<SEC-DOCUMENT>0001104659-25-035181.txt : 20250415
<SEC-HEADER>0001104659-25-035181.hdr.sgml : 20250415
<ACCEPTANCE-DATETIME>20250415172018
ACCESSION NUMBER:		0001104659-25-035181
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		28
FILED AS OF DATE:		20250415
DATE AS OF CHANGE:		20250415

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ategrity Specialty Holdings LLC
		CENTRAL INDEX KEY:			0002040491
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		EIN:				824925734
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-286059
		FILM NUMBER:		25840593

	BUSINESS ADDRESS:	
		STREET 1:		9 WEST 57TH STREET, 33RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(480) 237-2417

	MAIL ADDRESS:	
		STREET 1:		9 WEST 57TH STREET, 33RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1/A
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<FILENAME>tm2428146-8_s1a.htm
<DESCRIPTION>S-1/A
<TEXT>
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    <title>tm2428146-8_s1a - block - 34.6665829s</title>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <div style="text-align:center; width:541.31pt; line-height:9.5pt;font-size:8.6pt;">
            <font style="letter-spacing:0.215pt;">As filed with the U.S. Securities and Exchange Commission on April 15, 2025.</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.172pt;"> </font>
          </div>


          <div style="margin-top:3pt; text-align:right; width:541.31pt; line-height:9.5pt;font-size:8.6pt;">
            <font style="letter-spacing:0.215pt;">Registration No. 333-286059</font>&#8203;</div>

        <div style="margin-top:2.067pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 2.06666666666667pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:3.9pt; text-align:center; width:541.31pt; line-height:15pt;font-size:14pt;">
          <font style="letter-spacing:0.35pt;">UNITED STATES</font>
          <br >
          <font style="letter-spacing:0.35pt;">SECURITIES AND EXCHANGE COMMISSION</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:1pt; text-align:center; width:541.31pt; line-height:9.5pt;font-size:8.6pt;">
          <font style="letter-spacing:0.215pt;">Washington, D.C. 20549</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.172pt;"> </font>
        </div>

          <div style="margin-top:2pt; text-align:center; width:541.31pt; line-height:10pt;font-size:10pt;">
            <font style="letter-spacing:0.25pt;">AMENDMENT NO. 1 </font>
            <br >
            <font style="letter-spacing:0.25pt;">TO</font>
          </div>

        <div style="margin-top:3pt; text-align:center; width:541.31pt; line-height:15pt;font-size:14pt;">
          <font style="letter-spacing:0.35pt;">FORM S-1</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;font-size:8.6pt;">&#8203;<font style="letter-spacing:0.172pt;"> </font></font>
        </div>
        <div style="margin-top:1pt; text-align:center; width:541.31pt; line-height:9.5pt;font-size:8.6pt;">
          <font style="letter-spacing:0.215pt;">REGISTRATION STATEMENT</font>
          <br >
          <font style="letter-spacing:0.215pt;">UNDER</font>
          <br >
          <font style="letter-spacing:0.215pt;">THE SECURITIES ACT OF 1933</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.172pt;"> </font>
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        <div style="margin-top:5.367pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 5.36666666666667pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:5.9pt; text-align:center; width:541.31pt; line-height:15pt;font-size:14pt;">
          <font style="letter-spacing:0.35pt;">Ategrity Specialty Holdings LLC*</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:1pt; text-align:center; width:541.31pt; line-height:9pt;font-weight:normal;font-size:8pt;">
          <font style="letter-spacing:0.2pt;">(Exact name of registrant as specified in its charter)</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.16pt;"> </font>
        </div>
        <table style="width:541.31pt;margin-top:4.30000000000001pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8.7pt;">
          <tr style="line-height:10.74pt;white-space:normal;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:172.44pt;">
              <div style="text-align:center;font-weight:bold;font-size:8.7pt;">
                <font style="letter-spacing:0.218pt;">Delaware</font>
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              <div style="margin-top:1.74pt; text-align:center; line-height:9pt;">
                <font style="letter-spacing:0.2pt;">(State or other jurisdiction of </font>
                <br >
                <font style="letter-spacing:0.2pt;">incorporation or organization)</font><font style="font-size:8.7pt;">&#8203;</font>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:172.44pt;">
              <div style="text-align:center;font-weight:bold;font-size:8.7pt;">
                <font style="letter-spacing:0.218pt;">6331</font>
              </div>
              <div style="margin-top:1.74pt; text-align:center; line-height:9pt;">
                <font style="letter-spacing:0.2pt;">(Primary Standard Industrial </font>
                <br >
                <font style="letter-spacing:0.2pt;">Classification Code Number)</font><font style="font-size:8.7pt;">&#8203;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:172.43pt;">
              <div style="text-align:center;font-weight:bold;font-size:8.7pt;">
                <font style="letter-spacing:0.218pt;">82-4925734</font>
              </div>
              <div style="margin-top:1.74pt; text-align:center; line-height:9pt;">
                <font style="letter-spacing:0.2pt;">(I.R.S. Employer </font>
                <br >
                <font style="letter-spacing:0.2pt;">Identification Number)</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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        <div style="margin-top:8pt; text-align:center; width:541.31pt; line-height:9.5pt;font-size:8.6pt;">
          <font style="letter-spacing:0.215pt;">9 West 57</font><font style=" position:relative; bottom:3.5pt;font-size:6.5pt;letter-spacing:0.162pt;">th</font><font style="letter-spacing:0.215pt;"> Street, 33</font><font style=" position:relative; bottom:3.5pt;font-size:6.5pt;letter-spacing:0.162pt;">rd</font><font style="letter-spacing:0.215pt;"> Floor, New York, NY 10019</font>
          <br >
          <font style="letter-spacing:0.215pt;">Telephone: (212) 509-1600</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.172pt;"> </font>
        </div>
        <div style="margin-top:1pt; text-align:center; width:541.31pt; line-height:9pt;font-weight:normal;font-size:8pt;">
          <font style="letter-spacing:0.2pt;">(Address, including zip code, and telephone number, including area code, of registrant&#8217;s principal executive offices)</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.16pt;"> </font>
        </div>
        <div style="margin-top:5.79pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 5.78999999999999pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:4.9pt; text-align:center; width:541.31pt; line-height:9.5pt;font-size:8.6pt;">
          <font style="letter-spacing:0.215pt;">Justin Cohen </font>
          <br >
          <font style="letter-spacing:0.215pt;">Chief Executive Officer</font>
          <br >
          <font style="letter-spacing:0.215pt;">9 West 57</font><font style=" position:relative; bottom:3.5pt;font-size:6.5pt;letter-spacing:0.162pt;">th</font><font style="letter-spacing:0.215pt;"> Street, 33</font><font style=" position:relative; bottom:3.5pt;font-size:6.5pt;letter-spacing:0.162pt;">rd</font><font style="letter-spacing:0.215pt;"> Floor, New York, NY 10019</font>
          <br >
          <font style="letter-spacing:0.215pt;">Telephone: (212) 509-1600</font>
        </div>
        <div style="margin-top:1pt; text-align:center; width:541.31pt; line-height:9pt;font-weight:normal;font-size:8pt;">
          <font style="letter-spacing:0.2pt;">(Name, address, including zip code, and telephone number, including area code, of agent for service)</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.16pt;"> </font>
        </div>
        <div style="margin-top:5.8pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 5.80000000000001pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:4.9pt; text-align:center; width:541.31pt; line-height:9.5pt;font-style:italic;font-size:8.6pt;">
          <font style="letter-spacing:0.215pt;">Copies to</font><font style="font-style:normal;letter-spacing:0.215pt;">:</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.172pt;"> </font>
        </div>

          <table style="width:541.31pt;margin-top:4.28999999999996pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8.7pt;">
            <tr style="line-height:10.44pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8.7pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:172.44pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.218pt;">Marc D. Jaffe</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">Erika L. Weinberg</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">Gary D. Boss</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">Latham &amp; Watkins LLP</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">1271 Avenue of the Americas</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">New York, NY 10020</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">(212) 906-1200</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:172.44pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.218pt;">Eric Crespolini</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">Ategrity Specialty Holdings LLC</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">9 West 57</font><font style=" position:relative; bottom:3.5pt;font-size:6.5pt;letter-spacing:0.162pt;">th</font><font style="letter-spacing:0.218pt;"> Street, 33</font><font style=" position:relative; bottom:3.5pt;font-size:6.5pt;letter-spacing:0.162pt;">rd</font><font style="letter-spacing:0.218pt;"> Floor, </font>
                  <br >
                  <font style="letter-spacing:0.218pt;">New York, NY 10019</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">Telephone: (212) 509-1600</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:172.43pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.218pt;">Dwight S. Yoo</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">Elena M. Coyle</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">Ryan J. Dzierniejko</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">Skadden, Arps, Slate, Meagher &amp; Flom LLP</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">One Manhattan West</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">New York, NY 10001</font>
                  <br >
                  <font style="letter-spacing:0.218pt;">(212) 735-3000</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:5.89pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:6.2pt; width:541.31pt; line-height:9.5pt;font-weight:normal;font-size:8.6pt;">
          <font style="font-weight:bold;letter-spacing:0.215pt;">Approximate date of commencement of proposed sale to the public:&nbsp;&nbsp;&nbsp;</font><font style="letter-spacing:0.215pt;">As soon as practicable after this registration statement is declared effective.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.172pt;"> </font>
        </div>
        <div style="margin-top:8.657pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 8.65666666666664pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:6.2pt; width:541.31pt; line-height:9.5pt;font-weight:normal;font-size:8.6pt;">
          <font style="letter-spacing:0.215pt;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&#160;415 under the Securities Act of 1933, check the following box. &#9744;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.172pt;"> </font>
        </div>
        <div style="margin-top:3.3pt; width:541.31pt; line-height:9.5pt;font-weight:normal;font-size:8.6pt;">
          <font style="letter-spacing:0.215pt;">If this Form is filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.172pt;"> </font>
        </div>
        <div style="margin-top:3.3pt; width:541.31pt; line-height:9.5pt;font-weight:normal;font-size:8.6pt;">
          <font style="letter-spacing:0.215pt;">If this Form is a post-effective amendment filed pursuant to Rule&#160;462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.172pt;"> </font>
        </div>
        <div style="margin-top:3.3pt; width:541.31pt; line-height:9.5pt;font-weight:normal;font-size:8.6pt;">
          <font style="letter-spacing:0.215pt;">If this Form is a post-effective amendment filed pursuant to Rule&#160;462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.172pt;"> </font>
        </div>
        <div style="margin-top:3.3pt; width:541.31pt; line-height:9.5pt;font-weight:normal;font-size:8.6pt;">
          <font style="letter-spacing:0.215pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule&#160;12b-2 of the Exchange Act.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.172pt;"> </font>
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        <table style="width:541.31pt;height:30.87pt;margin-top:4.59999999999991pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8.7pt;">
          <tr style="line-height:8.7pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8.7pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1.39pt 0pt; width:397.31pt;">
              <div style=" float:left; line-height:8.7pt; text-align:left; width:96pt;white-space:nowrap;">
                <font style="letter-spacing:0.218pt;">Large accelerated filer</font>
                <br >
              </div>
              <div style=" line-height:8.7pt; text-align:left; margin-left:96pt;">
                <font style="letter-spacing:0.218pt;">&#9744; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1.39pt 0pt; width:132pt;">
              <div style=" float:left; line-height:8.7pt; text-align:left; width:120pt;white-space:nowrap;">
                <font style="letter-spacing:0.218pt;">Accelerated filer</font>
                <br >
              </div>
              <div style=" line-height:8.7pt; text-align:left; margin-left:120pt;">
                <font style="letter-spacing:0.218pt;">&#9744; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8.70000000000005pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8.7pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0.49pt 0pt 1.9pt 0pt; width:397.31pt;">
              <div style=" float:left; line-height:8.7pt; text-align:left; width:96pt;white-space:nowrap;">
                <font style="letter-spacing:0.218pt;">Non-accelerated filer</font>
                <br >
              </div>
              <div style=" line-height:8.7pt; text-align:left; margin-left:96pt;">
                <font style="letter-spacing:0.218pt;">&#9746; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0.49pt 0pt 1.9pt 0pt; width:132pt;">
              <div style=" float:left; line-height:8.7pt; text-align:left; width:120pt;white-space:nowrap;">
                <font style="letter-spacing:0.218pt;">Smaller reporting company</font>
                <br >
              </div>
              <div style=" line-height:8.7pt; text-align:left; margin-left:120pt;">
                <font style="letter-spacing:0.218pt;">&#9744; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8.70000000000005pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8.7pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:397.31pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0.48pt 0pt 1.9pt 0pt; width:132pt;white-space:normal;">
              <div style=" float:left; line-height:8.7pt; text-align:left; width:120pt;white-space:nowrap;">
                <font style="letter-spacing:0.218pt;">Emerging growth company</font>
                <br >
              </div>
              <div style=" line-height:8.7pt; text-align:left; margin-left:120pt;">
                <font style="letter-spacing:0.218pt;">&#9746;</font>
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              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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        </table>
        <div style="margin-top:11.3pt; width:541.31pt; line-height:9.5pt;font-weight:normal;font-size:8.6pt;">
          <font style="letter-spacing:0.215pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;7(a)(2)(B) of the Securities Act. &#9744;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.172pt;"> </font>
        </div>
        <div style="margin-top:6.667pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 6.66666666666663pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:5.89pt; width:541.31pt; line-height:9.5pt;font-size:8.6pt;">
          <font style="letter-spacing:0.215pt;">The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&#160;8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section&#160;8(a), may determine.</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.172pt;"> </font>
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          <div style="margin-left: 0pt; width: 108pt; margin-top: 8.65666666666664pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:3.7pt; width:541.31pt; line-height:9.5pt;font-weight:normal;">
          <font style="letter-spacing:0.218pt;">* Ategrity Specialty Holdings LLC will be converted to a Nevada corporation named Ategrity Specialty Insurance Company Holdings prior to the consummation of this offering.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.174pt;"> </font>
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          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 5.10000000000002pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 2.29999999999995pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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    <div style="min-height:759.71pt;position:relative;overflow:hidden;min-height:775.71pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="position:absolute;top:738.85pt;left:48.66pt;height:30pt;width:706pt;transform-origin:0pt -0pt;transform:rotate(-90deg) translate(0%, 0%);">
        <div style="text-align:justify; width:706pt; line-height:12pt;font-weight:bold;color:#FC0014;font-size:10pt;">
          <font style="letter-spacing:0.25pt;">The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted</font><font style="color:#000000;letter-spacing:0.25pt;"> </font>
          <br >
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      <div style="margin-top:27.85pt;margin-bottom:51.9pt;margin-left:87.66pt;width:456pt;">

          <div style="width:456pt; line-height:12pt;font-weight:bold;color:#FC0014;font-size:11pt;">
            <font style="letter-spacing:0.275pt;">Subject to completion, dated April &#8199;&#8199;&#8199;, 2025</font><font style="font-weight:normal;color:#000000;font-family:Times New Roman, Times, serif ;letter-spacing:0.22pt;"> </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;font-size:11pt;">
          <font style="letter-spacing:0.275pt;">Preliminary prospectus</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.22pt;"> </font>
        </div>

          <div style="margin-top:12pt; width:456pt; line-height:19pt;font-style:italic;font-weight:bold;font-size:18pt;">
            <font style="letter-spacing:0.45pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.36pt;"> </font>
          </div>

        <div style="position:relative;margin-top:2pt; width:456pt;">
          <img src="lg_ategrity-4clr.jpg" alt="[MISSING IMAGE: lg_ategrity-4clr.jpg]" height="80" width="268" >
        </div>
        <div style="margin-top:18pt; width:456pt; line-height:19pt;font-style:italic;font-weight:bold;font-size:18pt;">
          <font style="letter-spacing:0.45pt;">Common stock</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.36pt;"> </font>
        </div>

          <div style="margin-top:8.5pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.225pt;">This is the initial public offering of shares of common stock of Ategrity Specialty Insurance Company Holdings. We are offering &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock in this offering.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.18pt;"> </font>
          </div>


          <div style="margin-top:8.5pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.225pt;">Prior to this offering, there has been no public market for our common stock. The initial public offering price of our common stock is estimated to be between $&#8199;&#8199;&#8199;&#8199;&#8199; and $&#8199;&#8199;&#8199;&#8199;&#8199; per share. We have applied to list our common stock on the New York Stock Exchange (the &#8220;NYSE&#8221;) under the symbol &#8220;ASIC.&#8221; The listing will be subject to the approval of our application.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.18pt;"> </font>
          </div>

        <div style="margin-top:8.5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.225pt;">We are an &#8220;emerging growth company&#8221; as that term is defined in the Jumpstart Our Business Startups Act of 2012, and, as such, have elected to comply with certain reduced public company reporting requirements for this registration statement and may do so in future filings. See &#8220;Prospectus summary&#8212;Implications of being an emerging growth company.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.18pt;"> </font>
        </div>
        <div style="margin-top:8.5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.225pt;">Upon completion of this offering, Zimmer Financial Services Group LLC (&#8220;ZFSG&#8221;) will continue to own more than a majority of the voting power of our shares of common stock eligible to vote in the election of our directors. As a result, we will be a &#8220;controlled company&#8221; as defined under the corporate governance rules of NYSE and will be exempt from certain corporate governance requirements of such rules. See &#8220;Management&#8212;Director independence and controlled company exemption.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.18pt;"> </font>
        </div>
        <div style="margin-top:8.5pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.225pt;">Investing in our common stock involves risks. See &#8220;Risk factors&#8221; beginning on page <a href="#tRIFA">16</a> to read about factors you should consider before purchasing shares of our common stock.</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.18pt;"> </font>
        </div>
        <div style="margin-top:8.5pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.225pt;">Neither the Securities and Exchange Commission (&#8220;SEC&#8221;) nor any state securities commission or regulatory authority has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.18pt;"> </font>
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          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:377.28pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Per share </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
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          <tr style="line-height:8.96999999999997pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 2.06pt 0pt; width:377.28pt;text-align:left;">
              <font style="letter-spacing:0.225pt;">Initial public offering price </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.87pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 2.06pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 2.06pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;">&#8201;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8199;&#8199;&nbsp;&nbsp;&nbsp;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.879999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 2.06pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 2.06pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8.96999999999997pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.53pt 0pt 3.78pt 0pt; width:377.28pt;text-align:left;">
              <font style="letter-spacing:0.225pt;">Underwriting discounts and commissions</font><font style=" position:relative; bottom:3.75pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.53pt 0pt 3.78pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:1.53pt 0pt 3.78pt 0pt; min-width:29.25pt; text-align:right; white-space:nowrap;"> </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.879999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:1.53pt 0pt 3.78pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:1.53pt 0pt 3.78pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;"> </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8.96999999999997pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.53pt 0pt 4pt 0pt; width:377.28pt;text-align:left;">
              <font style="letter-spacing:0.225pt;">Proceeds to us, before expenses </font>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.87pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.53pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:1.53pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:29.25pt; text-align:right; white-space:nowrap;"> </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.879999999999999pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.53pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:1.53pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:11.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
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        <div style="margin-top:2pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">(1) See &#8220;Underwriting&#8221; for a description of compensation to be paid to the underwriters.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>

          <div style="margin-top:9.5pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.225pt;">At our request, the underwriters have reserved for sale, at the initial public offering price, up to &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;% of the shares offered by this prospectus, excluding the additional shares that the underwriters have an option to purchase, for sale to certain of our employees, certain of our directors and certain other parties. See &#8220;Underwriting&#8212;Directed Share Program.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.18pt;"> </font>
          </div>


          <div style="margin-top:10.5pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.225pt;">We have granted the underwriters an option for a period of 30 days from the date of this prospectus to purchase up to an additional &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common stock from us at the initial public offering price less the underwriting discounts and commissions to cover over-allotments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.18pt;"> </font>
          </div>

        <div style="margin-top:10.5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.225pt;">The underwriters expect to deliver the shares of common stock through the book-entry facilities of the Depository Trust Company on or about &#8194;&#8194;&#8194;&#8194;&#8194; , 2025.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.18pt;"> </font>
        </div>

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              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 4pt 0pt; width:144pt;">
                <font style="letter-spacing:0.4pt;">J.P. Morgan </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:144pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0.5pt 4pt 0pt; width:144pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.4pt;">Barclays</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <tr style="line-height:14pt;min-height:26pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:14pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:8.5pt 0pt 4pt 0pt; width:144pt;">
                <font style="letter-spacing:0.35pt;">Citigroup</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:8.5pt 0pt 4pt 0pt; width:144pt;">
                <font style="letter-spacing:0.35pt;">TD Securities</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:8.5pt 0.5pt 4pt 0pt; width:144pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.35pt;">Wells Fargo Securities</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>


