter-spacing:0.2pt;">Filed by a Party other than the Registrant &#9744; </font>
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          <font style="letter-spacing:0.2pt;">Check the appropriate box: </font>
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          <font style="letter-spacing:0.2pt;">&#9744;</font>
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        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Preliminary Proxy Statement </font>
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          <font style="letter-spacing:0.2pt;">&#9744;</font>
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          <font style="letter-spacing:0.2pt;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) </font>
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          <font style="letter-spacing:0.2pt;">&#9746;</font>
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        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Definitive Proxy Statement </font>
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          <font style="letter-spacing:0.2pt;">&#9744;</font>
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        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Definitive Additional Materials </font>
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          <font style="letter-spacing:0.2pt;">&#9744;</font>
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          <font style="letter-spacing:0.2pt;">Soliciting Material Pursuant to Section 240.14a-12</font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:14pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:-0.24pt;">ALDEL FINANCIAL INC.</font>
        </div>
        <div style="margin-top:1.833pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:3pt; text-align:center; width:456pt; line-height:10pt;font-weight:bold;font-size:8pt;">
          <font style="letter-spacing:-0.16pt;">(Name of Registrant as Specified In Its Charter)</font><font style="font-weight:normal;letter-spacing:0.16pt;"> </font>
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        <div style="margin-top:22.5pt; text-align:justify; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:2pt; text-align:center; width:456pt; line-height:10pt;font-weight:bold;font-size:8pt;">
          <font style="letter-spacing:-0.16pt;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</font><font style="font-weight:normal;letter-spacing:0.16pt;"> </font>
        </div>
        <div style="margin-top:4pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Payment of Filing Fee (Check the appropriate box): </font>
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          <font style="letter-spacing:0.2pt;">&#9746;</font>
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        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">No fee required. </font>
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          <font style="letter-spacing:0.2pt;">&#9744;</font>
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        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </font>
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          <font style="letter-spacing:0.2pt;">(1)</font>
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          <font style="letter-spacing:0.2pt;">Title of each class of securities to which transaction applies: </font> <br ><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;</font></div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <div style="margin-left: 0pt; width: 416pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">(2)</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Aggregate number of securities to which transaction applies: </font> <br ><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;</font></div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <div style="margin-left: 0pt; width: 416pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">(3)</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule&#160;0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): </font>
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          <font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;</font>
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          <div style="margin-left: 0pt; width: 416pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">(4)</font>
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          <font style="letter-spacing:0.2pt;">Proposed maximum aggregate value of transaction: </font> <br ><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;</font></div>
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          <div style="margin-left: 0pt; width: 416pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">(5)</font>
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          <font style="letter-spacing:0.2pt;">Total fee paid: </font>
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          <font style="letter-spacing:0.2pt;">&#9744;</font>
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          <font style="letter-spacing:0.2pt;">Fee paid previously with preliminary materials. </font>
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          <font style="letter-spacing:0.2pt;">&#9744;</font>
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          <font style="letter-spacing:0.2pt;">Check box if any part of the fee is offset as provided by Exchange Act Rule&#160;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. </font>
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          <font style="letter-spacing:0.2pt;">(1)</font>
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          <font style="letter-spacing:0.2pt;">Amount Previously Paid: </font> <br ><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;</font></div>
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          <div style="margin-left: 0pt; width: 416pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">(2)</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Form, Schedule or Registration Statement No. </font> <br ><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;</font></div>
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          <font style="letter-spacing:0.2pt;">(3)</font>
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          <font style="letter-spacing:0.2pt;">Filing Party: </font> <br ><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;</font></div>
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          <font style="letter-spacing:0.2pt;">(4)</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Date Filed: </font> <br ><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;</font></div>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PROXY STATEMENT FOR SPECIAL MEETING OF</font>
          <br >
          <font style="letter-spacing:-0.2pt;">ALDEL FINANCIAL INC.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Aldel Financial Inc.</font>