          <div style="margin-top:12pt; width:456pt; line-height:14pt;font-size:11pt;">
            <font style="letter-spacing:0.275pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;&#8201; &#8199;&#8199;&#8199;&#8199;, 2025</font>
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Table of contents</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <table style="width:456pt;height:339pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:425.68pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;text-align:center;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Page </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.68pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tATP"><font style="letter-spacing:0.25pt;">About this prospectus </font></a>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.52pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#tATP">i</a></font> <a href="#tATP"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.68pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tPRSU"><font style="letter-spacing:0.25pt;">Prospectus summary </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.52pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#tPRSU">1</a></font> <a href="#tPRSU"></a></td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.68pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tRIFA"><font style="letter-spacing:0.25pt;">Risk factors </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.52pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#tRIFA">16</a></font> <a href="#tRIFA"></a></td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.68pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tFOST"><font style="letter-spacing:0.25pt;">Forward-looking statements </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.52pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#tFOST">56</a></font> <a href="#tFOST"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.68pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tUOP"><font style="letter-spacing:0.25pt;">Use of proceeds </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.52pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#tUOP">58</a></font> <a href="#tUOP"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.68pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDIPO"><font style="letter-spacing:0.25pt;">Dividend policy </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#tDIPO">59</a></font> <a href="#tDIPO"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.68pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tCAP"><font style="letter-spacing:0.25pt;">Capitalization </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.25pt;"><a href="#tCAP">60</a></font> <a href="#tCAP"></a></td>
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              <div style="white-space:nowrap;">
                <a href="#tDIL"><font style="letter-spacing:0.25pt;">Dilution </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.25pt;"><a href="#tDIL">62</a></font> <a href="#tDIL"></a></td>
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              <div style="white-space:nowrap;">
                <a href="#tMDAA"><font style="letter-spacing:0.25pt;">Management&#8217;s discussion and analysis of financial condition and results of operations </font></a>
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              <font style="letter-spacing:0.25pt;"><a href="#tMDAA">64</a></font> <a href="#tMDAA"></a></td>
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              <div style="white-space:nowrap;">
                <a href="#tBUS"><font style="letter-spacing:0.25pt;">Business </font></a>
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              <font style="letter-spacing:0.25pt;"><a href="#tBUS">88</a></font> <a href="#tBUS"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.68pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tREG"><font style="letter-spacing:0.25pt;">Regulation </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.25pt;"><a href="#tREG">103</a></font> <a href="#tREG"></a></td>
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              <div style="white-space:nowrap;">
                <a href="#tMAN"><font style="letter-spacing:0.25pt;">Management </font></a>
              </div>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <div style="white-space:nowrap;">
                <a href="#tEADC"><font style="letter-spacing:0.25pt;">Executive and director compensation </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.25pt;"><a href="#tEADC">119</a></font> <a href="#tEADC"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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                <a href="#tCRAR"><font style="letter-spacing:0.25pt;">Certain relationships and related party transactions </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.25pt;"><a href="#tCRAR">128</a></font> <a href="#tCRAR"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.25pt;"><a href="#tPRST">139</a></font> <a href="#tPRST"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.68pt;text-align:left;">
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                <a href="#tDOCS"><font style="letter-spacing:0.25pt;">Description of capital stock </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.25pt;"><a href="#tDOCS">141</a></font> <a href="#tDOCS"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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              <div style="white-space:nowrap;">
                <a href="#tSEFF"><font style="letter-spacing:0.25pt;">Shares eligible for future sale </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.25pt;"><a href="#tSEFF">148</a></font> <a href="#tSEFF"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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              <div style="white-space:nowrap;">
                <a href="#tMUFI"><font style="letter-spacing:0.25pt;">Material U.S. federal income tax considerations to non-U.S. holders </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.25pt;"><a href="#tMUFI">151</a></font> <a href="#tMUFI"></a></td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
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              <div style="white-space:nowrap;">
                <a href="#tUND"><font style="letter-spacing:0.25pt;">Underwriting </font></a>
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              <font style="letter-spacing:0.25pt;"><a href="#tUND">155</a></font> <a href="#tUND"></a></td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.68pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tLEMA"><font style="letter-spacing:0.25pt;">Legal matters </font></a>
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              <font style="letter-spacing:0.25pt;"><a href="#tLEMA">165</a></font> <a href="#tLEMA"></a></td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.68pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tWYCF"><font style="letter-spacing:0.25pt;">Where you can find more information </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#tWYCF">166</a></font> <a href="#tWYCF"></a></td>
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              <div style="white-space:nowrap;">
                <a href="#fITFS"><font style="letter-spacing:0.25pt;">Index to financial statements </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#fITFS">F-1</a></font>
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            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tATP">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:16pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">About this prospectus</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Market and industry data</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In this prospectus, we present certain market and industry data. This information is based on third-party sources which we believe to be reliable. We have not independently verified any third-party information. Forecasts and projections are based on historical market data, other publicly available information, our knowledge of our industry, and assumptions based on such information and knowledge. These forecasts and projections have not been verified by any independent source. In addition, assumptions and estimates of our and our industry&#8217;s future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in &#8220;Risk factors.&#8221; These and other factors could cause future performance to differ materially from our assumptions and estimates. See &#8220;Forward-looking statements.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Trademarks and service marks</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Trade names, trademarks, and service marks of other companies appearing in this prospectus are the property of their respective holders. Solely for convenience, the trademarks, service marks, and trade names are referred to in this prospectus without the </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.188pt;">SM</font><font style="letter-spacing:0.25pt;"> and </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.188pt;">&#174;</font><font style="letter-spacing:0.25pt;"> symbols, but such references are not intended to indicate, in any way, that the owner thereof will not assert, to the fullest extent under applicable law, such owner&#8217;s rights to their trademarks, service marks, and trade names.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Non-GAAP financial measures</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">This prospectus contains certain financial measures that are not presented in accordance with generally accepted accounting principles in the United States (&#8220;GAAP&#8221;). Under U.S. securities laws, these measures are called &#8220;non-GAAP financial measures.&#8221; We believe that certain non-GAAP financial measures provide investors in our common stock with additional useful information in evaluating our performance. Management believes that excluding certain items that are not indicative of core performance assists in evaluating our ability to generate earnings and to more readily compare these metrics between past and future periods. These non-GAAP financial measures may be different than similarly titled measures used by other companies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. There are limitations related to the use of these non-GAAP financial measures as compared to the most directly comparable GAAP financial measures.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We use the following non-GAAP financial measures throughout this prospectus as defined below:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Underwriting income</font><font style="letter-spacing:0.25pt;"> is defined as income before income taxes excluding the impact of net investment income, net realized and unrealized gains (losses) on investments, other income, interest expense, and other expenses (which include expenses related to corporate activities and expenses recorded by us in anticipation of this offering).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Adjusted net income attributable to members</font><font style="letter-spacing:0.25pt;"> is defined as net income attributable to members excluding certain non-operating expenses, which include expenses recorded by us in anticipation of this offering.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Adjusted return on members&#8217; equity</font><font style="letter-spacing:0.25pt;"> is defined as adjusted net income attributable to members expressed as a&#160;percentage of average beginning and ending members&#8217; equity during the period.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">For a reconciliation of such measures to their most directly comparable GAAP financial measures, see &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8212;Reconciliation of non-GAAP financial measures.&#8221; </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">i</font>
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      <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Glossary</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The following are abbreviations and definitions of certain insurance, reinsurance, financial, and other terms used in this prospectus.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Absolute Return MidCap Fund</font><font style="letter-spacing:0.25pt;">&#8212;ZP Master MidCap Fund, Ltd., a Cayman Islands exempted company.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Absolute Return Utility &amp; Infrastructure Fund</font><font style="letter-spacing:0.25pt;">&#8212;ZP Master Utility Fund, Ltd., a Cayman Islands exempted company.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Admitted insurer</font><font style="letter-spacing:0.25pt;">&#8212;An insurer that has received a license or certificate of authority from a state regulatory authority to sell insurance in that state. Admitted insurers are subject to various state laws that govern organization, capitalization, policy forms, premium rate approvals, and claims handling.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">A.M. Best</font><font style="letter-spacing:0.25pt;">&#8212;A.M. Best Company, Inc., a rating agency and publisher for the insurance industry.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Ategrity Ltd</font><font style="letter-spacing:0.25pt;">&#8212;Our Bermuda-regulated reinsurance subsidiary, Ategrity Specialty Insurance Limited, a Bermuda exempted company (formerly known as Sequentis Reinsurance Company Limited) and wholly-owned indirect subsidiary of the Company.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Ategrity Specialty</font><font style="letter-spacing:0.25pt;">&#8212;Our Delaware-regulated insurance subsidiary, Ategrity Specialty Insurance Company, a Delaware corporation and wholly-owned direct subsidiary of the Company. Ategrity Specialty is licensed in the State of Delaware to transact certain lines of property and casualty insurance and is eligible or approved to write surplus lines in 48 states and the District of Columbia.</font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">BMA</font><font style="letter-spacing:0.25pt;">&#8212;Bermuda Monetary Authority.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Combined ratio</font><font style="letter-spacing:0.25pt;">&#8212;The sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Commission</font><font style="letter-spacing:0.25pt;">&#8212;The fee paid to an agent or a broker for placing insurance or reinsurance, generally determined as a&#160;percentage of the written premium.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Distribution partners</font><font style="letter-spacing:0.25pt;">&#8212;Intermediaries with whom we have strategic partnerships, such as agents, brokers, or digital platforms, that help us reach and serve consumers more effectively. We count our distribution partners as our individual commercial relationships based on the unique producer code assigned to such distribution partner.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">ES Requirements</font><font style="letter-spacing:0.25pt;">&#8212;The Economic Substance Act 2018 and the Economic Substance Regulations&#160;2018.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Excess and surplus lines (&#8220;E&amp;S&#8221;)</font><font style="letter-spacing:0.25pt;">&#8212;Lines of insurance which are generally unavailable from admitted insurers due to perceived risk related to the insured&#8217;s business and which, consequently, are placed by surplus lines agents or brokers with insurers that are not admitted in the subject jurisdiction. E&amp;S insurance policies generally are not subject to regulations governing premium rates or policy language.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Excess of loss</font><font style="letter-spacing:0.25pt;">&#8212;A type of reinsurance that indemnifies the reinsured against all, or a specified portion of, losses on underlying insurance policies in excess of a specified amount, which is called an &#8220;attachment level&#8221; or &#8220;retention.&#8221; Excess of loss reinsurance may be written in multiple layers, in which, on any given layer, a reinsurer or group of reinsurers accepts a band of coverage up to a specified amount. Any liability exceeding the outer limit of the program reverts to the ceding company, which also bears credit risk to the reinsurers.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Expense ratio</font><font style="letter-spacing:0.25pt;">&#8212;The ratio, expressed as a&#160;percentage, of underwriting, acquisition, and insurance expenses less fee income to net premiums earned.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Facultative reinsurance</font><font style="letter-spacing:0.25pt;">&#8212;Facultative reinsurance is a specific reinsurance policy for which terms can be negotiated by the insurer and reinsurer on a risk-by-risk basis, rather than as to a group or class of business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">ii</font>
          <br >
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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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Feeder Fund</font><font style="letter-spacing:0.25pt;">&#8212;ZP Utility Fund, LP, a Delaware limited partnership. The Feeder Fund operates as a feeder fund in a &#8220;master-feeder&#8221; structure, in which the Feeder Fund invests substantially all of its assets in the Absolute Return Utility &amp; Infrastructure Fund.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Financial strength rating</font><font style="letter-spacing:0.25pt;">&#8212;The opinion of rating agencies regarding the financial ability of an insurance or reinsurance company to meet its financial obligations under its policies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">GAAP</font><font style="letter-spacing:0.25pt;">&#8212;Generally accepted accounting principles in the United States.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">General Partners&#8212;</font><font style="letter-spacing:0.25pt;">The MidCap General Partner and the Utility General Partner.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Gross written premiums</font><font style="letter-spacing:0.25pt;">&#8212;Total premiums recorded on the books of an insurer at the time an insurance policy is issued, before deductions for premiums on ceded reinsurance.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Hard market</font><font style="letter-spacing:0.25pt;">&#8212;An insurance market generally driven by a shortage of underwriting capacity whereby coverage is harder to place, resulting in elevated rates and premiums.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Incurred but not yet reported (&#8220;IBNR&#8221;) reserves</font><font style="letter-spacing:0.25pt;">&#8212;Loss reserves for estimated losses which have been incurred but not yet reported to the insurer.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Incurred losses</font><font style="letter-spacing:0.25pt;">&#8212;The total losses sustained by an insurance company under a policy or policies, whether paid or unpaid. Incurred losses include a provision for claims that have occurred but have not yet been reported to the insurer.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Investment Manager</font><font style="letter-spacing:0.25pt;">&#8212;Zimmer Partners, LP, a Delaware limited partnership and the investment manager of the Absolute Return Utility &amp; Infrastructure Fund, the Absolute Return MidCap Fund, and our fixed income portfolios. The Investment Manager is registered with the SEC as a registered investment advisor under the Investment Advisors Act of 1940. The Investment Manager is an entity affiliated with and controlled by ZFSG.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">IRIS</font><font style="letter-spacing:0.25pt;">&#8212;NAIC Insurance Regulatory Information System, which is a collection of analytical tools designed to provide state insurance regulators with an integrated approach to screening and analyzing the financial condition of insurance companies operating in their respective states.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Limited Partnership Agreements</font><font style="letter-spacing:0.25pt;">&#8212;The MidCap Limited Partnership Agreement and the Utility Limited Partnership Agreement.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Limited Partnerships</font><font style="letter-spacing:0.25pt;">&#8212;The MidCap Limited Partnership and the Utility Limited Partnership.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Long-tail</font><font style="letter-spacing:0.25pt;">&#8212;Losses that usually have a longer delay between the occurrence of a loss and the time the loss is reported. Casualty losses are generally longer tailed.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Loss ratio</font><font style="letter-spacing:0.25pt;">&#8212;The ratio, expressed as a&#160;percentage, of losses and loss adjustment expenses to net premiums earned.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Loss adjustment expenses</font><font style="letter-spacing:0.25pt;">&#8212;The expenses of settling claims, including legal and other fees, and the portion of general expenses allocated to claim resolution.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Losses and loss adjustment expenses</font><font style="letter-spacing:0.25pt;">&#8212;Liabilities established by insurers to reflect the estimated cost of claims payments that the insurer will ultimately be required to pay with respect to insurance it has written. Reserves are established for losses and for loss adjustment expenses and consist of case reserves and IBNR reserves.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">MidCap General Partner</font><font style="letter-spacing:0.25pt;">&#8212;ZP MidCap GP, LLC, a Delaware limited liability company and the general partner of the MidCap Limited Partnership. The MidCap General Partner is an entity affiliated with and controlled by ZFSG.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">MidCap Limited Partnership</font><font style="letter-spacing:0.25pt;">&#8212;ZP MidCap Fund, L.P., a Delaware limited partnership. The MidCap Limited Partnership operates as a feeder fund in a &#8220;master-feeder&#8221; structure, in which the MidCap Limited Partnership invests substantially all of its assets in the Absolute Return MidCap Fund. As of January&#160;1, 2025, the Company and its subsidiaries own 17.1% of the limited partnership interest in the MidCap Limited Partnership.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">iii</font>
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">MidCap Limited Partnership Agreement</font><font style="letter-spacing:0.25pt;">&#8212;The Amended and Restated Limited Partnership Agreement dated July&#160;1, 2020, among the MidCap General Partner, as general partner, and the other limited partners thereof, to which we and Ategrity Ltd acceded by way of a subscription agreement on January&#160;1, 2025.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">National Association of Insurance Commissioners (&#8220;NAIC&#8221;)</font><font style="letter-spacing:0.25pt;">&#8212;A voluntary organization of state insurance officials that promulgates model laws regulating the insurance industry, values securities owned by insurers, develops and modifies insurer financial reporting statements and insurer performance criteria, and performs other services with respect to the insurance industry.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Net premiums earned&#8212;</font><font style="letter-spacing:0.25pt;">The portion of net written premiums that is recognized for accounting purposes as income during a period.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Net written premiums</font><font style="letter-spacing:0.25pt;">&#8212;Gross written premiums for a given period less premiums ceded to reinsurers during such period.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Non-admitted market</font><font style="letter-spacing:0.25pt;">&#8212;The insurance market of companies not licensed to transact the business of insurance in a particular U.S. jurisdiction. A non-admitted company is permitted to issue insurance policies only in accordance with an exemption from the jurisdiction&#8217;s insurance licensing laws, for example, through an E&amp;S lines broker licensed in that jurisdiction, or to issue policies &#8220;self-procured&#8221; by the insured or its broker from the insurer outside the jurisdiction of the insured.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Probable maximum loss (&#8220;PML&#8221;)</font><font style="letter-spacing:0.25pt;">&#8212;The maximum amount of loss that we would expect to incur on a policy or collection of policies under ordinary circumstances, based on computer modeling and actuarial techniques.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Productionized Underwriting</font><font style="letter-spacing:0.25pt;">&#8212;Our term for the technology-driven method of standardizing, simplifying, and automating our transaction process.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Reinsurance</font><font style="letter-spacing:0.25pt;">&#8212;The practice whereby one party, called the reinsurer, in consideration of a premium paid to it, agrees to indemnify another party, called the reinsured, for part or all of the liability assumed by the reinsured under a policy or policies of insurance which it has issued. The reinsured may be referred to as the original or primary insurer, the direct writing company or the ceding company.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Reinsurer</font><font style="letter-spacing:0.25pt;">&#8212;An insurer that agrees to indemnify another insurer against all or part of a loss which the latter may incur under a policy or policies it has issued.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Retention</font><font style="letter-spacing:0.25pt;">&#8212;The amount or portion of risk which an insurer or reinsurer retains or assumes for its own account. Losses, or a portion thereof, in excess of the retention level are paid by the reinsurer or a retrocessionaire. In proportional treaties, the retention may be a&#160;percentage of the original policy&#8217;s limit. In excess of loss business, the retention is a dollar amount of loss, a loss ratio, or a&#160;percentage.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">SAP</font><font style="letter-spacing:0.25pt;">&#8212;Those statutory accounting principles and practices which provide the framework for the preparation of insurance company financial statements and the recording of transactions, in accordance with the rules and procedures adopted by regulatory authorities, generally emphasizing solvency considerations rather than a going-concern concept of accounting.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Short-tail</font><font style="letter-spacing:0.25pt;">&#8212;Losses that are usually known and reported within a relatively short period of time after the underlying loss event has occurred. Property losses are generally short tailed.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Soft market</font><font style="letter-spacing:0.25pt;">&#8212;Insurance markets characterized by a stable or excessive supply of underwriting capacity, resulting in flat or declining rates or premiums.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Specialty P&amp;C market</font><font style="letter-spacing:0.25pt;">&#8212;Although no standard definition for the specialty market exists, Standard &amp; Poor&#8217;s Ratings Services indicates that the following lines of business or exposure profiles exemplify the space: high-hazard or nonstandard insurance, niche market segments, tailored underwriting, and both admitted and E&amp;S lines. Many specialty insurers offer both admitted and E&amp;S products, depending on the market conditions and regulatory requirements. Admitted product rates and policy forms are highly regulated and coverage tends to be standardized, while E&amp;S products and policies have freedom of rate and form and can be highly customized.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">iv</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Statutory surplus</font><font style="letter-spacing:0.25pt;">&#8212;Total admitted assets less total liabilities, as determined in accordance with SAP.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Submission</font><font style="letter-spacing:0.25pt;">&#8212;An application for insurance coverage received by a direct insurer from a prospective policyholder or its broker acting for consideration in connection with possible issuance of an insurance policy by that insurer.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Underwriting</font><font style="letter-spacing:0.25pt;">&#8212;The insurer&#8217;s process of reviewing applications submitted for the insurance coverage, deciding whether to accept all or part of the coverage requested and determining the applicable premiums.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Underwriting expenses</font><font style="letter-spacing:0.25pt;">&#8212;The aggregate of policy acquisition costs, including commissions, and the portion of administrative, general, and other expenses attributable to underwriting operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Unearned premiums</font><font style="letter-spacing:0.25pt;">&#8212;The portion of a premium representing the unexpired portion of the contract term as of a certain date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Utility &amp; Infrastructure Investments</font><font style="letter-spacing:0.25pt;">&#8212;Our managed investments in yield-oriented securities in lower-volatility sectors such as utilities, pipelines, infrastructure, and real estate. These investments currently consist of an allocation to each of the Absolute Return Utility &amp; Infrastructure Fund and the Absolute Return MidCap Fund.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Utility General Partner</font><font style="letter-spacing:0.25pt;">&#8212;ZP Utility Insurance GP, LLC, a Delaware limited liability company and the general partner of the Utility Limited Partnership. The Utility General Partner is an entity affiliated with and controlled by ZFSG.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Utility Limited Partnership</font><font style="letter-spacing:0.25pt;">&#8212;ZP Utility Insurance Fund, L.P., a Delaware limited partnership. The Utility Limited Partnership operates as a feeder fund in a &#8220;master-feeder&#8221; structure, in which the Utility Limited Partnership invests substantially all of its assets in the Absolute Return Utility &amp; Infrastructure Fund. The Company and its subsidiaries owned 100% of the limited partnership interest in the Utility Limited Partnership.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Utility Limited Partnership Agreement</font><font style="letter-spacing:0.25pt;">&#8212;The Amended and Restated Limited Partnership Agreement dated April&#160;1, 2018, among us, Ategrity Specialty and Ategrity Ltd, as limited partners, and the Utility General Partner.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Wholesale agent</font><font style="letter-spacing:0.25pt;">&#8212;An intermediary who negotiates contracts of insurance between retail agents and insurance companies, receiving a commission for placement and other services rendered.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">Wholesale broker</font><font style="letter-spacing:0.25pt;">&#8212;An intermediary who negotiate contracts of insurance between retail agents and brokers and insurance companies, receiving a commission for placement and other services rendered.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">ZFSG</font><font style="letter-spacing:0.25pt;">&#8212;Zimmer Financial Services Group LLC, a Delaware limited liability company.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">ZIS</font><font style="letter-spacing:0.25pt;">&#8212;Zimmer Insurance Services LLC, a Delaware limited liability company.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-weight:bold;letter-spacing:0.25pt;">ZTG</font><font style="letter-spacing:0.25pt;">&#8212;Zimmer Technology Group LLC, a Delaware limited liability company.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Other considerations</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">You should rely only on the information contained in this prospectus. We and the underwriters have not authorized anyone to provide you with information different from that contained in this prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are offering to sell, and seeking offers to buy, shares of common stock only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our shares of common stock. Our business, financial condition, results of operations, and prospects may have changed since that date. Information contained on our website is not part of this prospectus. </font>
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          <font style="letter-spacing:0.25pt;">v</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">No action is being taken in any jurisdiction outside the United States to permit a public offering of shares of common stock or possession or distribution of this prospectus in that jurisdiction. Persons who come into possession of this prospectus in jurisdictions outside the United States are required to inform themselves about and to observe any restrictions as to this offering and the distribution of this prospectus applicable to that jurisdiction.</font>
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          <font style="letter-spacing:0.25pt;">vi</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tPRSU">&#8203;</a>
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            <font style="letter-spacing:0.4pt;">Prospectus summary</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;font-style:italic;">
            <font style="letter-spacing:0.25pt;">This summary highlights information contained elsewhere in this prospectus and does not contain all the information you should consider before making an investment decision. You should read this entire prospectus carefully, including the sections entitled &#8220;Risk factors,&#8221; &#8220;Forward-looking statements,&#8221; &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations,&#8221; and our consolidated financial statements and the accompanying notes included elsewhere in this prospectus. References in this prospectus to the &#8220;Company,&#8221; &#8220;Ategrity,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; are to Ategrity Specialty Holdings LLC (which will be converted to a Nevada corporation named Ategrity Specialty Insurance Company Holdings prior to the consummation of this offering) and its subsidiaries, unless the context otherwise requires.</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.3pt;">Our company</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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            <font style="letter-spacing:0.3pt;">Who we are</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">We are a profitable and growing specialty insurance company dedicated to providing excess and surplus (&#8220;E&amp;S&#8221;) products to small to medium-sized businesses (&#8220;SMBs&#8221;) across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The SMB market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value. This advantage stems from our technology-driven method of standardizing, simplifying, and automating our transaction process, which we call </font><font style="font-style:italic;letter-spacing:0.25pt;">productionized underwriting</font><font style="letter-spacing:0.25pt;">.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">We target industry verticals where we have deep expertise and develop data-driven insights to gain a competitive advantage. We leverage our expertise and our efficient underwriting platform to deliver tailored insurance products and customized services that meet the needs of our distribution partners. We believe the universe of distributors in the SMB segment of the E&amp;S market is rapidly shifting toward agents and brokers who were raised in the digital age. These digital-native and tech-savvy distribution partners expect real-time, frictionless insurance transactions that mirror the seamless experiences they encounter in their daily lives. In an industry where insurance applications are often submitted via email with slow response times, we have designed a technology-driven underwriting process that addresses our distribution partners&#8217; demands for rapid, high-quality interactions. Our strong value proposition has contributed to a growing network of 460 distribution partners as of December&#160;31, 2024, which provides us with increased transaction opportunities and diversified sources of business. Our fully integrated claims management function is designed to enable us to resolve claims efficiently and effectively. We take an active approach to risk management through real-time performance analytics, rigorous risk aggregation monitoring, and robust reinsurance protection aimed at minimizing volatility and generating consistent underwriting results.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">We have grown our business substantially while generating attractive underwriting results. For the year ended December&#160;31, 2024, we wrote $437.0 million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two&#160;years. Our combined ratio for the year ended December&#160;31, 2024, was 93.9%, a decrease of 3.6% from the year ended December&#160;31, 2023. Our members&#8217; equity at December&#160;31, 2024, was $398.3 million, an increase of $76.6 million (23.8%) from December&#160;31, 2023. We believe that our productionized underwriting capabilities will continue to drive enhanced profitability as we continue to scale our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.3pt;">Productionized underwriting</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Our company&#8217;s mission is to transform the E&amp;S marketplace for SMBs through the power of productionized underwriting with precision, simplicity, and efficiency. When we entered the E&amp;S industry, we found what we believe to be an under-served and inefficient marketplace that was hindered by inconsistent and antiquated processes of legacy insurance carriers. We also believe that many distribution partners and their end-clients were </font>
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          <font style="letter-spacing:0.25pt;">1</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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            <font style="letter-spacing:0.25pt;">struggling with slow response times, unpredictable underwriting capacity, and subpar pricing, which we believe make the market ripe for technology and efficiency-driven disruption.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">To address these challenges, we developed a technology-enabled underwriting process that we believe sets us apart in the E&amp;S market. Our productionized underwriting approach combines rigorous technical underwriting with a highly efficient and centralized operating platform powered by advanced technology. This process begins with a deep understanding of our end-clients, the insurance policyholders. We intensely study the industry and geographical micro-segments in which our end-clients operate using sophisticated data analytics. We leverage these analytics to build quantitative risk models that shape our risk appetite and client targeting.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Furthermore, we aim to eliminate unnecessary complexity by standardizing our processes and automating key underwriting tasks, such as submission intake, risk classification, pricing, and documentation. This allows our underwriters to focus on high-value underwriting tasks and make timely and accurate decisions in a uniform manner. For each individual transaction opportunity, our underwriting models efficiently determine which components of the process can be automated. For simpler products with clearly identified risk characteristics, we can execute the entire underwriting process without human intervention. We believe our productionized underwriting approach generates consistent, efficient, and scalable processes that allow us to deliver differentiated value to our distribution partners without compromising accuracy and profitability.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">How We Achieve Productionized Underwriting</font>
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            <font style="letter-spacing:0.3pt;">Our business</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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            <div style="margin-top:8pt; width:456pt; line-height:13pt;">
              <font style="letter-spacing:0.25pt;">We offer property and casualty insurance solutions tailored to meet the needs of SMBs. Currently, the verticals that we focus on are Retail, Real Estate, Hospitality, and Construction. By leveraging deep fundamental research and advanced data analytics, we meticulously analyze the universe of potential insureds, stratify their risk characteristics by micro-segments, and quantify the perils they face. Once we have acquired a deep understanding of a specific market, we define target business profiles that match our risk appetite and design products that meet our end-clients&#8217; needs.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">For example, in our Hospitality vertical, one area of focus is the hotel and motel industry. We segment this industry into three primary subgroups: luxury hotels, mid-tier hotels, and budget motels. We then identify micro-segments such as boutique hotels, beachfront resorts, economy roadside motels, and extended-stay hotels. Each of these micro-segments presents a distinct risk profile, such as higher exposure to natural disasters for beachfront resorts or increased liability concerns for extended-stay hotels with more prolonged guest interactions. Another example of micro-segmentation in our Hospitality vertical is restaurants, where we classify businesses into casual dining, family restaurants, fine dining, diners, and buffet restaurants, among others. In our Real Estate, Construction and Retail verticals, we also categorize micro-segments based on applicable risk characteristics. We price and design products that are specifically tailored to cover the unique risks associated with each micro-segment. We believe our enhanced micro-segmentation of traditional industry classifications allows us to accurately identify and address homogeneous groups of risk, which provides us with a competitive underwriting advantage. </font>
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              <font style="letter-spacing:0.25pt;">We offer commercial property, low-limit general liability, and management &amp; professional liability products on both a primary basis and an excess basis. By targeting SMBs, we have built a portfolio of small premium size policies. Furthermore, we deliberately focus on underwriting risks with shorter loss-reporting tails and limited catastrophe risk. This reduces the volatility of our results and strengthens our ability to actively manage business risks. The following charts reflect the&#160;percentage of our gross written premiums by duration of risk, products, policy size, and vertical for the year ended December&#160;31, 2024</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.188pt;">(1)</font><font style="letter-spacing:0.25pt;">.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style=" position:relative; bottom:3pt;letter-spacing:0.138pt;">(1)</font><font style="font-size:7.5pt;letter-spacing:0.188pt;"> Based on policies written in the year ended December 31, 2024 derived from our internal systems.</font>
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            <font style="letter-spacing:0.25pt;">We operate on a surplus lines basis in 48 states and the District of Columbia. As of December 31, 2024, there were four states in which 5.0% or more of our gross written premiums were concentrated: California (21.0%), Florida (16.2%), Texas (12.8%), and New York (6.4%).</font>
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            <font style="letter-spacing:0.25pt;">Our diversified and expansive distribution strategy centers around the principle of giving our distribution partners an efficient, consistent, and simplified way of doing business with us. The key to this is our single appointment contract, which gives our distribution partners access to all our channels, resulting in a greater flow of business per partner. We categorize our products as either Brokerage or Small Business. Brokerage is comprised of medium-sized accounts with limited-to-moderate complexity; Small Business is comprised of more standardized risks with smaller premium amounts and lower policy limits than Brokerage. Although wholesale brokers tend to focus on our Brokerage channel and wholesale agents on our Small Business channel, through our unified contract we can provide distribution partners with access to both, which increases our revenue opportunities. Another pillar of our distribution strategy is our rapid response times, enabled in part by our digital platform. For instance, in our Brokerage channel we use automation and risk-scoring models to accelerate the intake process and route transactions to the most efficient and optimal underwriting method. For our Small Business channel, our distribution partners use our cloud-based underwriting engine that automatically defines and manages data requirements, forms, pricing, and risk appetite.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">We partner with technology-forward and innovative distribution partners who are leaders in their respective markets and choose us as their partner in this process. We have significantly invested in gaining access to a broader distribution network, increasing the number of agents and brokerage teams with whom we work from 180 distribution partners as of December&#160;31, 2021 to 460 distribution partners as of December&#160;31, 2024. Our in-house distribution team, which is focused on developing and maintaining our distributor relationships, diligently expands our network by onboarding new distribution partners who have books of business that match our risk appetite. We believe our distribution relationships are highly diversified and less concentrated than our E&amp;S competitors, with the three largest wholesale distribution corporations in the United States representing 48% of our gross written premiums written for the year ended December&#160;31, 2024. The following charts reflect the growth of our distribution partners as of December 31 over the last three&#160;years, as well as our premiums by distribution channel for the year ended December&#160;31, 2024:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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                    <font style=" text-decoration:underline #000000 solid;letter-spacing:0.25pt;">Number of Distribution Partners</font>
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                    <font style=" text-decoration:underline #000000 solid;font-size:10pt;letter-spacing:0.25pt;">Premium by Channel</font><font style=" position:relative; bottom:4.25pt;letter-spacing:0.188pt;">(</font><font style=" position:relative; bottom:4.25pt;letter-spacing:0.188pt;">1</font><font style=" position:relative; bottom:4.25pt;letter-spacing:0.188pt;">)</font>
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              <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Based on policies written in the year ended December 31, 2024 derived from our internal systems.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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            <font style="letter-spacing:0.25pt;">We have a fully integrated internal claims management system that employs proactive strategies to manage claims thoughtfully and efficiently. Our internal claims team consists of specialized and experienced claims professionals, including lawyers, managers, and adjusters. Our claims team leverages our effective technology to process, analyze, and research incoming claims to rapidly determine each claim&#8217;s value and resolution path. We seek to settle valid claims expeditiously, but if we believe a claim may be frivolous, we thoroughly investigate it and, if needed, we challenge or litigate it. We use claims roundtables, a curated panel of third-party law firms, expense benchmarking systems, auditing procedures, and precise life-of-claim tracking to optimize outcomes for </font>
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            <font style="letter-spacing:0.25pt;">our insureds and stakeholders. We believe that our holistic and proactive approach, grounded in analytical conviction, allows us to act decisively and protect against inflationary pressures on losses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">We believe having a strong balance sheet is critical for our long-term success and enhancing our partners&#8217; confidence in our business. As such, we have deliberately maintained a conservatively capitalized balance sheet with zero financial leverage, which supports the &#8220;A-&#8221; &#8203;(Excellent) financial strength rating from A.M. Best assigned to both Ategrity Specialty and to Ategrity Ltd. Our well-capitalized balance sheet is complemented by rigorous reserve practices. For example, we have minimal exposure to pre-2020 reserves and frequently and proactively review the adequacy of our reserves using various methodologies: daily tracking of claims volumes relative to underlying reserving assumptions, monthly claim-by-claim reserving evaluations, quarterly and year-end studies, quarterly designated committee reviews of actual versus expected losses, and quarterly frequency and severity loss analyses. We also use independent actuaries to assess the strength of our reserves. Given our focus on shorter-tail lines, we believe we have more visibility into claims patterns and the strength of our underlying reserves compared to other specialty peers that have longer tails and less visibility into losses and future claims.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Our business commenced operations in 2018 and we have a limited operating history as a result. See &#8220;Risk factors&#8212;Risks related to our growth&#8212;Our limited operating history makes it difficult to evaluate our current business performance, implementation of our business model and our future prospects.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.3pt;">Our competitive strengths</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Exclusive focus on E&amp;S market, targeting smaller accounts.</font><font style="letter-spacing:0.25pt;"> We operate exclusively in the E&amp;S market, a specialty segment of insurance that has outpaced the growth in the admitted lines market over the last ten&#160;years. The E&amp;S market involves lines of insurance which are generally unavailable from admitted insurers due to perceived risk related to the insured&#8217;s business and which, consequently, are placed by surplus lines agents or brokers with insurers that are not admitted in the subject jurisdiction. This non-admitted market comprises companies not licensed to transact the business of insurance in a particular U.S. jurisdiction but that are permitted to issue insurance policies only in accordance with an exemption from insurance licensing laws, for example, through an E&amp;S lines broker licensed in that jurisdiction. In contrast to the admitted market, the E&amp;S market provides insurers regulatory flexibility with regard to underwriting standards, forms, and pricing, which we use to design optimized product offerings and underwriting strategies. While E&amp;S insurers are often subject to special licensing, surplus lines tax, and/or due diligence requirements by the home state of the insured, they may rely on third-party surplus lines brokers to facilitate compliance with such laws and regulations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Within the E&amp;S market, we specialize in solving the needs of SMBs in targeted segments or verticals. We believe the SMB segment tends to attract less competition than other segments due to the operational complexities required to efficiently serve this low-premium and high-volume market niche. Brokers and agents operating in this segment demand ease of use, rapid execution, and consistent underwriting capacity from insurers, and we believe we are poised to deliver these on a consistent basis.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Productionized underwriting supported by efficient operating platform</font><font style="font-weight:bold;letter-spacing:0.25pt;">. </font><font style="letter-spacing:0.25pt;">We purposefully built our platform with the holistic goal of productionizing underwriting to efficiently address the unique needs of smaller accounts within the E&amp;S market. We combine deep technical underwriting with a highly efficient operating platform, supported by technology, to make timely, consistent, and precision-oriented underwriting decisions. We achieve this through sophisticated and data-driven risk segmentation and by utilizing meticulously crafted pricing models, thoughtfully designed products, and uniform underwriting guidelines. We aim to accurately and efficiently price risks that are within our risk appetite, rather than customize coverage for risks outside of our segmentation or other risk criteria. We designed and built our operating platform to be highly efficient and scalable. We automate repeatable underwriting tasks, such as submission processing, risk grading, and document generation, so our underwriters can focus on rapidly analyzing individual risks and delivering accurate and timely quotes. For example, our service delivery platform is capable of parsing unstandardized policy submissions by assembling data and applicant information into digital files which are analyzed by our underwriters. We believe our productionized approach to underwriting provides us with a strong competitive advantage to efficiently serve smaller E&amp;S accounts.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Growing and diversified distribution relationships driven by speed, consistency, and ease-of-use</font><font style="letter-spacing:0.25pt;">. We currently maintain relationships with 460 distribution partners as of December&#160;31, 2024. We believe our distribution relationships are highly diverse and less concentrated than our E&amp;S competitors, with the three largest wholesale distribution corporations in the United States representing 48% of our gross written premiums written for the year ended December&#160;31, 2024. We have significantly grown the number of our distribution relationships from 180 distribution partners as of December&#160;31, 2021 to 460 distribution partners as of December&#160;31, 2024. We can intake a high volume of submissions from our expansive distribution network, evaluate them quickly, and generate bindable quotes on the basis of our consistently defined risk appetite. We believe that our technology-driven approach to distribution is especially attractive to the next generation of innovative and digital-native brokers and agents, who we believe will have a growing presence in the SMB segment of the E&amp;S market.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Fully integrated claims management.</font><font style="font-weight:bold;letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.25pt;">We believe that disciplined and efficient claims management is key in maintaining lower loss and loss adjustment ratios. We have built an in-house team of specialized and experienced claims professionals including lawyers, managers, and adjusters. We have built effective processes to identify optimal outcomes as efficiently as possible. Our in-house claims management team enables us to maintain full control over the claims adjustment process from the initial notice of claim to its resolution, allowing us to promptly evaluate incoming claims and swiftly determine the appropriate resolution path. If the claim is valid, we seek to settle it expeditiously. However, if we believe a claim may be frivolous, we thoroughly investigate and, if needed, will challenge or litigate.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Active risk management approach.</font><font style="letter-spacing:0.25pt;"> We believe that active risk management is key to our long-term profitability and success given our focus on underwriting diversified specialized risks. We continuously monitor our aggregate exposures using sophisticated data analytics tools to ensure we are building an appropriately balanced and diversified book of business that is within our risk appetite. Our risk auditing capabilities ensure that we rapidly incorporate any deviations from our loss expectations in our prospective underwriting. We have limited net catastrophe exposure as we actively seek reinsurance protection from highly rated counterparties to manage our aggregated risk exposures and to protect our earnings and balance sheet from potential volatility.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Well-capitalized balance sheet with minimal pre-2020 reserves.</font><font style="letter-spacing:0.25pt;"> We have a conservatively capitalized balance sheet and zero financial leverage which supports the &#8220;A-&#8221; &#8203;(Excellent) financial strength rating from A.M. Best assigned to both Ategrity Specialty and to Ategrity Ltd. In addition, we have minimal exposure to pre-2020 reserves and have benefited from the current favorable pricing environment. Furthermore, our underwriting strategy focuses on shorter-tail and frequency-driven exposures where claims are reported quickly and are subject to conservative policy limits. Our reserving process is rigorous and has regular reviews of our actuarial estimates in consultation with independent experts. We believe our focus on smaller-account and shorter-tail products helps give us high visibility into, and confidence in, our reserves.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.3pt;">Our strategy</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Develop distinguished expertise in our core focus areas.</font><font style="letter-spacing:0.25pt;"> Our strategy begins with developing strong expertise in our targeted classes and geographies within the E&amp;S market. We thoroughly assess and evaluate the unique characteristics and prospective loss costs of each vertical we serve, which enables us to clearly define our risk appetite. We believe our ability to micro-segment our targeted lines of business through data-driven risk modeling allows us to achieve higher-precision underwriting and find attractive opportunities that fit our return expectations and appetite. By gaining deep and data-driven insights, we are able to design tailored insurance solutions that we believe position us as the preferred insurer among our distribution partners in our core focus areas.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Deliver a consistent value proposition to our clients.</font><font style="letter-spacing:0.25pt;"> We attract and retain distribution partners by providing them with a compelling and consistent value proposition. We have designed an intelligent underwriting framework built around a pre-defined client profile and standardized products. By having clearly specified rules and criteria for pre-qualifying risks as well as defined information requirements, we can move swiftly without burdening our clients with excessive information requirements. In addition, our service delivery platform simplifies, streamlines, and automates easily executable underwriting tasks, which contributes to providing a seamless experience for our </font>
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            <font style="letter-spacing:0.25pt;">distribution partners. Moreover, our multi-faceted distribution strategy, which is enabled by a single appointment contract, provides our distribution partners with potential access to all our distribution channels. Our focus on providing broad access with a consistent and high-quality level of service is a key driver of long-lasting relationships with our clients.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Pursue targeted growth initiatives with product, industry, and distribution expansion.</font><font style="letter-spacing:0.25pt;"> We believe we are well-positioned to continue our profitable growth and expand our share of the E&amp;S market through methodical expansion into new products and industry verticals. When we approach a new industry vertical, we typically begin with selective underwriting in the small business market, where we aim to collect a robust dataset that provides us with unique insights on products, pricing, and risk attributes. We follow this by expanding more broadly and repeating the process in the mid-sized business market. In addition to introducing new products and industry verticals, we seek to establish new distribution partnerships with firms that are aligned with our innovative vision and recognize the value of our data-driven and productionized underwriting approach. This will further broaden our market reach and diversify our business sources without compromising profitability.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Continued investment in enhancing our technology to drive innovation and efficiency.</font><font style="letter-spacing:0.25pt;"> We are continuously investing in technology to enhance our underwriting capabilities and interactions with our distribution partners. Innovations in automation, data analytics, and products are directly linked to our mission of delivering high-quality and scalable underwriting and offering unparalleled ease of use. Ategrity Select is our proprietary solution through which we pre-underwrite specific classes of business, enabling our distribution partners to bind quotes in as little as a few minutes. We plan to leverage Ategrity Select to grow into new verticals. Another example is our administration system, AtegrityOne, which is designed to swiftly adapt to change, such as the introduction of new products and pricing, thereby enabling us to provide cost-effective support for new targeted classes with agility and scalability.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Achieve strong returns on capital for our stockholders</font><font style="font-weight:bold;letter-spacing:0.25pt;">.</font><font style="letter-spacing:0.25pt;"> Our principal goal is to achieve strong risk-adjusted returns for our stockholders by delivering attractive underwriting results through the cycle. By targeting smaller-account business and leveraging our productionized underwriting approach, we believe we can generate superior underwriting results through market cycles. We use deep data insights to form our own view of risks and execute promptly when opportunities arise. We only pursue opportunities that align with our risk appetite and where we expect underwriting profitability to meet or exceed our internal return thresholds.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.3pt;">Investments</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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            <font style="letter-spacing:0.25pt;">We seek to maintain a balanced investment portfolio that produces stable and attractive risk-adjusted returns. We generally aim to match the duration of our fixed income investment portfolio to the duration of our insurance liabilities, with a large portion of the portfolio allocated to maintaining sufficient readily available funds to pay claims and expenses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Our portfolio is primarily composed of cash and cash equivalents and investment-grade fixed income securities, supplemented by our Utility &amp; Infrastructure Investments. These investments currently consist of an allocation to the Absolute Return Utility &amp; Infrastructure Fund, which is managed by our affiliate, the Investment Manager, and which employs a long/short strategy that seeks to deliver uncorrelated, absolute returns in all market conditions, primarily through investments in yield-oriented securities in lower-volatility sectors such as utilities, pipelines, infrastructure, and real estate. We believe that by allocating a portion of our assets to Utility &amp; Infrastructure Investments, we can achieve more consistent total returns in our aggregate portfolio, particularly in a market environment characterized by increasing volatility in interest rates and security prices, as seen in recent&#160;years. For example, as a result of its focus on lower-volatility sectors and disciplined risk management, the Absolute Return Utility &amp; Infrastructure Fund has not experienced an annual loss in over 25&#160;years. Nonetheless, the Utility &amp; Infrastructure Investments are speculative, entail substantial risks, and are subject to various conflicts of interest. For example, the Utility &amp; Infrastructure Investments are made through various commingled investment vehicles that are managed on behalf of multiple clients of the Investment Manager, and while we think the strategy is well matched for our investment objectives, it was not specifically designed for our financial objectives or anticipated insurance and reinsurance liabilities. See &#8220;Risk Factors&#8212;Risks related to our investment strategy&#8221;.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">7</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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              <font style="letter-spacing:0.25pt;">On March 31, 2025, Ategrity Specialty Holdings LLC and Ategrity Ltd redeemed an aggregate of $94&#160;million from the Absolute Return Utility &amp; Infrastructure Fund and on March 31, 2025, Ategrity Specialty Holdings LLC and Ategrity Ltd, as lenders, executed a Loan Agreement that was amended and restated on April 5, 2025 (the &#8220;ZIS Loan&#8221;) with ZIS, an employee benefits company that is wholly owned by ZFSG, as the borrower and a Guarantee and Pledge Agreement with ZFSG (the &#8220;Guaranty&#8221;). The ZIS Loan is guaranteed by ZFSG and secured by the shares ZFSG holds in ZIS and &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common stock held by ZFSG. See &#8220;Certain relationships and related party transactions&#8212;Related Party Loan.&#8221; The ZIS Loan provides for a fixed interest rate of 5.5%, payable annually in cash. As of December 31, 2024, after giving effect to the ZIS Loan and the AtegrityOne Transaction, and assuming the proceeds from this offering are invested in fixed-income securities (using an assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the range we show on the cover of this prospectus), approximately &#8199;&#8199;&#8199;&#8199;% of our portfolio assets will be allocated to the Utility &amp; Infrastructure Investments and the remainder will be invested in fixed-rate investments, including the ZIS Loan. The purpose of our entry into the ZIS Loan is to replace the variable income from the Absolute Return Utility &amp; Infrastructure Investments Fund with fixed income in the form of the ZIS Loan. For a description of the risks associated with the ZIS Loan, see &#8220;Risk Factors&#8212;Risks related to our investment strategy&#8212;The ZIS Loan is a Related Party Transaction and is subject to the credit risk of an investment in ZIS and ZFSG.&#8221;</font>
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          <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
            <font style="letter-spacing:0.3pt;">Summary of risk factors</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Investing in our common stock involves substantial risk. The risks described under the heading &#8220;Risk factors&#8221; immediately following this summary may cause us to not realize the benefits of our strengths or may cause us to be unable to successfully execute all or part of our strategy. Some of the more significant risks include:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">If we are unable to underwrite risks accurately and charge competitive yet profitable rates to our policyholders, our business, financial condition, and results of operations will be adversely affected.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Competition for business in our industry is intense.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">We may be unable to obtain reinsurance coverage at reasonable prices or on terms that adequately protect us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">We are subject to reinsurance counterparty credit risk.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Our loss reserves may be inadequate to cover our actual losses, which could have an adverse effect on our financial condition, results of operations, and cash flows.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Given the inherent uncertainty of models, the usefulness of such models as a tool to evaluate risk is subject to a high degree of uncertainty that could result in actual losses that are materially different than our estimates. A deviation from our loss estimates may adversely impact, perhaps significantly, our financial results.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">A decline in the financial strength rating or financial size category assigned to Ategrity Specialty or to Ategrity Ltd may adversely affect the amount of business we write and thus our business, financial condition, and results of operation.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">We rely on a select group of brokers, and such relationships may not continue.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">Because our business depends on wholesale agents and brokers, we are exposed to certain risks arising out of our reliance on these distribution channels that could adversely affect our results.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Unexpected changes in the interpretation of our coverage or provisions, including loss limitations and exclusions, in our policies could have an adverse effect on our business, financial condition, and results of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">&#8226;</font>
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            <font style="letter-spacing:0.25pt;">Our failure to accurately pay claims in a timely manner and to monitor and detect fraud could adversely affect our business, financial condition, results of operations, and prospects.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Adverse economic factors, including recession, inflation, periods of high unemployment, or lower economic activity could result in the sale of fewer policies than expected or an increase in frequency or severity of claims and premium defaults, and even the falsification of claims, or a combination of these effects, which, in turn, could affect our growth and profitability.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <div style=" line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">The insurance business is historically cyclical in nature, and we believe we are currently experiencing a relatively hard market cycle, which may affect our financial performance and cause our results of operation to vary from quarter to quarter and may not be indicative of future performance.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">We are subject to extensive regulation, which may adversely affect our ability to achieve our business objectives. In addition, if we fail to comply with these regulations, we may be subject to penalties, including fines and suspensions, which may adversely affect our financial condition and results of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Our business, prospects, financial condition, or results of operations may be adversely affected by the performance of our investment portfolio or reductions in the aggregate value of our investment portfolio.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Our investment portfolios and their performance substantially depend on the ability the Investment Manager to select and manage appropriate investments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.3pt;">Our structure</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">We are the 100% owner of Ategrity Specialty, which is a Delaware-domiciled insurance company that writes excess and surplus lines insurance in the United States. We are also the 100% owner of our direct subsidiary, Ategrity Specialty Holdings Limited, which is the 100% owner of Ategrity Ltd, a provider of specialty property and casualty reinsurance products to Ategrity Specialty.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">The chart below displays our simplified corporate structure, after giving effect to this offering:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <img src="fc_ourstruct-4c.jpg" alt="[MISSING IMAGE: fc_ourstruct-4c.jpg]" height="407" width="492" >
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            <font style="letter-spacing:0.3pt;">Corporate information</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Our address is 9 West 57</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.188pt;">th</font><font style="letter-spacing:0.25pt;"> Street, 33</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.188pt;">rd</font><font style="letter-spacing:0.25pt;"> Floor, New York NY 10019 and our telephone number is (212) 509-1600. Our website is https://ategrity.com. The information on our website is not part of this prospectus.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
            <font style="letter-spacing:0.3pt;">Implications of being an emerging growth company</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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            <font style="letter-spacing:0.25pt;">As a company with less than $1.235&#160;billion in revenue during our last fiscal year, we qualify as an &#8220;emerging growth company&#8221; as defined in the Jumpstart Our Business Startups Act (the &#8220;JOBS Act&#8221;), enacted in April&#160;2012. </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">9</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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            <font style="letter-spacing:0.25pt;">An emerging growth company may take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">being permitted to present only two&#160;years of audited financial statements and only two&#160;years of related disclosure in our &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8221; in our periodic reports and registration statements, including this prospectus;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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            <font style="letter-spacing:0.25pt;">not being required to comply with the auditor attestation requirements of Section&#160;404 of the Sarbanes-Oxley Act of 2002, as amended (the &#8220;Sarbanes-Oxley Act&#8221;);</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements, and registration statements, including this prospectus; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