          <br >
          <font style="letter-spacing:-0.2pt;">105 S. Maple Street</font>
          <br >
          <font style="letter-spacing:-0.2pt;">Itasca, Illinois 60143</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">To the Stockholders of Aldel Financial Inc.: </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">You recently received proxy materials for the Aldel Financial Inc. special meeting of stockholders to be held on Wednesday, December&#160;1, 2021. This attached supplement to the proxy statement contains additional information that supplements the proxy statement. We urge you to read this supplement, together with the proxy statement previously sent to you regarding the proposed business combination, carefully and in its entirety. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Aldel is asking stockholders to approve the business combination with The Hagerty Group, LLC and the related proposals. The Aldel Board of Directors recommends you vote &#8220;For&#8221; all proposals. You can find more information on the special meeting in Aldel&#8217;s proxy statement at: https://www.cstproxy.com/aldelfinancial/2021. </font>
        </div>
        <div style="margin-top:8pt; text-align:center; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">IT IS EXTREMELY IMPORTANT THAT STOCKHOLDERS VOTE</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
          <br >
          <font style="letter-spacing:-0.2pt;">ON THE BUSINESS COMBINATION AND ALL RELATED PROPOSALS</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each share of Aldel Common Stock that you own in your name entitles you to one vote. If you are a record owner of your shares, there are two ways to vote your shares of Aldel Common Stock at the Special Meeting: </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">1.&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline #000000 solid;letter-spacing:0.2pt;">You Can Vote By Signing and Returning the Proxy Card that You Received with the Proxy Statement</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;If you vote by proxy card, your &#8220;proxy,&#8221; whose name is listed on the proxy card, will vote your shares as you instruct on the proxy card. If you sign and return the proxy card but do not give instructions on how to vote your shares, your shares will be voted as recommended by the Board &#8220;FOR&#8221; the Business Combination Proposal, the NYSE Proposal, the Directors Proposal, the Charter Amendment Proposal, the Advisory Charter Proposals, the Equity Incentive Plan&#160;Proposal, the Employee Stock Purchase Plan&#160;Proposal and the Adjournment Proposal (if presented). Votes received after a matter has been voted upon at the special meeting will not be counted. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">2.&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline #000000 solid;letter-spacing:0.2pt;">You Can Attend the Special Meeting and Vote Through the Internet</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;You will be able to attend the special meeting online and vote during the meeting by visiting: https://www.cstproxy.com/aldelfinancial/</font>&#8203;<font style="letter-spacing:0.2pt;">2021 and entering the control number included on your proxy card or on the instructions that accompanied your proxy materials, as applicable. </font></div>
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          <font style="letter-spacing:0.2pt;">If your shares are held in &#8220;street name&#8221; or are in a margin or similar account, you should contact your broker to ensure that votes related to the shares you beneficially own are properly counted. If you wish to attend the meeting and vote online and your shares are held in &#8220;street name,&#8221; you must obtain a legal proxy from your broker, bank or nominee. That is the only way Aldel can be sure that the broker, bank or nominee has not already voted your shares. </font>
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          <font style="letter-spacing:0.2pt;">If you have any questions relating to the special meeting, voting your shares, or need to request additional proxy materials, you may call our proxy solicitor Alliance Advisors at 855-928-4486 or by email to adf@allianceadvisors.com. </font>
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          <font style="letter-spacing:0.2pt;">We appreciate your support. </font>
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          <font style="letter-spacing:0.2pt;">IF YOUR SHARES ARE HELD IN A BROKERAGE ACCOUNT YOU SHOULD KNOW THAT </font>
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          <font style=" text-decoration:underline #000000 solid;font-weight:bold;letter-spacing:-0.2pt;">YOUR BROKER WILL NOT VOTE YOUR SHARES IF THEY DON&#8217;T RECEIVE INSTRUCTIONS FROM YOU</font><font style="letter-spacing:0.2pt;">. PLEASE VOTE YOUR SHARES NOW SO YOUR VOTE CAN BE COUNTED WITHOUT DELAY. </font>
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          <font style="letter-spacing:0.2pt;">IF YOU HAVE RECENTLY MAILED YOUR PROXY OR CAST YOUR VOTE BY PHONE OR OVER THE INTERNET AND DO NOT WISH TO CHANGE YOUR VOTE, PLEASE ACCEPT OUR THANKS AND DISREGARD THIS REQUEST </font>
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          <font style="letter-spacing:-0.2pt;">SUPPLEMENT NO. 1 </font>
          <br >
          <font style="letter-spacing:-0.2pt;">DATED NOVEMBER 22, 2021 </font>
          <br >
          <font style="letter-spacing:-0.2pt;">to </font>
          <br >
          <font style="letter-spacing:-0.2pt;">PROXY STATEMENT </font>
          <br >
          <font style="letter-spacing:-0.2pt;">DATED NOVEMBER 10, 2021</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Aldel Financial Inc. </font>
          <br >
          <font style="letter-spacing:-0.2pt;">105 S. Maple Street </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Itasca, Illinois 60143</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">All capitalized terms used in this Supplement No. 1 and not otherwise defined herein shall have the respective meanings given to such terms in the Proxy Statement dated November&#160;10, 2021. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The below information is provided as a supplement to the information provided in the section titled &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">The Business Combination&#8201;&#8212;&#8201;Background of the Business Combination</font><font style="letter-spacing:0.2pt;">&#8221; in the Proxy Statement dated November&#160;10, 2021. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Background of the Business Combination</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style=" text-decoration:underline #000000 solid;letter-spacing:0.2pt;">Insurance Companies with Similar or Greater Expected Growth Rates.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The insurance companies with similar or greater expected growth rates to Hagerty that traded at similar or higher valuations than the $3&#160;billion valuation of Hagerty set forth in the June&#160;2, 2021 letter of intent include: Goosehead Insurance, Inc., BRP Group, Inc., Kinsale Capital Group, Inc. and Palomar Holdings, Inc. </font>