            <div style="margin-top:8pt; width:456pt; line-height:13pt;">
              <font style="letter-spacing:0.25pt;">We may take advantage of these provisions until the last day of our fiscal year following the fifth anniversary of the date of the first sale of our common equity securities pursuant to an effective registration statement under the Securities Act. Such fifth anniversary will occur in 2030. However, if certain events occur prior to the end of such five-year period, including if we become a &#8220;large accelerated filer,&#8221; our gross revenues for any fiscal year equal or exceed $1.235&#160;billion or we issue more than $1.0&#160;billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company prior to the end of such five-year period.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">We have elected to take advantage of certain of the reduced disclosure obligations in this prospectus and may elect to take advantage of other reduced reporting requirements in our future filings with the SEC. As a result, the information that we provide to our stockholders may be different than what you might receive from other public reporting companies in which you hold equity interests.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">We have elected to avail ourselves of the provision of the JOBS Act that permits emerging growth companies to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. As a result, we will not be subject to new or revised accounting standards at the same time as other public companies that are not emerging growth companies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">For additional information, see &#8220;Risk factors&#8212;Risks related to this offering and ownership of our common stock&#8212;We qualify as an emerging growth company, and any decision on our part to comply with reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors.&#8221; </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">10</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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            <font style="letter-spacing:0.4pt;">The offering</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
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            <div style="margin-left:9pt; text-indent:-9pt; margin-top:6pt; line-height:11.5pt;font-weight:bold;">
              <font style="letter-spacing:0.25pt;">Common stock offered by us in this offering</font><font style="font-weight:normal;letter-spacing:0.25pt;"> </font>
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            <div style="margin-left:204pt; margin-top:-12pt; width:252pt; line-height:13pt;">
              <font style="letter-spacing:0.25pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares (or &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares if the underwriters exercise their option to purchase additional shares in full).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <div style="margin-left:9pt; text-indent:-9pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:0.25pt;">Common stock to be outstanding immediately after this offering</font><font style="font-weight:normal;letter-spacing:0.25pt;"> </font>
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            <div style="margin-left:204pt; margin-top:-12pt; width:252pt; line-height:13pt;">
              <font style="letter-spacing:0.25pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares (or &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares if the underwriters exercise their option to purchase additional shares in full).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <div style="margin-left:9pt; text-indent:-9pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:0.25pt;">Underwriters&#8217; option to purchase additional shares</font><font style="font-weight:normal;letter-spacing:0.25pt;"> </font>
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            <div style="margin-left:204pt; margin-top:-12pt; width:252pt; line-height:13pt;">
              <font style="letter-spacing:0.25pt;">The underwriters have an option for a period of 30 days from the date of this prospectus to purchase up to an additional &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common stock to cover over-allotments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <div style="margin-left:9pt; text-indent:-9pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:0.25pt;">Use of proceeds</font><font style="font-weight:normal;letter-spacing:0.25pt;"> </font>
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            <div style="margin-left:204pt; margin-top:-12pt; width:252pt; line-height:13pt;">
              <font style="letter-spacing:0.25pt;">We estimate that the net proceeds to us from this offering will be approximately $&#8199;&#8199;&#8199;&#8199; million (or approximately $&#8199;&#8199;&#8199;&#8199;&#8199; million if the underwriters exercise their option to purchase additional shares in full), after deducting underwriting discounts and commissions and estimated offering expenses payable by us, based on an assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the price range set forth on the cover page of this prospectus.</font>
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          <div style="margin-left:204pt; margin-top:8pt; width:252pt; line-height:13.5pt;">
            <font style="letter-spacing:0.25pt;">The principal purposes of this offering are to increase our capitalization and financial flexibility and to create a public market for our common stock. We intend to use the net proceeds from this offering as capital to grow our business and for other general corporate purposes. We initially intend to invest such net proceeds in fixed income securities. See &#8220;Use of proceeds.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <div style="margin-left:9pt; text-indent:-9pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:0.25pt;">Controlled Company</font><font style="font-weight:normal;letter-spacing:0.25pt;"> </font>
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          <div style="margin-left:204pt; margin-top:-12pt; width:252pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">Upon completion of this offering, ZFSG will continue to own more than a majority of the voting power of our shares of common stock entitled to vote in the election of our directors. As a result, we will be a &#8220;controlled company&#8221; as defined under the corporate governance rules of the NYSE and will be exempt from certain corporate governance requirements of such rules. ZFSG and its affiliates will also be able to exert significant influence over the vote in any election of directors and any amendment of our charter. See &#8220;Risk factors&#8212;Risks related to this offering and ownership of our common stock&#8212;We will be a &#8220;controlled company&#8221; within the meaning of the rules of the NYSE and, as a result, will qualify for, and rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements&#8221;, &#8220;Risk factors&#8212;Risks related to this offering and ownership of our common stock&#8212;ZFSG and its affiliates will be able to exert significant influence over us and our corporate decisions&#8221;, and &#8220;Management&#8212;Director independence and controlled company exemption.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.188pt;">&#160;</font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">11</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
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      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;margin-bottom:16pt; margin-left:12pt;width:456pt;">
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            <div style="margin-left:9pt; text-indent:-9pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:0.25pt;">Dividend policy</font><font style="font-weight:normal;letter-spacing:0.25pt;"> </font>
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          <div style="margin-left:204pt; margin-top:-12pt; width:252pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">We do not anticipate paying any dividends in the foreseeable future. Any determination to pay dividends or other distributions in the future will be at the discretion of our board of directors, subject to applicable laws. The ability of our insurance or reinsurance subsidiaries to pay dividends to us is subject to limits under insurance laws of the state or foreign jurisdiction in which Ategrity Specialty or Ategrity Ltd is domiciled. See &#8220;Dividend policy.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <div style="margin-left:9pt; text-indent:-9pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:0.25pt;">Listing</font><font style="font-weight:normal;letter-spacing:0.25pt;"> </font>
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          <div style="margin-left:204pt; margin-top:-12pt; width:252pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">We have applied to list our common stock on the NYSE, under the symbol &#8220;ASIC.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <div style="margin-left:9pt; text-indent:-9pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:0.25pt;">Risk factors</font><font style="font-weight:normal;letter-spacing:0.25pt;"> </font>
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          <div style="margin-left:204pt; margin-top:-12pt; width:252pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">You should read the &#8220;Risk factors&#8221; section beginning on page&#160;<a href="#tRIFA">16</a> of this prospectus for a discussion of factors to carefully consider before deciding to invest in shares of our common stock.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <div style="margin-left:9pt; text-indent:-9pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:0.25pt;">Directed share program</font>
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            <div style="margin-left:204pt; margin-top:-12pt; width:252pt; line-height:13pt;">
              <font style="letter-spacing:0.25pt;">At our request, the underwriters have reserved for sale, at the initial public offering price, up to &#8199;&#8199;&#8199;&#8199;% of the shares offered by this prospectus, excluding the additional shares that the underwriters have an option to purchase, for sale to certain of our employees, certain of our directors and certain other parties. Shares purchased in such directed share program will be subject to the 180-day lock-up restriction described in the section of this prospectus titled &#8220;Underwriting.&#8221; The number of shares of common stock available for sale to the general public will be reduced to the extent these individuals purchase such reserved shares. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. J.P. Morgan Securities LLC will administer our directed share program. See &#8220;Underwriting&#8212;Directed Share Program.&#8221;</font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">Unless otherwise indicated and except for our historical consolidated financial information and our historical consolidated financial statements and related notes included elsewhere in this prospectus, the information in this prospectus:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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            <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
              <font style="letter-spacing:0.25pt;">reflects a &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;-for-1 conversion of each of the outstanding units of Ategrity Specialty Holdings LLC in connection with the Corporate Conversion (as defined herein);</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">assumes the filing of our articles of conversion containing our articles of incorporation with the Nevada Secretary of State and the adoption of our bylaws in connection with the consummation of the offering;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
              <font style="letter-spacing:0.25pt;">&#8226;</font>
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            <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
              <font style="letter-spacing:0.25pt;">assumes that the initial public offering price of the common stock will be $&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the range we show on the cover of this prospectus; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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            <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
              <font style="letter-spacing:0.25pt;">assumes no exercise by the underwriters of their option to purchase up to an additional &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <div style="margin-top:8pt; width:456pt; line-height:13pt;">
              <font style="letter-spacing:0.25pt;">In addition, except as otherwise indicated, all information contained in this prospectus relating to the number of shares of common stock to be outstanding reflects &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares outstanding immediately after this offering, after giving effect to the sale of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares in this offering, and excludes:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
            </div>