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          <font style="letter-spacing:0.2pt;">*&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;*&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;* </font>
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        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Background of the Business Combination</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Opinion of Aldel&#8217;s Financial Advisor</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Update to Valuation Analyses</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">ThinkEquity revised the </font><font style="font-style:italic;letter-spacing:0.2pt;">Market Multiples Analysis of Insurance Companies&#8201;&#8212;&#8201;peer group, smaller, faster-growing companies in the insurance space</font><font style="letter-spacing:0.2pt;"> included in its valuation analysis to update the enterprise value of Goosehead Insurance, Inc. and BRP Group, Inc. to include value for the non-controlling interests of each such company, which were initially omitted from the calculations for such companies. The revised valuation analysis does not change the conclusion included in the fairness opinion that the consideration to be paid by Aldel in connection with the Business Combination is fair, from a financial point of view. ThinkEquity also updated its Discounted Cash Flow Analysis as set forth below. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style=" text-decoration:underline #000000 solid;font-style:normal;font-weight:bold;letter-spacing:-0.2pt;">UPDATE 1:</font><font style="font-style:normal;letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The valuation analysis included in the Proxy Statement dated November&#160;10, 2021 under the caption &#8220;</font><font style="letter-spacing:0.2pt;">Proposal 1&#8201;&#8212;&#8201;The Business Combination Proposal&#8201;&#8212;&#8201;Valuation Analyses&#8201;&#8212;&#8201;Market Multiples Analysis of Insurance Companies&#8201;&#8212;&#8201;peer group, smaller, faster-growing companies in the insurance space</font><font style="font-weight:bold;letter-spacing:-0.2pt;">&#8221;</font><font style="font-style:normal;letter-spacing:0.2pt;"> is deleted and replaced with the information set forth below. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Market Multiples Analysis of Insurance Companies&#8201;&#8212;&#8201;</font><font style="font-style:italic;letter-spacing:-0.2pt;">peer group, smaller, faster-growing companies in the insurance space</font><font style="letter-spacing:-0.2pt;">.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> To estimate an enterprise value for Hagerty, ThinkEquity calculated the following with respect to each of the five peer group companies, listed below: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Enterprise value as multiples of:</font><font style="letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">Last twelve&#160;months (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">LTM</font><font style="letter-spacing:0.2pt;">&#8221;) and estimated calendar year 2021 (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">CY&#177;1</font><font style="letter-spacing:0.2pt;">&#8221;) and calendar year 2022 (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">CY+2</font><font style="letter-spacing:0.2pt;">&#8221;) sales </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">LTM, CY+1, and CY+2 earnings before interest, taxes, depreciation, and amortization (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">EBITDA</font><font style="letter-spacing:0.2pt;">&#8221;) </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">LTM earnings before interest and taxes (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">EBIT</font><font style="letter-spacing:0.2pt;">&#8221;) </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Stock price as multiples of estimated CY+1 and CY+2 to earnings per share (&#8220;</font><font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">EPS</font><font style="font-style:italic;letter-spacing:0.2pt;">&#8221;)</font><font style="letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Projected EPS growth</font><font style="letter-spacing:0.2pt;"> </font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Ratio of stock price to earnings (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">PE</font><font style="letter-spacing:0.2pt;">&#8221;) divided by rate of earnings growth (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">PEG Ratio</font><font style="letter-spacing:0.2pt;">&#8221;)</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Peer group companies, smaller, faster-growing companies in the insurance space:</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Root, Inc. </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Kinsale Capital Group, Inc. </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Palomar Holdings, Inc. </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Goosehead Insurance, Inc. </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">BRP Group, Inc. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This analysis indicated the following implied high, average, median and low multiples for the selected companies: </font>
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            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:107.87pt;text-align:left;" rowspan="3">&#8203;</td>
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            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:0pt;" colspan="40">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Enterprise Value (&#8220;EV&#8221;) as a Multiple of: </font>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
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                <font style="letter-spacing:-0.16pt;">Price as a Multiple of: </font>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;" rowspan="2">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4" rowspan="2">
              <div style="text-align:center; line-height:9pt; padding-bottom:0pt;">
                <font style="letter-spacing:-0.16pt;">Projected</font>
                <br >
                <font style="letter-spacing:-0.16pt;">EPS </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;" rowspan="2">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;" rowspan="3">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4" rowspan="3">
              <div style="text-align:center; line-height:9pt; padding-bottom:0pt;">
                <font style="letter-spacing:-0.16pt;">PEG</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Ratio </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;" rowspan="3">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;height:13.5pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="16">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Sales </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="16">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">EBITDA </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">EBIT </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;" rowspan="2">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt;" colspan="4" rowspan="2">
              <div style="text-align:center; line-height:9pt; padding-bottom:0pt;">
                <font style="letter-spacing:-0.16pt;">CY+1</font>
                <br >
                <font style="letter-spacing:-0.16pt;">EPS </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;" rowspan="2">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;" rowspan="2">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt;" colspan="4" rowspan="2">
              <div style="text-align:center; line-height:9pt; padding-bottom:0pt;">
                <font style="letter-spacing:-0.16pt;">CY+2</font>
                <br >
                <font style="letter-spacing:-0.16pt;">EPS </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;" rowspan="2">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;height:13.5pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">LTM </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">CY+1 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">CY+2 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">LTM </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">CY+1 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">CY+2 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">LTM </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Growth </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:107.87pt;text-align:left;">
              <div style="font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">High</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">36.63x</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">30.31x</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">22.04x</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">214.9x</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">142.7x</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">82.2x</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">257.8x</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">169.1x</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">96.4x</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.905pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">59.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:6.905pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.434999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.9x</td>
            <td style="padding:0pt;padding-left:0.434999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:107.87pt;text-align:left;">
              <div style="font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">Average</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">13.57</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">11.11</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">8.16</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">117.2</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">86.6</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">51.5</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">132.1</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">68.6</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">44.9</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.905pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">38.3<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:6.905pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.434999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.0</td>
            <td style="padding:0pt;padding-left:0.434999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:107.87pt;text-align:left;">
              <div style="font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">Median</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">9.51</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">6.53</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">5.44</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">113.3</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">86.6</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">51.5</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">121.4</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">36.8</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">29.8</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.905pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">44.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:6.905pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.434999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.5</td>
            <td style="padding:0pt;padding-left:0.434999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:107.87pt;text-align:left;">
              <div style="font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">Low</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">3.85</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">3.93</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.48</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">27.5</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">30.5</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">20.7</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">27.8</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">31.8</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">23.5</td>
            <td style="padding:0pt;padding-left:2.915pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.905pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:6.905pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.434999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.4</td>