            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
              <font style="letter-spacing:0.25pt;">&#8226;</font>
              <br >
            </div>
            <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
              <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock issuable upon the exercise of Tranche 1 warrants held by ZFSG with an exercise price of approximately $&#8199;&#8199;&#8199;&#8199;&#8199; per share;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
            </div>
            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        </div>
        <div style="clear:both;font-size:0pt;">&#8203;</div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
            <font style="letter-spacing:0.188pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">12</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;min-height:660pt;margin-left:12pt;width:456pt;">

            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            <div style=" float:left; line-height:13pt; text-align:left; width:8pt;white-space:nowrap;">
              <font style="letter-spacing:0.25pt;">&#8226;</font>
              <br >
            </div>
            <div style=" line-height:13pt; text-align:left; margin-left:8pt;">
              <font style="letter-spacing:0.25pt;">An aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock issuable upon the exercise of Tranche 2 warrants held by ZFSG with an exercise price of approximately $&#8199;&#8199;&#8199;&#8199;&#8199; per share;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
            </div>
            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
              <font style="letter-spacing:0.25pt;">&#8226;</font>
              <br >
            </div>
            <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
              <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock issuable upon the exercise of options outstanding under our Equity Incentive Plan, effective as of February&#160;5, 2019 and amended as of January&#160;1, 2024 (the &#8220;2019 Plan&#8221;) with a weighted average exercise price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share, as of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, 2025;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
            </div>
            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
              <font style="letter-spacing:0.25pt;">&#8226;</font>
              <br >
            </div>
            <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
              <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock reserved for issuance under the 2025 Incentive Plan (the &#8220;2025 Plan&#8221;), that will become effective in connection with this offering;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
            </div>
            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
              <font style="letter-spacing:0.25pt;">&#8226;</font>
              <br >
            </div>
            <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
              <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock (based on an assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the price range set forth on the cover page of this prospectus) issuable upon vesting of restricted stock units expected to be granted to certain of our directors in connection with this offering under the 2025 Plan; and</font>
            </div>
            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">the 2025 Plan also provides for automatic annual increases in the number of shares reserved thereunder.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">See &#8220;Executive and director compensation&#8212;Equity incentive plans&#8221; for more information. </font>
          </div>
        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
            <font style="letter-spacing:0.188pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">13</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;margin-bottom:36.5pt; margin-left:12pt;width:456pt;">
          <div style="width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
            <font style="letter-spacing:0.3pt;">Summary consolidated financial and other data</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
          </div>
          <div style="margin-top:8pt; width:456pt; line-height:13pt;font-style:italic;">
            <font style="letter-spacing:0.25pt;">The following tables present our summary consolidated financial and other data, at the dates and for the periods indicated. The summary consolidated financial and other data set forth below as of and for the&#160;years ended December&#160;31, 2024 and 2023 have been derived from our consolidated financial statements, included elsewhere in this prospectus.</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="margin-top:8pt; width:456pt; line-height:13pt;font-style:italic;">
            <font style="letter-spacing:0.25pt;">These historical results are not necessarily indicative of the results that may be expected for any future period. The following information is only a summary and should be read in conjunction with the section entitled &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8221; and our consolidated financial statements and the accompanying notes included elsewhere in this prospectus.</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:332.51pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt; width:0pt;" colspan="10">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Year ended</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">December&#160;31, </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.225pt;">($ in thousands, except&#160;percentages) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">2024 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">2023 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:3pt 0pt 1.75pt 0pt; width:332.51pt;text-align:left;">
                <font style="letter-spacing:0.25pt;">Revenues:</font>
              </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Gross written premiums </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">437,036</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">352,591</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Ceded written premiums </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">(137,830<font style="position:absolute;">)</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">(84,375<font style="position:absolute;">)</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:3pt 0pt 2.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="margin-left:10pt;">
                  <font style="letter-spacing:0.25pt;">Net written premiums </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">299,206</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">268,216</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:3pt 0pt 1.75pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Net premiums earned </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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 1.75pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">290,635</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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 1.75pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">231,464</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Fee income </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">918</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">660</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Net investment income </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">24,046</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">11,366</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Net realized and unrealized gains (losses) on investments </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">28,140</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">(2,269<font style="position:absolute;">)</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Other income </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">95</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">95</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:3pt 0pt 2.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:0.25pt;">Total revenues</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">343,834</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">241,316</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:7.25pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <font style="letter-spacing:0.25pt;">Expenses:</font>
              </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Losses and loss adjustment expenses </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">175,234</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">154,107</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Underwriting, acquisition and insurance expenses </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">98,567</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">72,155</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Interest expense</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">2,042</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">2,237</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Other expenses </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">1,727</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">196</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:3pt 0pt 2.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:0.25pt;">Total expenses</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">277,570</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">228,695</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:7.25pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:0.25pt;">Income before income taxes</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:7.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:7.25pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">66,264</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:7.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:7.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">12,621</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Income tax expense (benefit) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">12,316</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">2,518</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:3pt 0pt 1.75pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:0.25pt;">Net income</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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 1.75pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">53,948</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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 1.75pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">10,103</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Less: Net income attributable to non-controlling interest&#8211;General Partner </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">6,858</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">55</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:3pt 0pt 3.25pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:0.25pt;">Net income attributable to members</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">47,090</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">10,048</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:6.75pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <font style="letter-spacing:0.25pt;">Selected balance sheet data:</font>
              </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Investments, cash and cash equivalents </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">788,459</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">617,585</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Premium receivable, net </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">53,500</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">49,103</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Deferred policy acquisition costs, net </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">21,552</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">23,245</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Reinsurance recoverables, net </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">133,616</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">125,671</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Ceded unearned premiums </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">68,205</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">37,852</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:0.75pt solid #000000; ;padding:3pt 0pt 8pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:0.25pt;">Total assets</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:3pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:37.5pt; text-align:right; white-space:nowrap;">1,123,438</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:3pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:3pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:30.75pt; text-align:right; white-space:nowrap;">882,042 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:8pt;">&#8203;</td>
            </tr>
          </table>
        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
            <font style="letter-spacing:0.188pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">14</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;min-height:660pt;margin-left:12pt;width:456pt;">
          <table style="width:456pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:332.51pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt; width:0pt;" colspan="10">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Year ended</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">December&#160;31, </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.225pt;">($ in thousands, except&#160;percentages) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">2024 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">2023 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:3pt 0pt 1.75pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Reserves for unpaid losses and loss adjustment expenses </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:8.09999999999999pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:3pt 0pt 1.75pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">403,576</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:3pt 0pt 1.75pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">320,936</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Unearned premiums </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:8.09999999999999pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">212,828</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">173,905</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Payable to reinsurers </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:8.09999999999999pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">27,160</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">15,669</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:0.25pt;">Total liabilities</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:8.09999999999999pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">724,631</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">559,845</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:0.25pt;">Total members&#8217; equity</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:8.09999999999999pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">398,307</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">321,697</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:7.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <font style="letter-spacing:0.25pt;">Key Operating and Financial Metrics:</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:8.09999999999999pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Loss ratio</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(2)</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0.5pt 3.5pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">60.3%</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0.5pt 3.5pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">66.6%</font>
                </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Expense ratio</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(3)</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0.5pt 3.5pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">33.6%</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0.5pt 3.5pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">30.9%</font>
                </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:0.25pt;">Combined ratio</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(4)</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0.5pt 3.5pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">93.9%</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0.5pt 3.5pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">97.5%</font>
                </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Return on members&#8217; equity </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0.5pt 3.5pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">13.1%</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0.5pt 3.5pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">3.4%</font>
                </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:7.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Other Data/Non-GAAP Metrics:</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:8.09999999999999pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Underwriting income</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(5)</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:8.09999999999999pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">17,752</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">5,862</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Adjusted net income attributable to members</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(6)</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:8.09999999999999pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">48,266</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">10,048</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 8pt 0pt; width:332.51pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Adjusted return on members&#8217; equity</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(7)</font>
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              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0.5pt 8pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">13.4%</font>
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              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0.5pt 8pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">3.4%</font>
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              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:8pt;">&#8203;</td>
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            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Consists of fees on our letter of credit agreements. See &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8212;</font>&#8203;<font style="letter-spacing:0.188pt;">Liquidity and capital resources.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font></div>
          <div style="margin-top:5.5pt; width:456pt; line-height:7pt;font-size:7.5pt;">
            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(2)</font><font style="letter-spacing:0.188pt;"> The loss ratio is the ratio, expressed as a&#160;percentage, of losses and loss adjustment expenses to net premiums earned.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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          <div style="margin-top:5.5pt; width:456pt; line-height:9pt;font-size:7.5pt;">
            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(3)</font><font style="letter-spacing:0.188pt;"> The expense ratio is the ratio, expressed as a&#160;percentage, of underwriting, acquisition, and insurance expenses less fee income to net premiums earned.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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          <div style="margin-top:5.5pt; width:456pt; line-height:7pt;font-size:7.5pt;">
            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(4)</font><font style="letter-spacing:0.188pt;"> The combined ratio is the sum of the loss ratio and the expense ratio.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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          <div style="margin-top:5.5pt; width:456pt; line-height:9pt;font-size:7.5pt;">
            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(5)</font><font style="letter-spacing:0.188pt;"> Underwriting income is a non-GAAP financial measure. See &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8212;</font>&#8203;<font style="letter-spacing:0.188pt;">Reconciliation of non-GAAP financial measures&#8221; for a reconciliation of underwriting income to income before income taxes.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font></div>
          <div style="margin-top:5.5pt; width:456pt; line-height:9pt;font-size:7.5pt;">
            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(6)</font><font style="letter-spacing:0.188pt;"> Adjusted net income attributable to members is a non-GAAP financial measure. See &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8212;Reconciliation of non-GAAP financial measures&#8221; for a reconciliation of adjusted net income attributable to members to net income attributable to members.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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          <div style="margin-top:5.5pt; width:456pt; line-height:9pt;font-size:7.5pt;">
            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(7)</font><font style="letter-spacing:0.188pt;"> Adjusted return on members&#8217; equity is a non-GAAP financial measure. See &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8212;Reconciliation of non-GAAP financial measures&#8221; for a reconciliation of adjusted return on members&#8217; equity to return on members&#8217; equity.</font>
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        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
            <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">15</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tRIFA">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Risk factors</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, before deciding to invest in our common stock. The risks and uncertainties described below are not the only ones facing us. There may be additional risks and uncertainties of which we currently are unaware or currently believe to be immaterial. The occurrence of any of these risks could materially and adversely affect our business, financial condition, liquidity, results of operations, or prospects. In that event, the market price of our common stock could decline, and you could lose all or part of your investment.</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Risks related to our business and industry</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:10.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">If we are unable to underwrite risks accurately and charge competitive yet profitable rates to our policyholders, our business, financial condition, and results of operations will be adversely affected.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In general, the premiums for our insurance policies are established at the time a policy is issued and, therefore, before all of our underlying costs are known. Like other insurance companies, we rely on estimates and assumptions in setting our premium rates. Establishing adequate premium rates is necessary, together with investment income, to generate sufficient revenue to offset losses, loss adjustment expenses, and other underwriting costs and to earn a profit. If we do not accurately assess the risks that we assume, we may not charge adequate premiums to cover our losses and expenses, which would adversely affect our results of operations and our profitability. Alternatively, we could set our premiums too high, which could reduce our competitiveness and lead to lower revenues.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Pricing involves the acquisition and analysis of historical loss data and the projection of future trends, loss costs and expenses, and inflation trends, among other factors, for each of our products in multiple risk tiers and many different markets. In order to accurately price our policies, we must:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">collect and properly analyze a substantial volume of data from our insureds;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:0pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:0pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">develop, test, and apply appropriate actuarial projections and ratings formulas;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:0pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">closely monitor and timely recognize changes in trends; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:0pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:0pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">project both frequency and severity of our insureds&#8217; losses with reasonable accuracy.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We seek to implement our pricing accurately in accordance with our assumptions. Our ability to undertake these efforts successfully and, as a result, accurately price our policies, is subject to a number of risks and uncertainties, including:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">insufficient or unreliable data;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">incorrect or incomplete analysis of available data;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">uncertainties generally inherent in estimates and assumptions;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">our failure to implement appropriate actuarial projections and ratings formulas or other pricing methodologies; </font>
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        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">regulatory constraints on rate increases;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">our failure to accurately estimate investment yields and the duration of our liability for loss and loss adjustment expenses; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">unanticipated court decisions, legislation, or regulatory action.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Competition for business in our industry is intense.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We face competition from other specialty insurance companies, standard insurance companies, and underwriting agencies, as well as from diversified financial services companies that are larger than we are and that have greater financial, marketing, and other resources than we do. Some of these competitors also have longer experience and more market recognition than we do in certain lines of business. In addition, it may be difficult or </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">16</font>
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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        <div style="width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">prohibitively expensive for us to implement technology systems and processes that are competitive with the systems and processes of these larger companies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In particular, competition in the insurance industry is based on many factors, including price of coverage, the general reputation and perceived financial strength of the company, relationships with brokers, terms and conditions of products offered, ratings assigned by independent rating agencies, including any downgrades, withdrawal of ratings, or negative watch/outlooks, speed of claims payment and reputation, and the experience and reputation of the members of our underwriting team in the particular lines of insurance and reinsurance we seek to underwrite. See &#8220;Business&#8212;Competition.&#8221; In recent&#160;years, the insurance industry has undergone increasing consolidation, which may further increase competition. In particular, private equity sponsors have invested significantly into the insurance sector, and such investments may provide additional capital to our competitors. New competitors, whether newly formed insurers or competitors resulting from alliances or mergers among existing competitors, could emerge and gain significant market share, and some of our competitors may have or may develop a lower cost structure, adopt more aggressive pricing policies or provide services that gain greater market acceptance than the services that we offer or develop. Competitors may be able to respond to the need for technological changes and innovate faster, or price their services more aggressively. They may also compete for skilled professionals, finance acquisitions, fund internal growth, and compete for market share more effectively than we do.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">A number of new, proposed, or potential legislative or industry developments could further increase competition in our industry. For example, there has been an increase in capital-raising by companies with whom we compete, which could result in new entrants to our markets and an excess of capital in the industry. Additionally, the possibility of federal regulatory reform of the insurance industry could increase competition from standard carriers.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We may not be able to continue to compete successfully in the insurance markets. Increased competition in these markets could result in a change in the supply and demand for insurance, affect our ability to price our products at risk-adequate rates, and retain existing business, or underwrite new business on favorable terms. If this increased competition so limits our ability to transact business, our business, financial condition, and our results of operation could be adversely affected.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">We may be unable to obtain reinsurance coverage at reasonable prices or on terms that adequately protect us.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We use reinsurance to help manage our exposure to insurance risks. Reinsurance is a practice whereby one insurer, called the reinsurer, agrees to indemnify another insurer, called the ceding insurer, for all or part of the potential liability arising from one or more insurance policies issued by the ceding insurer. The availability and cost of reinsurance are subject to prevailing market conditions, both in terms of price and available capacity, which can affect our business volume and profitability. In addition, reinsurance programs are generally subject to renewal on an annual basis. We may not be able to obtain reinsurance on acceptable terms or from entities with satisfactory creditworthiness. In addition to using external reinsurers, we primarily use Ategrity Ltd, to reinsure our&#160;products. As of December&#160;31, 2024, 80% of Ategrity Specialty&#8217;s net written premium was ceded via a quota share arrangement to Ategrity Ltd. If we are unable to obtain new reinsurance facilities or to renew expiring facilities, our net exposures would increase. In such event, if we are unwilling to bear an increase in our net exposure, we would have to reduce the level of our underwriting commitments, which would reduce our revenues.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Many reinsurance companies have begun to exclude certain coverages from, or alter terms in, the reinsurance contracts we enter into with them. Some exclusions are with respect to risks that we cannot exclude in policies we write due to business or regulatory constraints. In addition, reinsurers are imposing terms, such as lower per occurrence and aggregate limits, on direct insurers that do not wholly cover the risks written by these direct insurers. As a result, we, like other direct insurance companies, write insurance policies which to some extent do not have the benefit of reinsurance protection. These gaps in reinsurance protection expose us to greater risk and greater potential losses. We may also write risks that do not fall within the coverage provided by our reinsurance contracts, or we may purchase types of reinsurance that inadequately cover our risks, and in such an event, we may be exposed to greater risk and greater potential losses. See also &#8220;Business&#8212;Reinsurance.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">We are subject to reinsurance counterparty credit risk.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The reinsurance contracts that we enter into to help manage our risks require us to pay premiums to the reinsurance carriers who will in turn reimburse us for a portion of covered policy claims. In many cases, a reinsurer will be called upon to reimburse us for policy claims many&#160;years after we paid insurance premiums to the insurer. Although reinsurance makes the reinsurer liable to us to the extent the risk is transferred or ceded to the reinsurer, it does not relieve us (the ceding insurer) of our primary liability to our policyholders. Our current reinsurance program is designed to limit our financial risk. Our reinsurers may not pay claims made by us on a timely basis, or they may not pay some or all of these claims. For example, reinsurers may default in their financial obligations to us as the result of insolvency, lack of liquidity, operational failure, fraud, asserted defenses based on agreement wordings or the principle of utmost good faith, asserted deficiencies in the documentation of agreements, or other reasons. Any disputes with reinsurers regarding coverage under reinsurance contracts could be time-consuming, costly, and uncertain of success. We evaluate each reinsurance claim based on the facts of the case, historical experience with the reinsurer on similar claims and existing case law and include any amounts deemed uncollectible from the reinsurer in our reserve for uncollectible reinsurance. As of December&#160;31, 2024, we had $133.6 million of reinsurance recoverable, net of allowance for credit losses of $0. These risks could cause us to incur increased net losses, and, therefore, adversely affect our business and financial condition.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our loss reserves may be inadequate to cover our actual losses, which could have an adverse effect on our financial condition, results of operations, and cash flows.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our success depends on our ability to accurately assess the risks related to the businesses and people that we insure. We establish reserves for losses and loss adjustment expenses for the best estimate of the ultimate payment of all claims that have been incurred, or could be incurred in the future, and the related costs of adjusting those claims, as of the date of our consolidated financial statements. Reserves do not represent an exact calculation of liability. Rather, reserves represent an estimate of what we expect the ultimate settlement and administration of claims will cost us, and our ultimate liability may be greater or less than our estimate.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As part of the reserving process, we review historical data and consider the impact of such factors as:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">claims inflation, which is the sustained increase in cost of raw materials, labor, medical services, and other components of claims cost;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">claims development patterns by line of business and by &#8220;claims made&#8221; versus &#8220;occurrence&#8221; policies;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">pricing for our products;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">legislative activity;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">social and economic patterns; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">litigation, judicial, and regulatory trends.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">These variables are affected by both internal and external events that could increase our exposure to losses, and we continually monitor our reserves using new information on reported claims and a variety of statistical techniques and modeling simulations. This process assumes that past experience, adjusted for the effects of current developments and anticipated trends, is an appropriate basis for predicting future events. There is, however, no precise method for evaluating the impact of any specific factor on the adequacy of reserves, and actual results may deviate, perhaps substantially, from our reserve estimates. Furthermore, our business has been and will continue to be subject to change as we grow and introduce new product lines. If our overall product mix changes significantly from what it has been in the past, the historical information and data we rely on for purposes of making decisions with respect to our reserve practices may not represent our current product mix or claims environment, and such information may cause our reserves to be inadequate as a result.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The following uncertainties may also have an impact on the adequacy of our resources:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">When we write &#8220;occurrence&#8221; policies, we are obligated to pay covered claims, up to the contractually agreed amount, for any covered loss that occurs while the policy is in force even if such claims are only brought after </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">the policy has lapsed. Accordingly, claims may arise many&#160;years after a policy has lapsed. Nearly all of our net casualty loss reserves were associated with &#8220;occurrence&#8221; policies as of December&#160;31, 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">When a claim is received (irrespective of whether the policy is a &#8220;claims made&#8221; or &#8220;occurrence&#8221; basis form), it may take considerable time to fully appreciate the extent of the covered loss suffered by the insured and, consequently, estimates of loss associated with specific claims can increase over time.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">New theories of liability are enforced retroactively from time to time by courts.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">Volatility in the financial markets, economic events, and other external factors may result in an increase in the number of claims and severity of the claims reported. In addition, elevated inflationary conditions would, among other things, cause loss costs to increase. See also &#8220;&#8212;Adverse economic factors, including recession, inflation, periods of high unemployment, or lower economic activity could result in the sale of fewer policies than expected or an increase in frequency or severity of claims and premium defaults, and even the falsification of claims, or a combination of these effects, which, in turn, could affect our growth and profitability.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">If claims were to become more frequent, even if we had no liability for those claims, the cost of evaluating such potential claims could escalate beyond the amount of the reserves we have established. As we enter new lines of business, or as a result of new theories of claims, we may encounter an increase in claims frequency and greater claims handling costs than we had anticipated.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In addition, there may be significant reporting lags between the occurrence of the insured event and the time it is actually reported to us and additional lags between the time of reporting and final settlement of any claims. Consequently, estimates of loss associated with specified claims can increase as new information emerges, which could cause the reserves for the claim to become inadequate.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">If any of our reserves should prove to be inadequate, we will be required to increase our reserves resulting in a reduction in our net income and stockholders&#8217; equity in the period in which the deficiency is identified. Future loss experience substantially in excess of established reserves could also have an adverse effect on our future earnings and liquidity and our financial rating. See &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8212;Critical accounting policies and estimates&#8212;Reserves for unpaid losses and loss adjustment expenses.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Given the inherent uncertainty of models, the usefulness of such models as a tool to evaluate risk is subject to a high degree of uncertainty that could result in actual losses that are materially different than our estimates. A deviation from our loss estimates may adversely impact, perhaps significantly, our financial results.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our approach to risk management relies on subjective variables that entail significant uncertainties. In addition, we and the Investment Manager rely on historical data and scenarios in managing credit and interest rate risks in our investment portfolio. Estimates, models, data, and scenarios that are utilized may not produce accurate predictions and consequently, we could incur losses both in the risks we underwrite and to the value of our investment portfolio.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We use analytics and models to provide us with objective risk assessment relating to our portfolio of insurance risks, some of which relies on third-party vendor&#8217;s capabilities. We use these models to help us measure and control risk accumulation, to inform management and other stakeholders of capital requirements, to improve the risk/</font>&#8203;<font style="letter-spacing:0.25pt;">return profile of our insurance portfolio, and to design our reinsurance structure and assess the optimal amount of reinsurance to purchase. Given the inherent uncertainty of modeling techniques and the application of such techniques, however, these models and databases may not accurately address a variety of matters which might impact certain of our coverages.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font></div>