            <td style="padding:0pt;padding-left:0.434999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">None of the selected companies have characteristics identical to Hagerty. An analysis of selected publicly traded companies is not mathematical; rather it involves complex consideration and judgments concerning differences in financial and operating characteristics of the selected companies and other factors that could affect the public trading values of the companies reviewed. The closest direct comparable selected would be Goosehead, with a more mature business model and trades at EV/ CY+2 EBITDA multiple of 82x. The other comparable selected was BRP which trades at EV/ CY+2 EBITDA multiple of 20.7x. A 15% valuation discount applied to the median of the two selected comps of 51.5x, or a 43.8x EV/CY+2 EBITDA, would better reflect the risks in the Hagerty business model. Based on the 2022 forecast, EBITDA of $85&#160;million translates to an EV of $3.72&#160;billion and an equity value of $3.82&#160;billion. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style=" text-decoration:underline #000000 solid;font-style:normal;font-weight:bold;letter-spacing:-0.2pt;">UPDATE 2:</font><font style="font-style:normal;letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The discounted cash flow analysis included in the Proxy Statement dated November&#160;10, 2021 under the caption &#8220;</font><font style="letter-spacing:0.2pt;">Proposal 1&#8201;&#8212;&#8201;The Business Combination Proposal&#8201;&#8212;&#8201;Valuation Analyses &#8212; Discounted Cash Flow Analysis</font><font style="font-weight:bold;letter-spacing:-0.2pt;">&#8221;</font><font style="font-style:normal;letter-spacing:0.2pt;"> is deleted and replaced with the information set forth below. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Discounted Cash Flow Analysis</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;ThinkEquity performed a discounted cash flow analysis of Hagerty using company projections and ThinkEquity estimates. ThinkEquity calculated the present value (as of July&#160;20, 2021) of the unlevered, free cash flows Hagerty will generate from January&#160;1, 2021 through December&#160;31, 2025 (as forecasted by Hagerty), using a 9% weighted average cost capital (which represents a reasonable and customary discount rate based upon ThinkEquity&#8217;s experience and professional judgment), a compounded annual growth rate of revenue of 27%, approximate net debt of ($100) million, and a terminal value of $3.86&#160;billion, calculated as twelve times estimated 2025 EBITDA of $322&#160;million. These assumptions yield an approximate Enterprise Value of $3.166&#160;billion and an approximate Equity Value of $3.266&#160;billion. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">*&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;*&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;* </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:12pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Annex E to the Proxy Statement dated November&#160;10, 2021 is revised to update the information relating to publicly traded comparables that are the smaller, faster-growing companies in the insurance space by </font><font style="font-weight:bold;letter-spacing:-0.2pt;">:</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">(i)&nbsp;&nbsp;&nbsp;deleting the first paragraph under the caption </font><font style="font-weight:bold;letter-spacing:-0.2pt;">Comparable Public Company Valuation</font><font style="letter-spacing:0.2pt;"> and inserting the following: </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">The publicly traded comparables are the smaller, faster-growing companies in the insurance space. This includes Goosehead, Kinsale, Palomar, and BRP. The closest direct comp would be Goosehead, with a more mature business model and trades at EV/ CY+2 EBITDA multiple of 82x. The other comp selected was BRP, which trades at EV/ CY+2 EBITDA multiple of 20.7x. A 15% valuation discount applied to the median of the two selected comps of 51.5x, or a 43.8x EV/CY+2 EBITDA would better reflect the risks in the Hagerty business model. Based on the 2022, forecast EBITDA of $85&#160;million translates to an EV of $3.72&#160;billion and an equity value of $3.82&#160;billion. </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">and, (ii)&#160;deleting the table under the caption </font><font style="font-weight:bold;letter-spacing:-0.2pt;">Market Multiples Analysis of High-Growth Peer Companies</font><font style="letter-spacing:0.2pt;"> and replacing it with the following table: </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">(Amounts listed in USD. Numbers in millions, except per share data) </font>
        </div>
      </div>
      <div style="margin-top:12pt;margin-bottom:12pt;margin-left:27.16pt;width:541pt;">
        <table style="width:541pt;height:118.19pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;height:8.25pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:78.01pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:16.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.845pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:18pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.845pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.035pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:18pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.035pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.5pt 0pt; width:0pt;" colspan="40">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Enterprise Value as a Multiple of: </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Price as a Multiple of </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;" rowspan="2">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.5pt 0pt;" colspan="4" rowspan="2">
              <div style="text-align:center; line-height:9pt; padding-bottom:0pt;">
                <font style="letter-spacing:-0.16pt;">Projected </font>
                <br >
                <font style="letter-spacing:-0.16pt;">EPS </font>
              </div>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;" rowspan="2">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.04pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:9.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.04pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
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          <tr style="line-height:8pt;height:11.5pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:78.01pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;" rowspan="2">&#8203;</td>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;" rowspan="2">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;" rowspan="2">&#8203;</td>
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                <font style="letter-spacing:-0.16pt;">of Equity </font>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;" rowspan="2">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;" rowspan="2">&#8203;</td>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;" rowspan="2">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">EBIT </font>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;" rowspan="2">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt;" colspan="4" rowspan="2">
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                <font style="letter-spacing:-0.16pt;">EPS </font>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;" rowspan="2">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;" rowspan="2">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt;" colspan="4" rowspan="2">
              <div style="text-align:center; line-height:9pt; padding-bottom:0pt;">
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                <font style="letter-spacing:-0.16pt;">EPS </font>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;" rowspan="2">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;" rowspan="2">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt;" colspan="4" rowspan="2">
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                <font style="letter-spacing:-0.16pt;">PEG </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Ratio </font>
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;" rowspan="2">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;height:11.5pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt; width:78.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Company </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">LTM </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">CY+1 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">CY+2 </font>
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">LTM </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">CY+1 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">CY+2 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">LTM </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt;" colspan="4">
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                <font style="letter-spacing:-0.16pt;">Growth </font>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.61pt;">&#8203;</td>
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            <td style="padding:2.263pt 0pt 0.5pt 0pt; width:78.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.16pt;">Root, Inc. </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">8.15</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.845pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">2,023.9</td>
            <td style="padding:0pt;padding-left:10.845pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.035pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">1,122.6</td>
            <td style="padding:0pt;padding-left:5.035pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">3.85x</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">3.93x</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">2.48x</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.17pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:3.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.459999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:0.459999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.895pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:7.895pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:9.73pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:9.73pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.675pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">37.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:8.675pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.04pt;width:0pt;">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.263pt 0pt 0.5pt 0pt; min-width:9.75pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:2.04pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9.58pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:78.01pt;white-space:normal;text-align:left;">
              <div style="margin-left:8pt; text-indent:-8pt;">
                <font style="letter-spacing:0.16pt;">Kinsale Capital, Group, Inc. </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">168.39</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.845pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">3,841.3</td>
            <td style="padding:0pt;padding-left:10.845pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.035pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">3,751.4</td>
            <td style="padding:0pt;padding-left:5.035pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">7.24</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">6.53</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">5.44</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">27.5</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:3.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.459999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">27.8</td>
            <td style="padding:0pt;padding-left:0.459999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.895pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">39.2</td>
            <td style="padding:0pt;padding-left:7.895pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:9.73pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">33.9</td>
            <td style="padding:0pt;padding-left:9.73pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.675pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">0/0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:8.675pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.04pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:9.75pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:2.04pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9.58pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:78.01pt;white-space:normal;text-align:left;">
              <div style="margin-left:8pt; text-indent:-8pt;">
                <font style="letter-spacing:0.16pt;">Palomar Holdings, Inc. </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">75.43</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.845pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">1,930.2</td>
            <td style="padding:0pt;padding-left:10.845pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.035pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">1,906.7</td>
            <td style="padding:0pt;padding-left:5.035pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">10.61</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">8.51</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">6.29</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">167.1</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:3.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.459999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">170.7</td>
            <td style="padding:0pt;padding-left:0.459999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.895pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">31.8</td>
            <td style="padding:0pt;padding-left:7.895pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:9.73pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">25.7</td>
            <td style="padding:0pt;padding-left:9.73pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.675pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">59.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:8.675pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.04pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:9.75pt; text-align:right; white-space:nowrap;">0.4</td>
            <td style="padding:0pt;padding-left:2.04pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9.58pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:78.01pt;text-align:left;">
              <div style="margin-left:8pt; text-indent:-8pt;">
                <font style="letter-spacing:0.16pt;">Goosehead Insurance, </font>