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          <font style="letter-spacing:0.25pt;">Small changes in assumptions, which depend heavily on our judgment and foresight, can have a significant impact on the modeled outputs. These assumptions address a number of factors that impact loss potential and these factors vary considerably across lines of business. Examples include, but are not limited to business class, industry classifications, or areas of practice or operations; company financial condition; stock price volatility; insured investment strategies; company policies and procedures; distribution and volatility of expected claim </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">amounts; future trends in claim severity and frequency; expected development of historical paid and reported claims; and regulatory and judicial environment associated with insured location or venue. Furthermore, there are risks which are either poorly represented or not represented at all by our models. Each modeling assumption or un-modeled risk introduces uncertainty into our estimates that management must consider. These uncertainties can include, but are not limited to, the following:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">the models do not address all the possible hazard characteristics;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">the models may not accurately represent loss potential to insurance or reinsurance contract coverage limits, terms, and conditions; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">the models may not accurately reflect the impact on the economy of the area affected or the financial, judicial, political or regulatory impact on insurance claim payments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The outputs from the models and other tools we use, together with other qualitative and quantitative assessments, are used in our underwriting process to evaluate risk. Our methodology for estimating losses may differ from methods used by other companies and external parties given the various assumptions and judgments required.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As a result of these factors and contingencies, our reliance on assumptions, tools, and data we use is subject to a high degree of uncertainty that could result in actual losses that are materially different from our estimates and our financial results could be adversely affected.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">A decline in the financial strength rating or financial size category assigned to Ategrity Specialty or to Ategrity Ltd may adversely affect the amount of business we write and thus our business, financial condition, and results of operation.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Participants in the insurance industry use ratings from independent ratings agencies, such as A.M. Best, as an important means of assessing the financial strength and quality of insurers. In setting its ratings, A.M. Best uses a quantitative and qualitative analysis of a company&#8217;s balance sheet strength, operating performance and business profile. This analysis includes comparisons to peers and industry standards as well as assessments of operating plans, philosophy, and management. A.M. Best financial strength ratings range from &#8220;A++&#8221; &#8203;(Superior) to &#8220;F&#8221; for insurance companies that have been publicly placed in liquidation. As of December&#160;31, 2024, A.M. Best has assigned a financial strength rating of &#8220;A-&#8221; &#8203;(Excellent) to both Ategrity Specialty and to Ategrity Ltd. A.M. Best assigns ratings that are intended to provide an independent opinion of an insurance company&#8217;s ability to meet its obligations to policyholders and such ratings are not evaluations directed to investors and are not a recommendation to buy, sell, or hold our common stock or any other securities we may issue. A.M. Best periodically reviews the financial strength ratings assigned to Ategrity Specialty and to Ategrity Ltd and may revise downward or revoke such ratings at its sole discretion based primarily on its analysis of our balance sheet strength (including capital adequacy and loss adjustment expense reserve adequacy), operating performance, and business profile. Factors that could affect such analysis include, but are not limited to:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
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          <font style="letter-spacing:0.25pt;">if we change our business practices from our organizational business plan in a manner that no longer supports A.M. Best&#8217;s rating;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">if unfavorable financial, regulatory, or market trends affect us, including excess market capacity;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">if our losses exceed our loss reserves;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">if we experience worse-than-expected underwriting results or increased volatility in those results;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">if we have unresolved issues with government regulators;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">if we are unable to retain our senior management or other key personnel;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">if our investment portfolio incurs significant losses or our liquidity is limited; or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">if A.M. Best alters its capital adequacy assessment methodology in a manner that would adversely affect our rating.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">20</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">These and other factors could result in a downgrade of the financial strength rating assigned to Ategrity Specialty or to Ategrity Ltd or may result in A.M. Best placing such financial strength rating outlook on a negative watch. A downgrade or withdrawal of the ratings assigned to Ategrity Specialty or to Ategrity Ltd could result in any of the following consequences, among others:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">causing our current and future brokers and insureds to choose other, more highly-rated competitors;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">increasing the cost or reducing the availability of reinsurance to us;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">severely limiting or preventing us from writing new and renewal insurance contracts; or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">making it more difficult for us to incur indebtedness if we are required to do so.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In 2021, A.M. Best issued a negative outlook to Ategrity Specialty and Ategrity Ltd which reflected A.M. Best&#8217;s concern over then-recent underwriting volatility, which resulted in pressure on our results of operations and enterprise risk management fundamentals. Although the outlook was subsequently changed to stable in 2023 after a change in management team and improvements in results of operations and enterprise risk management, the financial strength rating assigned to Ategrity Specialty and to Ategrity Ltd may be impacted in the future by volatility and other factors. In addition, in light of the earnings and capital pressures recently experienced by many financial institutions, including insurance companies, it is possible that rating organizations will heighten the level of scrutiny that they apply to such institutions, increase the frequency and scope of their credit reviews, request additional information from the companies that they rate, or increase the capital and other requirements employed in the rating organizations&#8217; models for maintenance of certain ratings levels. We can offer no assurance that our rating will remain at its current level. It is possible that such reviews of us may result in adverse ratings consequences, which could have an adverse effect on our business, financial condition, and results of operations. </font>
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          <font style="letter-spacing:0.25pt;">We rely on a select group of brokers, and such relationships may not continue.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We distribute the majority of our products through a select group of brokers. For the year ended December&#160;31, 2024, 48%, or $206.4 million, of our gross written premiums were distributed through three of our approximately 460 brokers.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our relationship with any of these brokers may be discontinued at any time. Even if the relationships do continue, they may not be on terms that are profitable for us. The termination of a relationship with one or more significant brokers could result in lower gross written premiums and could have an adverse effect on our business, financial condition, results of operations, and prospects.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:10.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Because our business depends on wholesale agents and brokers, we are exposed to certain risks arising out of our reliance on these distribution channels that could adversely affect our results.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Substantially all of our products are ultimately distributed through wholesale agents and brokers who have the principal relationships with retail agents and brokers who themselves have the relationships with our end-client policyholders. Wholesale agents and brokers generally own the &#8220;renewal rights,&#8221; and thus our business model is dependent on our relationships with, and the success of, the wholesale agents and brokers with whom we do business. Further, we are also dependent on the relationships our wholesale agents and brokers maintain with the retail agents and brokers from whom they source their business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Our relationship with our wholesale agents and brokers may be discontinued at any time. Even if the relationships do continue, they may not be on terms that are profitable for us. For example, as insurance distribution firms continue to consolidate, their ability to influence commission rates may increase as may the concentration of business we have with a particular broker. Further, certain premiums from policyholders, where the business is produced by brokers, are collected directly by the brokers and remitted to us. In certain jurisdictions, when the insured pays its policy premium to its broker for payment on behalf of Ategrity Specialty, the premium might be considered to have been paid under applicable insurance laws and regulations. Accordingly, the insured would no longer be liable to us for those amounts, whether or not we have actually received the premium from that broker. Consequently, we assume a degree of credit risk associated with the agents and brokers with which we work. Although the failure by any of our brokers to remit premiums to us has not been material to date, there may be instances where our brokers collect premiums but do not remit them to us and we may be required under </font>
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          <font style="letter-spacing:0.25pt;">21</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.25pt;">applicable law to provide the coverage set forth in the policy despite no related premiums being paid to us. Similarly, if we are limited in our ability to cancel policies for non-payment, our underwriting profits may decline and our business, financial condition, and results of operations could be adversely affected.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We review the financial condition of potential new brokers before we agree to transact business with them, and we periodically review the agencies and brokers with whom we do business to identify those that are not aligned with our business objectives. Following these periodic reviews, we may restrict such distributors&#8217; access to certain types of products or terminate our relationship with them, subject to applicable contractual and regulatory requirements that limit our ability to terminate agents or require us to renew policies. Even through the utilization of these measures, we may not achieve the desired results. We also periodically conduct audits of our policyholders to ensure that their revenues and other exposure metrics are in-line with our underwriting decision at the time of binding the policy. If we find that exposure metrics are higher than originally estimated, we bill the policyholder for additional premiums. Because audits are often performed after the expiration of a policy, we are exposed to uncollectability of those premiums if a policyholder has failed or refuses to pay its additional premiums.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Because we rely on these distributors as our sales channel, any deterioration in the relationships with our distributors or failure to provide competitive compensation could lead our distributors to place more premium with other carriers and less premium with us. In addition, we could be adversely affected if the distributors with whom we do business exceed their granted authority, fail to transfer collected premium to us or breach the obligations that they owe to us. Although we routinely monitor our distribution relationships, such actions could expose us to liability.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Also, if insurance distribution firm consolidation continues at its current pace or increases in the future, our sales channels could be affected in a number of ways, including loss of market access or market share in certain geographic areas. Specifically, we could be negatively affected due to loss of talent as the people or individual brokers most knowledgeable about our products and with whom we have developed strong working relationships, or that represent a larger portion of our business, exit the business following an acquisition, or increases in our commission costs as larger distributors acquire more negotiating leverage over their fees. Any such disruption that materially affects our sales channel could have a negative impact on our business, financial condition, and results of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As the speed of digitization accelerates, we are subject to risks associated with both our distributors and their ability to keep pace. In an increasingly digital world, distributors who cannot provide a digital or technology-driven experience risk losing customers who demand such an experience, and such customers may choose to utilize more technology-driven distributors.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Unexpected changes in the interpretation of our coverage or provisions, including loss limitations and exclusions in our policies, could have an adverse effect on our business, financial condition, and results of operations.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">It is possible that loss limitations or exclusions in our policies will not be enforceable in the manner we intend. As industry practices and legal, judicial, social, and other conditions change, unexpected and unintended issues related to claims and coverage may emerge. For example, some of our policies may limit the period during which a policyholder may bring a claim, which may be shorter than the statutory period under which such claims can be brought against our policyholders. While these limitations and exclusions help us assess and mitigate our loss exposure, it is possible that a court or regulatory authority could nullify or void a limitation or exclusion or legislation could be enacted modifying or barring the use of such limitations or exclusions. These types of governmental actions could result in higher than anticipated losses and loss adjustment expenses, which could have an adverse effect on our business, financial condition, and results of operations. In addition, court decisions could read policy exclusions narrowly so as to expand coverage, thereby requiring insurers to create and write new exclusions.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">These issues may adversely affect our business by either broadening coverage beyond our underwriting intent or by increasing the frequency or severity of claims. In some instances, these changes may not become apparent </font>
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          <font style="letter-spacing:0.188pt;">&#160;</font>
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          <font style="letter-spacing:0.25pt;">22</font>
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          <font style="letter-spacing:0.25pt;">until sometime after we have issued insurance contracts that are affected by the changes. As a result, the full extent of liability under our insurance contracts may not be known for many&#160;years after a contract is issued. We may also become subject to disputes relating to bad faith allegations which could result in us incurring losses in excess of policy limits.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our failure to accurately pay claims in a timely manner and to monitor and detect fraud could adversely affect our business, financial condition, results of operations, and prospects.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We must accurately and promptly evaluate and pay claims that are made under our policies. Many factors affect our ability to accurately pay claims in a timely manner, including the training and experience of our claims representatives, the effectiveness of our claims representatives and management, our ability to develop or select and implement appropriate procedures and systems to support our claims functions, and other factors. Our failure to accurately pay claims in a timely manner could lead to regulatory and administrative actions or material litigation, including bad faith claims, undermine our reputation in the marketplace, and adversely affect our business, financial condition, results of operations, and prospects.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We may be unable to prevent, monitor, or detect fraudulent activity, including policy acquisitions or payments of claims that are fraudulent in nature.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">If we fail to maintain adequate systems and processes to prevent, monitor, and detect fraud, including fraudulent policy acquisitions or claims activity, or if inadvertent errors occur with such prevention, monitoring, and detection systems due to human or computer error, our business could be adversely impacted. While we believe past incidents of fraudulent activity have been relatively isolated, we cannot be certain that our systems and processes will always be adequate in the face of increasingly sophisticated and ever-changing fraud schemes. We use a variety of tools to protect against fraud, but these tools may not always be successful at preventing such fraud.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Instances of fraud may result in increased costs, including possible settlement and litigation expenses, and could have an adverse effect on our business and reputation. In addition, failure to monitor and detect fraud can result in regulatory fines or penalties.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Severe weather conditions and other catastrophes may result in an increase in the number and amount of claims filed against us.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our business is exposed to the risk of severe weather conditions, earthquakes, and man-made catastrophes. In particular, the risks of these events may be heightened in certain geographies where we provide insurance coverage, including the risk of hurricanes in Florida, Texas, the Gulf Coast states and certain East Coast states, the risk of fires, floods, and earthquakes in California, and the risk of severe convective storms in certain Midwest states. Catastrophes can be caused by various events, including natural events such as severe winter weather, tornadoes, windstorms, earthquakes, hailstorms, severe thunderstorms, and fires, or man-made events such as explosions, war, terrorist attacks, and riots. Over the past several&#160;years, changing weather patterns and climatic conditions, such as global warming, have added to the unpredictability and frequency of natural disasters in certain parts of the world, including the markets in which we operate. Climate change may increase the frequency and severity of extreme weather events. This effect has led to conditions in the ocean and atmosphere, including warmer-than-average sea-surface temperatures and low wind shear that increase hurricane activity. The occurrence of a natural disaster or other catastrophe loss could adversely affect our business, financial condition, and results of operations. Additionally, any increased frequency and severity of such weather events, including hurricanes, could have an adverse effect on our ability to predict, quantify, reinsure, and manage catastrophe risk and may materially increase our losses resulting from such catastrophe events.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The extent of losses from catastrophes is a function of both the frequency and severity of the insured events and the total amount of insured exposure in the areas affected. The incidence and severity of catastrophes and severe weather conditions are inherently unpredictable. We manage our exposure to losses by analyzing the probability and severity of the occurrence of loss events and the impact of such events on our overall underwriting and investment portfolio. In addition, our inability to obtain reinsurance coverage at reasonable rates and in </font>
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          <font style="letter-spacing:0.25pt;">amounts adequate to mitigate the risks associated with severe weather conditions and other catastrophes could have an adverse effect on business, financial condition, and results of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our business is also exposed to the risk of pandemics, outbreaks, public health crises, and geopolitical and social events, and their related effects. If pandemics, outbreaks, and other events occur or re-occur, our business, financial condition, results of operations, and cash flows may be adversely affected.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Because we provide our agents with the ability to bind smaller-sized policies directly in our cloud-based underwriting system, failures to comply with our underwriting guidelines may occur, which could adversely impact our business, financial condition, and results of operations.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We market and distribute our smaller-sized insurance products through agents that have limited quoting and binding authority through our cloud-based underwriting system. These agents can bind certain risks. If any of these agents fail to comply with our underwriting guidelines and the terms of their appointments, such as misclassifying certain risks, we could be bound on a particular risk or number of risks that were not anticipated when we developed the insurance products or estimated losses and loss adjustment expenses. Such actions could adversely affect our business, financial condition, and results of operations. We actively audit the business bound through our systems by agents, including digital monitoring, but we cannot ensure that all compliance failures are detected and resolved.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">If actual renewals of our existing contracts do not meet expectations, our written premiums in future&#160;years and our future results of operations and prospects could be adversely affected.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Many of our contracts are written for a one-year term. In our financial forecasting process, we make assumptions about the rates of renewal of our prior year&#8217;s contracts. The insurance and reinsurance industries have historically been cyclical businesses with intense price competition due to excessive underwriting capacity, as well as periods when shortages of capacity permitted an increase in pricing and, thus, more favorable underwriting profits. An increase in premium levels is often offset over time by an increasing supply of insurance capacity in the form of capital provided by new entrants and existing insurers, which may cause prices to decrease. Additionally, during periods of intense competition, the E&amp;S market may shrink as standard insurance carriers expand risk appetite and extend coverage to the E&amp;S market. Any of these factors could lead to a significant reduction in premium rates, less favorable policy terms, and fewer opportunities to underwrite insurance risk. If we are unable to modify our pricing in response to such fluctuations to stay competitive and retain our customers, our business, financial condition, results of operations, and cash flows may be adversely affected. In addition, if actual renewals do not meet expectations or if we choose not to write a renewal because of pricing conditions, our written premiums in future&#160;years and our future operations and prospects would be adversely affected.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We may act based on inaccurate or incomplete information regarding the accounts we underwrite.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We rely on information provided by insureds or their representatives when underwriting insurance policies. While we may make inquiries to validate or supplement the information provided, we may make underwriting decisions based on incorrect or incomplete information. It is possible that we will misunderstand the nature or extent of the activities or facilities and the corresponding extent of the risks that we insure because of our reliance on inadequate or inaccurate information.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our employees could take excessive risks, which could negatively affect our financial condition and business.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As an insurance enterprise, we are in the business of binding certain risks. The employees who conduct our business, including executive officers and other members of management, underwriters, product managers, and other employees, do so in part by making decisions and choices that involve exposing us to risk. These include decisions such as setting underwriting guidelines and standards, product design and pricing, determining which business opportunities to pursue, and other decisions. We endeavor, in the design and implementation of our compensation programs and practices, to avoid giving our employees incentives to take excessive risks. Employees may, however, take such risks regardless of the structure of our compensation programs and practices. Similarly, although we employ controls and procedures designed to monitor employees&#8217; business decisions and </font>
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          <font style="letter-spacing:0.25pt;">prevent them from taking excessive risks, these controls and procedures may not be effective. If our employees take excessive risks, the impact of those risks could have an adverse effect on our financial condition and business operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Changes in accounting practices and future pronouncements may materially affect our reported financial results.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Developments in accounting practices may require us to incur considerable additional expenses to comply, particularly if we are required to prepare information relating to prior periods for comparative purposes or to apply the new requirements retroactively. The impact of changes in current accounting practices and future pronouncements cannot be predicted but may affect the calculation of net income, stockholders&#8217; equity, and other relevant financial statement line items.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Ategrity Specialty is required to comply with SAP. SAP is subject to constant review by the NAIC and its task forces and committees, as well as state insurance departments, in an effort to address emerging issues and otherwise improve financial reporting. Various proposals are pending before committees and task forces of the NAIC, some of which, if enacted, could have negative effects on insurance industry participants. The NAIC continuously examines existing laws and regulations. We cannot predict whether or in what form such reforms will be enacted and, if so, whether the enacted reforms will positively or negatively affect us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Public attention to environmental, social, and governance initiatives may expose us to negative public perception, cause reputational harm, impose additional costs on our business, or impact our stock price.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In the past, attention has been directed towards publicly traded companies regarding environmental, social, and governance (&#8220;ESG&#8221;) matters. A failure, or perceived failure, to respond to investor or customer expectations related to ESG concerns could cause harm to our business and reputation. More recently, public statements with respect to ESG matters, such as emissions reduction goals, other environmental targets, or other commitments addressing certain social issues, are becoming increasingly subject to heightened scrutiny from public and governmental authorities related to the risk of potential &#8220;greenwashing,&#8221; &#8203;(i.e., misleading information or false claims overstating potential ESG benefits). Our insureds include a wide variety of industries, including potentially controversial industries. Damage to our reputation as a result of our provision of policies to certain insureds could result in decreased demand for our insurance products and could have an adverse effect on our business, operational results, and financial results, as well as require additional resources to rebuild our reputation, competitive position, and brand strength.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In addition, this emphasis on ESG matters has resulted and may result in the adoption of new laws and regulations, including new reporting requirements, including with respect to climate change. ESG and sustainability-related regulation and legislation, to the extent implemented, will require us to incur significant additional costs to comply, including the implementation of significant additional internal controls, processes, and procedures regarding matters that have not been subject to such controls in the past, and impose increased oversight obligations on our management and board of directors as well as impose additional disclosure obligations on us. Additionally, our customers or other business partners may require us to provide additional climate-related information if they are also subject to additional climate-related disclosure laws or regulations in other jurisdictions. If we fail to comply with new laws, regulations, or reporting requirements, or we fail to provide complete and accurate information to our customers or other business partners, our reputation and business could be adversely impacted.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Risks related to the market and economic conditions</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Adverse economic factors, including recession, inflation, periods of high unemployment, or lower economic activity could result in the sale of fewer policies than expected or an increase in frequency or severity of claims and premium defaults, and even the falsification of claims, or a combination of these effects, which, in turn, could affect our growth and profitability.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Factors, such as business revenue, economic conditions, the volatility and strength of the capital markets and inflation can affect the business and economic environment. These same factors affect our ability to generate </font>
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          <font style="letter-spacing:0.25pt;">revenue and profits. In an economic downturn that is characterized by higher unemployment, declining spending and reduced corporate revenues, the demand for insurance products is generally adversely affected, which directly affects our premium levels and profitability. Negative economic factors may also affect our ability to receive the appropriate rate for the risk we insure with our policyholders and may adversely affect the number of policies we can write, including with respect to our opportunities to underwrite profitable business. In an economic downturn, our customers may have less need for insurance coverage, cancel existing insurance policies, modify their coverage, or not renew the policies they hold with us. Existing policyholders may exaggerate or even falsify claims to obtain higher claims payments. In addition, if certain segments of the economy, such as real estate, hospitality, construction, and retail (which would affect several of our underwriting divisions at one time), were to significantly change, it could adversely affect our results. These outcomes would reduce our underwriting profit to the extent these factors are not reflected in the rates we charge.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As of December 31, 2024, there were four states in which 5.0% or more of our gross written premiums were concentrated: California (21.0%), Florida (16.2%), Texas (12.8%), and New York (6.4%). Any economic downturn in any such states could have an adverse effect on our business, financial condition, and results of operations.</font>
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          <font style="letter-spacing:0.25pt;">The insurance business is historically cyclical in nature and we believe we are currently experiencing a relatively hard market cycle, which may affect our financial performance and cause our results of operations to vary from quarter to quarter and may not be indicative of future performance.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Historically, insurance carriers have experienced significant fluctuations in results of operations due to competition in our industry, frequency and severity of catastrophic events, fluctuating interest rates, claims exceeding loss reserves, levels of capacity, deviations from expected renewal rates of existing policies and contracts, adverse investment performance, cost of reinsurance coverage, adverse litigation trends, regulatory constraints, general economic conditions, and other factors. The supply of insurance is related to prevailing prices, the level of insured losses, and the level of capital available to the industry that, in turn, may fluctuate in response to changes in rates of return on investments being earned in the insurance industry. As a result, the insurance business historically has been a cyclical industry characterized by periods of intense price competition due to excessive underwriting capacity (soft market cycle) as well as periods when shortages of capacity increased premium levels (hard market cycle). Demand for insurance depends on numerous factors, including the frequency and severity of catastrophic events, levels of capacity, the introduction of new capital providers, and general economic conditions. All of these factors fluctuate and may contribute to price declines generally in the insurance industry.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Although an individual insurance company&#8217;s financial performance depends on its own specific business characteristics, the profitability of most P&amp;C insurance companies tends to follow this cyclical market with higher gross written premium growth and improved profitability during hard market cycles. Further, this cyclical market pattern can be more pronounced in the E&amp;S market than in the standard insurance market. When the standard insurance market hardens, the E&amp;S market typically hardens, and growth in the E&amp;S market can be significantly more rapid than growth in the standard insurance market. Similarly, when conditions begin to soften, many customers that were previously driven into the E&amp;S market may return to the admitted market, exacerbating the effects of rate decreases on our financial results. At present, we believe we are experiencing a relatively hard market cycle. However, we cannot predict the timing or duration of changes in the market cycle because the cyclicality is due in large part to the actions of our competitors and general economic factors. As a result, our results of operations are subject to fluctuation and have historically varied from quarter to quarter. We expect our quarterly results will continue to fluctuate in the future due to a number of factors, including the general economic conditions in the markets where we operate, the frequency of occurrence or severity of catastrophe or other insured events, fluctuating interest rates, claims exceeding our loss reserves, competition in our industry, deviations from expected premium retention rates of our existing policies and contracts, adverse investment performance, and the cost of reinsurance coverage.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Global climate change may have an adverse effect on our financial results.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Although uncertainty remains as to the nature and effect of future efforts to curb greenhouse gas emissions and thereby mitigate their potential long-term effects on the climate, a broad spectrum of scientific evidence </font>
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          <font style="letter-spacing:0.25pt;">suggests that manmade production of greenhouse gas has had an adverse effect on the global climate. Our insurance policies are generally written for one year and repriced annually to reflect changing exposures. However, assessing the risk of loss and damage associated with the adverse effects of climate change and the range of approaches to address loss and damage associated with the adverse effects of climate change, including impacts related to extreme weather events and slow onset events, remains a challenge and might adversely impact our business, financial condition, and results of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Risks related to the regulatory environment</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We are subject to extensive regulation, which may adversely affect our ability to achieve our business objectives. In addition, if we fail to comply with these regulations, we may be subject to penalties, including fines and suspensions, which may adversely affect our financial condition and results of operations.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Ategrity Specialty is subject to extensive regulation in Delaware, its state of domicile, and to a lesser degree, the other states in which it operates. Ategrity Ltd is subject to extensive regulation in Bermuda. Most insurance regulations are designed to protect the interests of insurance policyholders, as opposed to the interests of investors or stockholders. These regulations generally are administered by a department of insurance in each state and relate to, among other things, authorizations to write E&amp;S lines of business, capital and surplus requirements, investment and underwriting limitations, affiliate transactions, dividend limitations, changes in control, solvency, and a variety of other financial and non-financial aspects of our business. Significant changes in these laws and regulations could further limit our discretion or make it more expensive to conduct our business. State insurance regulators and the BMA also conduct periodic examinations of the affairs of insurance companies and require the filing of annual and other reports relating to financial condition, holding company issues and other matters. In addition, state surplus lines laws, or laws pertaining to non-admitted insurance business, require that surplus lines brokers comply with diligent search/exempt commercial purchaser laws and affidavit/document filing requirements, as well as requiring the collection and paying of any taxes, stamping fees, assessment fees, and other applicable charges on such business. Excess and surplus lines businesses, such as Ategrity Specialty&#8217;s businesses, are often subject to special licensing, surplus lines tax, and/or due diligence requirements by the home state of the insured. We rely on third-party surplus lines brokers to comply with such laws and regulations. Fines for failing to comply with these surplus lines requirements, specifically for failing to comply with the surplus lines licensing or due diligence requirements, vary by state but can range to several million dollars. These regulatory requirements may impose timing and expense constraints that could adversely affect our ability to achieve some or all of our business objectives.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In addition, state insurance regulators have broad discretion to deny or revoke licenses for various reasons, including violation of regulations. In some instances, where there is uncertainty as to applicability, we follow practices based on our interpretations of regulations or practices that we believe generally to be followed by the industry. These practices may turn out to be different from the interpretations of regulatory authorities. If we do not have the requisite licenses and approvals or do not comply with applicable regulatory requirements, state insurance regulators could preclude or temporarily suspend us from carrying on some or all of our activities or could otherwise penalize us. This could adversely affect our ability to operate our business. Further, changes in the level of regulation of the insurance industry or changes in laws or regulations themselves or interpretations by regulatory authorities could interfere with our operations and require us to bear additional costs of compliance, which could adversely affect our ability to operate our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Failure to maintain our risk-based capital at the required levels could adversely affect our ability to maintain regulatory authority to conduct our business.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Ategrity Specialty is required to have sufficient capital and surplus in order to comply with insurance regulatory requirements, support its business operations and minimize its risk of insolvency. The NAIC has developed a system to test the adequacy of statutory capital and surplus of U.S.-based insurers, known as risk-based capital, that all states have adopted. This system establishes the minimum amount of capital and surplus necessary for an insurance company to support its overall business operations in consideration of its size and risk profile. It identifies insurers that may be inadequately capitalized by looking at certain risk factors, including asset risk, credit risk, </font>
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          <font style="letter-spacing:0.25pt;">and underwriting risk with respect to the insurer&#8217;s business in order to determine an insurer&#8217;s authorized control level risk-based capital. An insurer&#8217;s risk-based capital ratio measures the relationship between its total adjusted capital and its authorized control level risk-based capital.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Insurers with a ratio falling below certain calculated thresholds may be subject to varying degrees of regulatory action, including heightened supervision, examination, rehabilitation, or liquidation. An insurance company with total adjusted capital that is less than 200% of its authorized control level risk-based capital is at a company action level, which would require the insurance company to file a risk-based capital plan that, among other things, contains proposals of corrective actions the company intends to take that are reasonably expected to result in the elimination of the company action level event. Additional action level events occur when the insurer&#8217;s total adjusted capital falls below 150%, 100%, and 70% of its authorized control level risk-based capital. Lower&#160;percentages trigger increasingly severe regulatory responses. In the event of a mandatory control level event (triggered when an insurer&#8217;s total adjusted capital falls below 70% of its authorized control level risk-based capital), an insurer&#8217;s primary regulator is required to take steps to place the insurer into receivership.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In addition, the IRIS is a collection of analytical tools designed to provide state insurance regulators with an integrated approach to screening and analyzing the financial condition of insurance companies operating in their respective states. If our ratios fall outside of the usual range for one or more ratios set forth by the IRIS for any number of reasons, it could subject us to heightened regulatory scrutiny or measures or create investor uncertainty around the stability of our financial condition, which could harm our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Further, the NAIC has promulgated a Model Regulation to Define Standards and Commissioner&#8217;s Authority for Companies Deemed to be in Hazardous Financial Condition (the &#8220;Hazardous Financial Condition Standards&#8221;), which has been adopted by many states in whole or part. If our financial condition is deemed by state insurance regulators to meet the Hazardous Financial Conditions Standards, it could subject us to heightened regulatory scrutiny or measures or create uncertainty around the stability of our financial condition, which could harm our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As a relatively new entrant to the insurance industry, we may face additional capital and surplus requirements as compared to those of our larger and more established competitors. Failure to maintain adequate risk-based capital at the levels required by law and/or the Delaware Department of Insurance as described above could result in increasingly onerous reporting and examination requirements and could adversely affect our ability to maintain regulatory authority to conduct our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">State insurance regulators impose additional reporting requirements regarding enterprise risk on insurance holding company systems, with which we must comply as an insurance holding company.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In the past decade, various state insurance regulators have increased their focus on risks within an insurer&#8217;s holding company system that may pose enterprise risk to the insurer. In 2012, the NAIC adopted significant amendments to the Insurance Holding Company Act and related regulations (the &#8220;NAIC Amendments&#8221;). The NAIC Amendments are designed to respond to perceived gaps in the regulation of insurance holding company systems in the United States. One of the major changes is a requirement that an insurance holding company system&#8217;s ultimate controlling person submit annually to its lead state insurance regulator an &#8220;enterprise risk report&#8221; that identifies activities, circumstances, or events involving one or more affiliates of an insurer that, if not remedied properly, are likely to have an adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole. Currently, as Mr.&#160;Zimmer, a revocable trust for Mr. Zimmer&#8217;s benefit, and an irrevocable trust for his immediate family are the ultimate controlling persons in our insurance holding company system, he and the trusts are required to file an annual enterprise risk report in Delaware. Other changes include the requirement that a controlling person submit prior notice to its domiciliary insurance regulator of a divestiture of control, having detailed minimum requirements for cost sharing and management agreements between an insurer and its affiliates and expanding of the agreements between an insurer and its affiliates to be filed with its domiciliary insurance regulator, including states in which the insurer is commercially domiciled. The NAIC Amendments must be adopted by the individual state legislatures and insurance regulators in order to be effective, and many states, including Delaware, have already done so.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The NAIC and international insurance regulators, including the International Association of Insurance Supervisors, are also working to develop group capital standards. In December 2020, the NAIC adopted a group capital calculation (&#8220;GCC&#8221;) tool using an RBC aggregation methodology for all entities within the insurance holding company system, including non-U.S. entities. The goal is to provide U.S. regulators with a method to aggregate the available capital and the minimum capital of each entity in a group in a way that applies to all groups regardless of their structure. The NAIC has stated that the calculation is a regulatory tool and does not constitute a capital requirement or standard, but there can be no guarantee that will remain the case. It is unclear how the GCC will interact with existing capital requirements for insurance companies in the United States and with international capital standards. It is possible that we may be required to hold additional capital as a result of future developments.</font>
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          <font style="letter-spacing:0.25pt;">We may become subject to additional government or market regulations which may have an adverse impact on our business.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our business could be adversely affected by changes in state laws, including those relating to asset and reserve valuation requirements, surplus requirements, limitations on investments and dividends, enterprise risk and risk-based capital requirements, and, at the federal level, by laws and regulations that may affect certain aspects of the insurance industry, including proposals for preemptive federal regulation. The U.S. federal government generally has not directly regulated the insurance industry except for certain areas of the market, such as insurance for flood, nuclear, and terrorism risks. However, the federal government has undertaken initiatives or considered legislation in several areas that may affect the insurance industry, including tort reform, corporate governance, and the taxation of reinsurance companies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;) also established the Federal Insurance Office (the &#8220;FIO&#8221;) and vested the FIO with the authority to monitor all aspects of the insurance sector and the ability to recommend to the Financial Stability Oversight Council the designation of an insurer as &#8220;systemically significant&#8221; and therefore subject to regulation by the Federal Reserve as a bank holding company. Legislation has been introduced from time to time in Congress that, if enacted, could result in the federal government assuming a more direct role in the regulation of the insurance industry, including federal licensing in addition to or in lieu of state licensing and requiring reinsurance for natural catastrophes. In addition, the Bermuda reinsurance regulatory framework has become subject to increased scrutiny in many jurisdictions. As a result, the BMA has implemented and imposed additional requirements on the companies it regulates, which requirements could adversely impact the operations of Ategrity Ltd. We are unable to predict whether any legislation will be enacted or any regulations will be adopted, or the effect any such developments could have on our business, financial condition, or results of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Additionally, we currently derive revenues from customers in the cannabis industry. As such, any risks related to the cannabis industry, including but not limited to cannabis being deemed a controlled substance under federal laws, may adversely impact our clients and potential clients, which may in turn, impact our services. The legality of cannabis could be reversed in one or more states, which might force businesses, including our customers, to cease operations in one or more states entirely. A change in the legal status of, or the enforcement of federal laws related to, the cannabis industry could negatively impact us and lead to a decrease in our revenue through the loss of current and potential customers.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Increased regulation or scrutiny of alternative investment advisors and certain trading methods such as short selling could affect the Investment Manager&#8217;s ability to manage our investment portfolios or affect our business reputation.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">A substantial portion of our portfolio assets are allocated to the Utility &amp; Infrastructure Investments, which is comprised of investments in private investment funds managed by the Investment Manager. The legal, tax, and regulatory environment worldwide for private investment funds and their managers is evolving. New laws and regulations or actions taken by regulators that restrict the ability of the Investment Manager to pursue its investment program or employ brokers and other counterparties could have a material adverse effect on the Utility &amp; Infrastructure Investments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Investment Manager is regularly involved in trading activities that involve a number of U.S. and foreign securities law regimes. Violations of any such law (or allegations of such violations) could directly or indirectly result in severe restrictions on the Investment Manager&#8217;s activities and, indirectly, do damage to our investment portfolio or the reputation of the Investment Manager and to us. In addition, the securities and futures markets are subject to comprehensive statutes, regulations, and margin requirements. The SEC, other regulators, and self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies. The regulation of derivatives transactions and funds that engage in such transactions is an evolving area of law and is subject to modification by government and judicial action. Any future regulatory change could have a significant negative impact on our investment portfolio and, accordingly, our financial condition and results of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">For example, the Investment Manager routinely engages in short selling for the account of the funds underlying the Utility &amp; Infrastructure Investments. Short sale transactions have been subject to increased regulatory scrutiny, including the imposition of restrictions on short selling certain securities and reporting requirements. The Investment Manager&#8217;s ability to execute a short selling strategy in managing the Utility &amp; Infrastructure Investments may be adversely impacted by temporary or new permanent rules, interpretations, prohibitions, and restrictions adopted in response to these adverse market events. Temporary restrictions or prohibitions on short selling activity may be imposed by regulatory authorities with little or no advance notice and may impact prior and future trading activities of the Investment Manager. Additionally, the SEC, its non-U.S. counterparts, other governmental authorities, or self-regulatory organizations may at any time promulgate permanent rules or interpretations consistent with such temporary restrictions or that impose additional or different permanent or temporary limitations or prohibitions. The SEC might impose different limitations or prohibitions on short selling from those imposed by various non-U.S. regulatory authorities. These different regulations, rules, or interpretations might have different effective periods.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Regulatory authorities could, from time to time, impose restrictions that adversely affect the Investment Manager&#8217;s ability to borrow certain securities in connection with short sale transactions for the Utility &amp; Infrastructure Investments. In addition, traditional lenders of securities are often less likely to lend securities under certain market conditions. As a result, the Investment Manager may not be able to effectively pursue a short selling strategy due to a limited supply of securities available for borrowing. We may also incur additional costs in connection with short sale transactions effected for the Utility &amp; Infrastructure Investments, including in the event that the Investment Manager is required to enter into a borrowing arrangement with respect to the Utility &amp; Infrastructure Investments in advance of any short sales. Moreover, the ability to continue to borrow a security is not guaranteed and our account will be subject to strict delivery requirements. The inability to deliver securities within the required time frame may subject us to mandatory close out by the executing broker-dealer. A mandatory close out may subject us to unintended costs and losses. Certain action or inaction by third parties, such as executing broker-dealers or clearing broker-dealers, may materially impact the Investment Manager&#8217;s ability to effect short sale transactions for the Utility &amp; Infrastructure Investments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Additionally, the NAIC may institute changes to the risk-based capital charges and capital requirements for invested assets held by insurers, including additional requirements that may apply in relation to alternative investments such as the Utility &amp; Infrastructure Investments, requiring Ategrity Specialty to hold additional capital in order to support its investments and meet relevant state risk based capital requirements.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Risks related to our operations</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We could be adversely affected by the loss of one or more key personnel or by an inability to attract and retain qualified personnel.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We depend on our ability to attract and retain experienced and seasoned personnel who are knowledgeable about our business. Our senior management team, including our Chief Executive Officer, Justin Cohen, and our President and Chief Underwriting Officer, Chris Schenk, plays an important role in our strategic direction, broker partnership, corporate culture, and our continued success as an organization. The loss of Mr.&#160;Cohen, Mr.&#160;Schenk, or other members of our senior management team could adversely impact our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">30</font>
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          <font style="letter-spacing:0.25pt;">We could be adversely affected if we fail to adequately plan for the succession of our senior leaders and key executives. Our current succession plans and employment arrangements with certain key executives do not guarantee their services will continue to be available to us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The pool of talent from which we actively recruit is limited and may fluctuate based on market dynamics specific to our industry and independent of overall economic conditions. As such, higher demand for employees having the desired skills and expertise could lead to increased compensation expectations for existing and prospective personnel, making it difficult for us to retain and recruit key personnel and maintain labor costs at desired levels. Certain of our employees are subject to non-compete and non-solicitation provisions that generally apply during, and extend for six to twelve&#160;months following the termination of, their employment. Not all jurisdictions permit such non-compete agreements, and regardless of the jurisdiction, our key personnel could still pursue employment opportunities with other parties, including with any of our competitors and there are no assurances that our non-compete agreements with any such key personnel would be enforceable in a cost-effective manner, if at all. Should any of our key personnel terminate his or her employment with us, or if we are unable to retain and attract talented personnel, we may be unable to maintain our current competitive position in the specialized markets in which we operate, which could adversely affect our results of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:10.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">We could suffer security breaches, loss of data, cyberattacks, and other information technology failures, and are subject to laws and regulations concerning data privacy and security that are continually evolving. Actual or suspected information technology failures or failures to comply with applicable law could disrupt our operations, damage our reputation, and adversely affect our business, financial condition, or results of operations.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our business is highly dependent on our information technology and telecommunications systems, including our underwriting systems. We rely on these systems to interact with brokers, agents, and insureds, to underwrite business, to prepare policies and process premiums, to perform actuarial and other modeling functions, to process claims and make claims payments, and to prepare internal and external financial statements. We also rely on our information and telecommunications systems for employees to interact with each other within the company, as most employees work on a remote basis a majority of their time as opposed to in physical offices. Some of these systems may include or rely on third-party systems provided by third-party service providers and/or not located on our premises or under our control.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We and our service providers face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity, and availability of systems and confidential information, including vulnerabilities in commercial software that is integrated into our (or our suppliers&#8217; or service providers&#8217;) IT systems, products, or services. The risk of a data security breach or a disruption has generally increased in frequency, intensity, and sophistication. Techniques used to compromise or sabotage systems change frequently, may originate from less regulated and remote areas of the world and be difficult to detect and generally are not recognized until launched against a target. Events such as natural catastrophes, terrorist attacks, industrial accidents, computer viruses, ransomware, a security breach by an unauthorized person, employee error, malfeasance, faulty password management, or other irregularity, and other cyber-attacks may cause our systems to fail or be inaccessible for extended periods of time. We have implemented security measures designed to protect against breaches of security, such as business contingency plans and other reasonable plans to protect our systems, whether housed internally or through third-party cloud services. In addition, while we generally monitor vendor risk, including the security and stability of our critical vendors, we may fail to properly assess and understand the risks and costs involved in the third-party relationships. We cannot guarantee that these measures will be effective and sustained or repeated system failures or service denials could severely limit our ability to write and process new and renewal business, provide customer service, pay claims in a timely manner, or otherwise operate in the ordinary course of business. We may be unable to adequately investigate or remediate any vulnerabilities to our systems, even if identified, due to attackers using tools and techniques that are designed to circumvent controls, avoid detection, and remove or obfuscate forensic evidence.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Any such event may result in operational disruptions as well as unauthorized access to, the disclosure of, or loss of, our proprietary information or our customers&#8217; data and information, which in turn may result in legal claims, </font>
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          <font style="letter-spacing:0.25pt;">regulatory scrutiny and liability, reputational damage, the incurrence of costs to eliminate or mitigate further exposure, the loss of customers or affiliated advisors, or other damage to our business. In addition, the trend toward general public notification of such incidents could exacerbate the harm to our business, financial condition, and results of operations. Even if we successfully protect our technology infrastructure and the confidentiality of sensitive data, we could suffer harm to our business and reputation if attempted security breaches are publicized. We cannot be certain that advances in criminal capabilities, discovery of new vulnerabilities, attempts to exploit vulnerabilities in our systems, data thefts, physical system or network break-ins, inappropriate access, or other developments will not compromise or breach the technology or other security measures protecting the networks and systems used in connection with our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In addition, as part of our normal business activities, we handle information related to individuals including, but not limited to, employees, claimants, individual third-party brokers or agents, and individual vendors. As such, we are subject to various federal, state, and local laws, regulations, and industry standards. The regulatory environment surrounding information security and privacy is increasingly demanding, with frequent imposition of new and changing requirements that are subject to differing interpretations. In the United States, there are numerous federal and state data privacy and security laws, rules, and regulations governing the collection, use, storage, sharing, transmission, and other processing of personal information, including federal and state data privacy laws, data breach notification laws, and consumer protection laws.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Any failure or perceived failure by us to comply with laws, regulations, policies, or regulatory guidance relating to privacy or data security may result in governmental investigations and enforcement actions, litigation, fines and penalties, or adverse publicity and could cause our customers and consumers to lose trust in us, which could have an adverse effect on our reputation and business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The effects of litigation on our business are uncertain and could have an adverse effect on our business.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As is typical in our industry, we continually face risks associated with litigation of various types, including disputes relating to insurance claims under our policies as well as other general commercial and corporate litigation. Although we are not currently involved in any material litigation with our customers, other members of the insurance industry are the target of class action lawsuits and other types of litigation, some of which involve claims for substantial or indeterminate amounts, and the outcomes of which are unpredictable. This litigation is based on a variety of issues, including insurance and claim settlement practices. We cannot predict with any certainty whether we will be involved in such litigation in the future or what impact such litigation would have on our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Any failure to protect our intellectual property rights could impair our ability to protect our proprietary technology platform and brand, or we may be sued by third parties for alleged infringement of their proprietary rights.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our success and ability to compete depend in part on our intellectual property, which includes our rights in our proprietary technology platform and our brand. We primarily rely on copyright, trade secret and trademark laws, and confidentiality or license agreements with our employees, customers, service providers, partners, and others to protect our intellectual property rights. The steps we take to protect our intellectual property, however, may be inadequate. Litigation brought to protect and enforce our intellectual property rights could be costly, time-consuming, and distracting to management and could result in the impairment or loss of portions of our intellectual property. Additionally, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims, and countersuits attacking the validity and enforceability and scope of our intellectual property rights. Our failure to secure, protect, and enforce our intellectual property rights could adversely affect our brand and adversely impact our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our success depends also in part on our not infringing on the intellectual property rights of others. Our competitors, as well as a number of other entities and individuals, may own or claim to own intellectual property relating to our industry or to our brand. In the future, third parties may claim that we are infringing on their intellectual property rights, and we may be found to be infringing on such rights. Any claims or litigation could </font>
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          <font style="letter-spacing:0.25pt;">cause us to incur significant expenses and, if successfully asserted against us, could require that we pay substantial damages or ongoing royalty payments, prevent us from offering our services or require that we comply with other unfavorable terms. Even if we were to prevail in such a dispute, any litigation could be costly and time-consuming and divert the attention of our management and key personnel from our business operations. </font>
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          <font style="letter-spacing:0.25pt;">We employ third-party and open-source licensed software for use in our business, and the inability to maintain these licenses, errors in the software we license or the terms of open- source licenses could result in increased costs or reduced service levels, which would adversely affect our business.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our business relies on certain third-party software obtained under licenses from other companies. We anticipate that we will continue to rely on such third-party software in the future. Although we believe that there are commercially reasonable alternatives to the third-party software we currently license, this may not always be the case, or it may be difficult or costly to replace. In addition, integration of new third-party software may require significant work and require substantial investment of our time and resources. Our use of additional or alternative third-party software would require us to enter into license agreements with third parties, which may not be available on commercially reasonable terms or at all. Many of the risks associated with the use of third-party software cannot be eliminated, and these risks could negatively affect our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Additionally, the software powering our technology systems incorporates software covered by open-source licenses. The terms of many open-source licenses have not been interpreted by U.S. courts and there is a risk that the licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to operate our systems. If portions of our proprietary software are determined to be subject to an open-source license, we could be required to publicly release the affected portions of our source code or re-engineer all or a portion of our technology systems, each of which could reduce or eliminate the value of our technology systems. Such risk could be difficult or impossible to eliminate and could adversely affect our business, financial condition, and results of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We may not be able to effectively implement or adapt to changes in technology, particularly with respect to artificial intelligence, which may result in interruptions to our business or even in a competitive disadvantage.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Developments in technology are affecting the insurance business. For example, insurance companies are beginning to use artificial intelligence in a number of applications, including risk assessment, claims processing, customer service, fraud detection, and predictive analytics and modeling. We believe that the development and implementation of new technologies will require additional investment of our capital resources in the future, and it is possible that we may not be able to effectively implement or adapt to new technologies. We have not determined the amount of resources and the time that this development and implementation may require, which may result in short-term, unexpected interruptions to our business, or may result in a competitive disadvantage in price and/or efficiency, as we endeavor to develop or implement new technologies. In addition, changes in technology typically outpace corresponding regulations, which may lead to periods of uncertainty in the permissible uses of certain technology and to differences or even inconsistencies in the regulatory approaches across jurisdictions. The absence of regulations or conflicts in regulations may further limit our ability to implement new technology in an effective and timely manner.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We are subject to stringent and changing privacy and data security laws, regulations, and standards related to data privacy and security. Our actual or perceived failure to comply with such obligations could harm our reputation, subject us to significant fines and liability, or adversely affect our business.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We are subject to the privacy provisions of the federal Gramm-Leach-Bliley Act and the NAIC Insurance Information and Privacy Protection Model Act, to the extent adopted and implemented by various state legislatures and insurance regulators in states in which we conduct our business. The regulations implementing these laws require insurance companies to disclose their privacy practices to consumers, allow them to opt-in or opt-out, depending on the state, of the sharing of certain personal information with unaffiliated third parties, and maintain certain security controls to protect their information. Violators of these laws face regulatory enforcement action, substantial civil penalties, injunctions, and in some states, private lawsuits for damages.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Privacy and data security regulation in the United States is rapidly evolving. For example, California enacted the California Consumer Privacy Act (the &#8220;CCPA&#8221;), which became effective January&#160;1, 2020. The CCPA and related regulations give California residents expanded rights to access and request deletion of their personal information, opt out of certain personal information sharing and receive detailed information about how their personal information is used and shared. The CCPA provides for civil penalties for violations, as well as a private right of action for certain data breaches, which is expected to increase the volume and success of class action data breach litigation. In addition to increasing our compliance costs and potential liability, the CCPA&#8217;s restrictions on &#8220;sales&#8221; of personal information may restrict our use of cookies and similar technologies for advertising purposes. The CCPA excludes information covered by Gramm-Leach-Bliley Act, the Driver&#8217;s Privacy Protection Act, the Fair Credit Reporting Act from the CCPA&#8217;s scope, but the CCPA&#8217;s definition of &#8220;personal information&#8221; is broad and may encompass other information that we maintain. Some observers have noted that the CCPA could mark the beginning of a trend toward more stringent privacy legislation in the U.S., and multiple states have enacted or proposed similar laws. There is also discussion in Congress of new comprehensive federal data protection and privacy law to which we likely would be subject if it is enacted.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In addition, California voters approved the November&#160;2020 ballot measure which enacted the California Privacy Rights Act (the &#8220;CPRA&#8221;), substantially expanding the requirements of the CCPA. As of January&#160;1, 2023, the CPRA gave consumers the ability to limit use of precise geolocation information and other categories of information classified as &#8220;sensitive&#8221;; add e-mail addresses and passwords to the list of personal information that, if lost or breached, would give the affected consumers the right to bring private lawsuits; increase the maximum penalties threefold for violations concerning consumers under age 16; and establish the California Privacy Protection Agency to implement and enforce the new law, as well as impose administrative fines. The effects of the CCPA, CPRA and other similar state or federal laws are potentially significant and may require us to modify our data processing practices and policies, incur substantial compliance costs, and subject us to increased potential liability. </font>