                <br >
                <font style="letter-spacing:0.16pt;">Inc.</font><font style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;letter-spacing:-0.12pt;">&#65279;(3)</font>
              </div>
            </td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">122.50</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.845pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">4,503.4</td>
            <td style="padding:0pt;padding-left:10.845pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.035pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">4,557.8</td>
            <td style="padding:0pt;padding-left:5.035pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">36.63</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">30.31</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">22.04</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">214.9</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">142.7</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">82.2</td>
            <td style="padding:0pt;padding-left:3.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.459999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">257.8</td>
            <td style="padding:0pt;padding-left:0.459999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.895pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">169.1</td>
            <td style="padding:0pt;padding-left:7.895pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:9.73pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">96.4</td>
            <td style="padding:0pt;padding-left:9.73pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.675pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">51.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:8.675pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.04pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:9.75pt; text-align:right; white-space:nowrap;">1.9</td>
            <td style="padding:0pt;padding-left:2.04pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:2.513pt 0pt 0.5pt 0pt; width:78.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.16pt;">BRP Group, Inc.</font><font style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;letter-spacing:-0.12pt;">(4)</font>
              </div>
            </td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:16.5pt; text-align:right; white-space:nowrap;">26.15</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.845pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">2,519.6</td>
            <td style="padding:0pt;padding-left:10.845pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.035pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">3,230.3</td>
            <td style="padding:0pt;padding-left:5.035pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">9.51</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">6.27</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">4.50</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">59.5</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">30.5</td>
            <td style="padding:0pt;padding-left:1.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.17pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">20.7</td>
            <td style="padding:0pt;padding-left:3.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.459999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">72.2</td>
            <td style="padding:0pt;padding-left:0.459999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.895pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">34.5</td>
            <td style="padding:0pt;padding-left:7.895pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:9.73pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">23.5</td>
            <td style="padding:0pt;padding-left:9.73pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.675pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">44.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:8.675pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt; width:3.61pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.04pt;width:0pt;">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.513pt 0pt 0.5pt 0pt; min-width:9.75pt; text-align:right; white-space:nowrap;">0.5</td>
            <td style="padding:0pt;padding-left:2.04pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:12pt;height:317.81pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Financial data provided by S&amp;P Capital IQ, Google Finance, Company Reports and ThinkEquity estimates as of 7/20/2021. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Calculated as Market Value of Equity plus total debt, non-controlling interest and preferred stock, less cash and equivalents. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">As of April&#160;29, 2021, there were 18,448,694 shares of Class&#160;A common stock outstanding and 18,313,389 shares of Class&#160;B common stock outstanding. Diluted EPS computed with weighted-average shares of Class&#160;A common stock as reported in company 10-Q for period ended 3/31/21. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">(4)</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">As of May&#160;6, 2021, there were 46,592,268 shares of Class&#160;A common stock outstanding and 49,579,871 shares of Class&#160;B common stock outstanding. Diluted EPS computed with weighted-average shares of Class&#160;A common stock as reported in company 10-Q for period ended 3/31/21. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style=" width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">*&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;*&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;* </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">If you have already submitted your proxy card and do not wish to change your vote, there is no need to submit another proxy card in response to this supplement to the proxy statement.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If you have questions about this supplement or if you need additional copies of the proxy statement or the proxy card, you should contact Aldel&#8217;s proxy solicitor at: </font>
        </div>
        <div style="margin-top:8pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Alliance Advisors</font>
          <br >
          <font style="letter-spacing:0.2pt;">200 Broadacres Drive, 3rd Fl.</font>
          <br >
          <font style="letter-spacing:0.2pt;">Bloomfield, NJ 07003</font>
          <br >
          <font style="letter-spacing:0.2pt;">P: 855-928-4486</font>
          <br >
          <font style="letter-spacing:0.2pt;">F: 973-338-1430</font>
          <br >
          <font style="letter-spacing:0.2pt;">adf@allianceadvisors.com</font>
          <br >
          <font style="letter-spacing:0.2pt;">www.allianceadvisors.com</font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
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