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          <font style="letter-spacing:0.25pt;">Additionally, we are subject to the terms of our privacy policies, privacy-related disclosures and contractual and other privacy-related obligations to our customers and other third parties. Any failure or perceived failure by us or third parties we work with to comply with these policies, disclosures, and obligations to customers or other third parties, or privacy or data security laws may result in governmental or regulatory investigations, enforcement actions, regulatory fines, criminal compliance orders, litigation, or public statements against us by consumer advocacy groups or others, and could cause customers to lose trust in us, all of which could be costly and have an adverse effect on our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Any future acquisitions, strategic investments, or new platforms could expose us to further risks or turn out to be unsuccessful.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">From time to time, we may pursue growth through acquisitions and strategic investments in businesses or new underwriting or marketing platforms. The negotiation of potential acquisitions or strategic investments as well as the integration of an acquired business, personnel, or underwriting or marketing platforms could result in a substantial diversion of management resources and the emergence of other risks, such as potential losses from unanticipated litigation, a higher level of claims than is reflected in reserves, loss of key personnel in acquired businesses, or an inability to generate sufficient revenue to offset acquisition costs.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our ability to manage our growth through acquisitions, strategic investments, or new or alternative platforms will depend, in part, on our success in addressing such risks. While we are not currently contemplating any such acquisitions or strategic investments, our nimble approach to capital management based on opportunities presented and sought out means that we may opportunistically from time to time pursue such acquisitions, new platforms, or strategic investment strategies. Any failure by us to implement our acquisitions, new platforms, or strategic investment strategies effectively could have an adverse effect on our business, financial condition, results of operations, and prospects.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">34</font>
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          <font style="letter-spacing:0.3pt;">Risks related to our growth</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our limited operating history makes it difficult to evaluate our current business performance, implementation of our business model and our future prospects.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our business commenced operations in 2018. Our limited operating history may make it difficult to evaluate our current business and our future prospects. While our revenue has grown in recent periods, this growth rate may not be sustainable and should not be considered indicative of future performance, and we may not realize sufficient revenue to maintain profitability in the future. As we grow our business, we expect our revenue growth rates may slow in future periods due to several reasons, which may include slowing demand for our products, increasing competition, a decrease in the growth of our overall market, and our failure to capitalize on growth opportunities or the maturation of our business. In addition, we have encountered and will continue to encounter risks and difficulties frequently experienced by growing companies in rapidly changing industries, including increasing and unforeseen expenses as we continue to grow our business. If we do not manage these risks successfully, our business may be harmed.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We may not be able to manage our growth effectively.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our gross written premiums grew from $352.6&#160;million for the year ended December&#160;31, 2023, to $437.0 million for the year ended December&#160;31, 2024. As of December&#160;31, 2024, we had 169 total employees, up from 111 as of December&#160;31, 2023. In addition, since our business commenced operations in 2018, we have expanded our geographic footprint, now offering insurance in 48 states. Our rapid growth has placed and may continue to place significant demands on our management and our operational and financial resources. We have hired and expect to continue hiring additional personnel to support our rapid growth. Our organizational structure is becoming more complex as we add staff, and we will need to enhance our operational, financial, and management controls as well as our reporting systems and procedures. In addition, our growth plan will require us to make significant investments in technology. Such investments will also require us to roll out and integrate new technology platforms and to migrate our products from our existing platforms. Such technology may not perform up to our specifications and we may be required to make additional expenditures to remediate any deficiencies. We may not achieve our desired returns on such investments in technology as a result. Additionally, we have experienced and may continue to experience periods of increased levels of demand that place strains on our existing resources. Our human resources, systems, and technology may not be adequate to sustain the level of customer service and quality control we strive to provide in such situations. Such demand may exceed the capacity of the infrastructure and systems we have in place to meet such demand. Any failure under such circumstances to address our clients&#8217; needs on a timely and efficient basis could result in loss of business and damage to our reputation. Any of the foregoing could have an adverse effect on our customer satisfaction, reputation, competitive position, and our brand. Additionally, we intend to further grow our business in the future, which could require additional capital, systems development, and skilled personnel. However, we must be able to meet our capital needs, expand our systems and our internal controls effectively, allocate our human resources optimally, identify and hire qualified employees, or effectively incorporate the components of any businesses we may acquire in our effort to achieve growth. The failure to manage our growth effectively could have an adverse effect on our business, financial condition, and results of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Risks related to our liquidity and access to capital</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Because we are a holding company and substantially all of our operations are conducted by our insurance subsidiaries, our ability to pay dividends and service our debt obligations depends on our ability to obtain cash dividends or other permitted payments from our insurance subsidiaries.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The continued operation and growth of our business will require substantial capital. Accordingly, after the completion of this offering, we do not intend to declare and pay cash dividends or make other distributions on shares of our common stock in the foreseeable future. See &#8220;Dividend policy.&#8221; Because we are a holding company with no business operations of our own, our ability to pay dividends and other distributions to stockholders largely depends on dividends and other distributions from our primary insurance subsidiaries, Ategrity Specialty </font>
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          <font style="letter-spacing:0.25pt;">and Ategrity Ltd. State and foreign insurance laws, including the laws of Delaware and Bermuda, restrict the ability of Ategrity Specialty and Ategrity Ltd, respectively, to determine how we declare stockholder dividends and make other distributions. State and foreign insurance regulators require insurance companies to maintain specified levels of statutory capital and surplus. See &#8220;Management&#8217;s discussion and analysis of financial condition and results of operation&#8212;Liquidity and capital resources&#8221; and &#8220;Regulation&#8212;Restrictions on paying dividends.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The payment of any extraordinary dividend by Ategrity Specialty requires the prior approval (or no disapproval after thirty days&#8217; notice) of the Commissioner of the Delaware Department of Insurance. &#8220;Extraordinary dividend&#8221; is defined under the Delaware Insurance Code as any dividend or distribution of cash or other property, whose fair market value together with that of other dividends or distributions made within the preceding twelve&#160;months, exceeds the greater of (a)&#160;ten&#160;percent of Ategrity Specialty&#8217;s surplus as of December&#160;31 of the preceding year, or (b)&#160;Ategrity Specialty&#8217;s net income for the twelve-month period ending December&#160;31 of the preceding year, but does not include pro&#160;rata distributions of any class of the insurance company&#8217;s own securities. In addition, Ategrity Specialty&#8217;s may not declare or pay a dividend or other distribution from any source other than earned surplus without the Delaware Commissioner&#8217;s prior approval.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In addition, insurance regulators have broad powers to prevent a reduction of statutory surplus to inadequate levels, and there is no assurance that dividends of the maximum amount calculated under any applicable formula would be permitted. Delaware may in the future adopt statutory provisions more restrictive than those currently in effect.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Ategrity Ltd is highly regulated and is required to comply with various conditions before it can pay dividends or make distributions to us. Bermuda law, including the Insurance Act 1978, as amended, and related rules and regulations (the &#8220;Insurance Act&#8221;), and the Companies Act 1981, as amended (the &#8220;Companies Act&#8221;) impose restrictions on Ategrity Ltd&#8217;s ability to pay dividends to us based on solvency margins and surplus and capital requirements. These restrictions, and any other future restrictions adopted by the BMA, could have the effect, under certain circumstances, of significantly reducing dividends or other amounts payable to us by Ategrity Ltd without affirmative approval of the BMA.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Any determination to pay dividends or other distributions in the future will be at the discretion of our Board of Directors and will depend upon results of operations, financial condition, contractual restrictions pursuant to our debt agreements, our indebtedness, restrictions imposed by applicable law, and other factors our Board of Directors deems relevant. Consequently, investors may need to sell all or part of their holdings of our common stock after price appreciation, which may never occur, as the only way to realize any future gains on their investment. Investors seeking immediate cash dividends should not purchase our common stock.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The maximum amount of dividends that our subsidiaries can pay us during 2025 without regulatory approval is $37.4&#160;million.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our ability to incur a substantial level of indebtedness may reduce our financial flexibility, affect our ability to operate our business and divert cash flow from operations for debt service.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024, we had no outstanding indebtedness, and no amounts drawn on our letter of credit agreements. See &#8220;Management&#8217;s discussion and analysis of financial condition and results of operation&#8212;Liquidity and capital resources.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We may incur substantial indebtedness in the future, and, if we do so, the risks related to our level of indebtedness could increase.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">If we were to incur indebtedness in the future, it could affect our operations in several ways, including but not limited to the following:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">increase our vulnerability to changes in general economic, industry, and competitive conditions;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">require us to dedicate a portion of our cash flow to make payments on our indebtedness, thereby reducing the availability of our cash flow to fund other corporate purposes;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">place us at a competitive disadvantage compared to our competitors that are less leveraged and therefore potentially more able to take advantage of opportunities that our level of indebtedness would prevent us from pursuing; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">impair our ability to obtain additional financing in the future.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We may require additional capital in the future, which may not be available or may only be available on unfavorable terms.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our future capital requirements depend on many factors, including our ability to write new business successfully and to establish premium rates and reserves at levels sufficient to cover losses. To the extent that the funds generated by this offering are insufficient to fund future operating requirements and cover claim losses, we may need to raise additional funds through financings or curtail our growth. Many factors will affect the amount and timing of our capital needs, including our growth rate and profitability, our claims experience, the availability of reinsurance, market disruptions, and other unforeseeable developments. If we need to raise additional capital, equity or debt financing may not be available at all or may be available only on terms that are not favorable to us. In the case of equity financings, dilution to our stockholders could result. In the case of debt financings, we may be subject to covenants that restrict our ability to freely operate our business. In any case, such securities or other debt may have rights, preferences, and privileges that are senior to those of the shares of common stock offered hereby. If we cannot obtain adequate capital on favorable terms or at all, we may not have sufficient funds to implement our operating plans and our business, financial condition, or results of operations could be adversely affected.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Risks related to our investment strategy</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our business, prospects, financial condition, or results of operations may be adversely affected by the performance of our investment portfolios or reductions in the aggregate value of our investment portfolios.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our results of operations depend in part on the performance of our investment portfolio, including our Utility &amp; Infrastructure Investments and our fixed income portfolios which are managed by us or the Investment Manager. We derive a significant portion of our income or loss from our investment in the Absolute Return Utility &amp; Infrastructure Fund. As of December&#160;31, 2024, consolidated investments in the Absolute Return Utility &amp; Infrastructure Fund through the Utility Limited Partnership, reflected on a net asset basis, totaled $270.4 million, representing approximately 99.8% of the net assets of the Utility Limited Partnership. As of December&#160;31, 2024, the Utility Limited Partnership had gross assets of $287.3 million and gross liabilities of $16.9 million. As a result, we have significant exposure to the investments in the Absolute Return Utility &amp; Infrastructure Fund, as well as to our other investment assets. Our investments held through the Utility Limited Partnership are carried on the balance sheet of the Absolute Return Utility &amp; Infrastructure Fund at fair market value and are subject to potential losses and declines in market value. In turn, we value our investment in the Utility Limited Partnership at fair value, which is estimated based on our share of the net asset value (&#8220;NAV&#8221;) of the Absolute Return Utility &amp; Infrastructure Fund as provided by the Investment Manager. Our invested assets in the Absolute Return Utility &amp; Infrastructure Fund totaled $270.4 million as of December&#160;31, 2024. For more information about the risks of this investment, see &#8220;&#8212;Risks associated with the Investment Manager&#8217;s strategy in managing the Utility &amp; Infrastructure Investments could be greater than the investment risks faced by some of the other insurers with whom we compete.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our investment portfolio that is not invested in the Utility &amp; Infrastructure Investments consists almost entirely of cash, cash equivalents, treasuries, and predominantly investment-grade fixed-income securities, which are held in accounts managed internally or by the Investment Manager. Our fixed-income security invested assets totaled $438.8 million as of December&#160;31, 2024. This fixed investment portfolio is subject to risks associated with potential declines in credit quality related to specific issuers or specific industries and a general weakening of the economy, which are typically reflected through credit spreads. Credit spread is the additional yield on fixed income securities and loans above the risk-free rate, typically referenced as the yield on U.S. treasury securities, that market participants require to compensate them for assuming credit, liquidity, and/or prepayment risks. Credit </font>
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          <font style="letter-spacing:0.25pt;">spreads vary in response to the market&#8217;s perception of risk and liquidity in a specific issuer or specific sector. Additionally, credit spreads are influenced by the credit ratings, and the reliability of those ratings, published by external rating agencies. Although we have the ability to use derivative financial instruments to manage these risks, the effectiveness of such instruments varies with liquidity and other conditions that may impact derivative and bond markets.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">The U.S. inflation rate began increasing in 2021, peaked in the middle of 2022 and began to gradually decline in the second half of 2022. Sustained levels of high inflation generally cause the U.S. Federal Reserve (the &#8220;Fed&#8221;) and other central banks to increase interest rates. The Fed raised its benchmark interest rate 11 times between March 2022 and July 2023 to curb inflation. The Fed wants inflation to return to its 2% goal over time and it is still high in absolute terms. The Fed has lowered its benchmark interest rate three times since September 2024 by an aggregate 100 basis points to a new range of 4.25% to 4.50% from its 23-year high of 5.25% to 5.50%. Should interest rates continue to decline, including as a result of steps taken by the federal government to slow inflation, such as the passage of the Inflation Reduction Act of 2022, a low interest rate environment would place pressure on our net investment income, particularly as it relates to these securities and short-term investments, which, in turn, may adversely affect our results of operations. Conversely, future increases in interest rates could cause the values of our fixed income securities portfolios to decline, with the magnitude of the decline depending on the duration of securities included in our portfolio and the amount by which interest rates increase. Some fixed income securities have call or prepayment options, which create possible reinvestment risk in declining rate environments. Other fixed income securities, such as mortgage-backed and asset-backed securities, carry prepayment risk or, in a rising interest rate environment, may not prepay as quickly as expected.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Alternatively, a decline in market interest rates could have an adverse effect on investment income as we invest cash in new investments that may earn less than our portfolio&#8217;s average yield. In a low interest rate environment, borrowers may prepay or redeem securities more quickly than expected as they seek to refinance at lower rates. Sustained low interest rates could also lead to purchases of longer-term or riskier assets in order to obtain adequate investment yields, which could also result in a duration gap when compared to the duration of liabilities. Although we attempt to take measures to manage the risks of investing in changing interest rate environments, we may not be able to mitigate interest rate or credit spread sensitivity effectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Our investments are subject to general economic conditions and market risks as well as risks inherent to particular securities. The success of our investments will be affected by, among other things, interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation of our investments), market structure, trade barriers, currency exchange controls, national and international political circumstances (including wars, terrorist acts, or security operations), and the occurrence of various events (including hurricanes, earthquakes, and other natural disasters). For example, the increasing use of tariffs, economic sanctions and export controls may impact the success of our investments. The current U.S. presidential administration has recently imposed broad-based tariffs on imported goods, which could increase the cost of production and impact the success of our investments. This may also provoke responses from foreign governments that negatively impact supply chains and increase the costs for affected imported goods, which could also affect the success of our investments. As a result, U.S. markets have recently experienced significant volatility in reaction to recently announced tariffs and potential trade wars. See &#8220;Management&#8217;s discussion and analysis of financial condition and results of operation&#8212;Quantitative and qualitative disclosures about market risk.&#8221; In addition, the Utility &amp; Infrastructure Investments portfolio is broadly concentrated in utility and infrastructure-related industries, thus exposing our investments to energy and commodity price fluctuations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Adverse economic conditions or other factors could cause declines in the quality and valuation of our investment portfolios that would result in realized and unrealized losses. The concentration of our investment portfolios in any particular issuer, industry, collateral type, group of related industries, geographic sector, or risk type could have an adverse effect on our investment portfolios and consequently on our results of operations and financial condition. Prolonged and severe disruptions in the public debt and equity markets, including, among other things, volatility of interest rates, widening of credit spreads, bankruptcies, defaults, significant ratings downgrades, geopolitical instability, and a decline in equity or commodity markets, may cause significant losses in our </font>
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          <font style="letter-spacing:0.25pt;">investment portfolio. Market volatility can make it difficult to value certain securities if their trading becomes infrequent. Depending on market conditions, we could incur substantial additional realized and unrealized investment losses in future periods. This could have a material effect on certain of our investments. Further, extreme market volatility may leave us unable to react to market events in a prudent manner consistent with our historical practices in dealing with more orderly markets.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Separately, the occurrence of large claims may force us to liquidate securities at an inopportune time, which may cause us to realize capital losses. Large investment losses could decrease our asset base and thereby affect our ability to underwrite new business. Additionally, such losses could have an adverse impact on our stockholders&#8217; equity, business and financial strength, and debt ratings.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The aggregate performance of our investment portfolio also depends to a significant extent on the ability of us and the Investment Manager, in the management of our portfolios, to select and manage appropriate investments. As a result, we are also exposed to operational risks which may include, but are not limited to, a failure of the Investment Manager to perform its services in a manner consistent with product mandates or our investment guidelines.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The market and credit risks described above could reduce our net investment income and result in realized or unrealized investment losses. Our investment portfolio is subject to increased valuation uncertainties when investment markets are illiquid. The valuation of investments is more subjective when markets are illiquid, thereby increasing the risk that the estimated fair value (i.e., the carrying amount) of the securities we hold in our portfolio do not reflect prices at which actual transactions would occur. In addition, although we seek to employ investment strategies that are not correlated with our insurance and reinsurance exposures, losses in our investment portfolio may occur at the same time as underwriting losses and, therefore, exacerbate the adverse effect of the losses on us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We could be forced to sell investments to meet our liquidity requirements.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We invest the premiums we receive from our insureds until they are needed to pay policyholder claims. Consequently, we seek to manage the duration of our investment portfolio based on the duration of our loss and loss adjustment expense reserves to ensure sufficient liquidity and avoid having to liquidate investments to fund claims. Risks such as inadequate loss and loss adjustment reserves, unexpected sudden large losses, such as catastrophes, or unfavorable trends in litigation could potentially result in the need to sell investments to fund these liabilities. We may not be able to sell our investments at favorable prices or at all. Sales could result in significant realized losses depending on the conditions of the general market, interest rates, and credit issues with individual securities. See &#8220;&#8212;Risks related to our investment strategy&#8212;We have a limited ability to withdraw our capital from the Utility &amp; Infrastructure Investments.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We face risks associated with our reliance on the Investment Manager and its employees.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The performance of our investments is dependent on the ability of the Investment Manager, and more specifically, the portfolio managers of the Investment Manager, to develop and implement investment strategies that achieve the investment objectives of the accounts that they manage. If Stuart J. Zimmer ceases to be involved in the management of the Investment Manager or our other portfolios managed by the Investment Manager, the Utility Limited Partnership could be adversely affected. Mr.&#160;Zimmer is not prohibited from resigning. In addition, Mr.&#160;Zimmer has material responsibilities within the Investment Manager that are completely separate from his duties to our accounts and the Utility &amp; Infrastructure Investments. There is no prohibition on an expansion or change to such other responsibilities. We have no special withdrawal rights if Mr.&#160;Zimmer were to cease to be involved in the management of the Investment Manager, or materially reduce his duties with respect to the Utility &amp; Infrastructure Investments or our other portfolios managed by the Investment Manager; rather we would have the right to withdraw only in accordance with the withdrawal provisions detailed in the Utility Limited Partnership Agreement. See &#8220;Certain relationships and related party transactions&#8212;Investment management.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Utility &amp; Infrastructure Investments and our other portfolio investments managed by the Investment Manager face operational risks from the Investment Manager&#8217;s&#8217; management of the Utility &amp; Infrastructure Investments and our other portfolio investments, including from misconduct by employees or service providers of the Investment Manager, which could result in material losses to our investment portfolio and, by extension, to us.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our investment portfolio is exposed to operational risks from the Investment Manager and its employees and service providers, including from potential non-compliance with policies and regulations, employee misconduct, negligence, and fraud, each of which could result in material losses to the investment portfolio. In recent&#160;years, a number of investment managers and other financial institutions have suffered material losses due to, for example, the actions of traders executing unauthorized trades or other employee misconduct.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">It is not always possible to deter or fully prevent employee misconduct and the precautions the Investment Advisers take to prevent and detect this activity may not always be effective. Any impact from the incident described above or other similar operational risks may result in material losses to our investment portfolio and, by extension, the Company.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our investment portfolios and their performance substantially depend upon the ability of the Investment Manager to select and manage appropriate investments.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Pursuant to the investment management agreements for the fixed income accounts and the Utility &amp; Infrastructure Investments, the Investment Manager has discretion and authority to make all investment decisions on behalf of our accounts, including the power to purchase, acquire, hold, invest, reinvest, sell, or otherwise dispose of the underlying assets or securities.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The trading strategies that the Investment Manager utilizes with respect to the Utility &amp; Infrastructure Investments at any time may encompass a variety of techniques, both directly and derivatively, all of which may be based on any combination of systematic and discretionary analysis as determined by the Investment Manager in its sole discretion. The Utility &amp; Infrastructure Investments are subject to all of the risks associated with the purchase and sale of complex leveraged instruments, including without limitation, the difficulty of accurately predicting price movements in particular investment positions and the difficulty of assessing the impact that an unpredictable multitude of economic and other events may have on prices or the value of investments. The Investment Manager utilizes a variety of speculative trading strategies which, if unsuccessful, could result in a complete loss of our investments. The trading and investment activities employed by the Investment Manager with respect to the Utility &amp; Infrastructure Investments are not limited to these strategies and techniques and the Investment Manager is permitted to pursue any investment strategy and/or technique that the Investment Manager determines in its sole discretion to be appropriate for the Utility &amp; Infrastructure Investments from time to time. We cannot assure stockholders as to how assets will be allocated to different investment opportunities, including long and short positions and derivatives trading, which could increase the level of risk associated with the Utility &amp; Infrastructure Investments. The performance of the Utility &amp; Infrastructure Investments depends fundamentally on the ability of the Investment Manager to select and manage appropriate investments for the Utility &amp; Infrastructure Investments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Utility &amp; Infrastructure Investments are speculative, entail substantial risks, and are subject to various conflicts of interest. There is no guarantee, assurance, or representation that the investment objectives of the Utility &amp; Infrastructure Investments will be achieved or that the Utility &amp; Infrastructure Investments will not result in significant losses, which consequently could significantly and negatively affect our business, results of operations, and financial condition.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In addition, under each of the Limited Partnership Agreements, each General Partner has the authority to dismiss from employment any and all agents, managers, consultants, advisors, and other persons, and has general management discretion and authority regarding the applicable Limited Partnership. Because each General Partner is an affiliate of the Investment Manager, it may have conflicts of interest with respect to decisions relating to such matters.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Each Limited Partnership is required to indemnify and hold harmless such Limited Partnership&#8217;s General Partner and under certain circumstances, the Investment Manager pursuant to the applicable Limited Partnership Agreement. As a result, in general, we do not expect to have recourse to the Investment Manager for our losses in the event that the Investment Manager (or its affiliates) incur losses, all of which could have an adverse impact on our financial conditions and results of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We have a limited ability to withdraw our capital from the Utility &amp; Infrastructure Investments.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Because the Utility Limited Partnership Agreement limits our ability to withdraw our capital from the Utility Limited Partnership to certain specified uses without the Utility General Partner&#8217;s consent, including without limitation, to pay insurance claims, operating expenses, in each case at the end of the quarter upon 45&#160;days written notice, and because there is no secondary market for interests in the Utility Limited Partnership, an investment in the Utility Limited Partnership has limited liquidity.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Under the MidCap Limited Partnership Agreement, we are permitted to redeem 25% of our capital in the MidCap Limited Partnership at the end of a quarter upon 75&#160;days&#8217; notice. After such redemption, we may withdraw the remainder of our capital in equal installments for successive calendar quarters upon at least 75&#160;days&#8217; notice. A withdrawal made prior to the last business day of the third full calendar quarter occurring on or after the day immediately preceding the date on which our capital contribution was made will be subject to a withdrawal reduction of 3.75% of the gross withdrawal proceeds attributable to such capital. There is no secondary market for interests in the MidCap Limited Partnership. In light of the above restrictions, an investment in the MidCap Limited Partnership has limited liquidity.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Should the Limited Partnerships be terminated by the General Partners (as applicable), all assets will be liquidated in accordance with the terms set out in the applicable Limited Partnership Agreements and we will no longer receive returns in connection with this investment. If any of the Limited Partnerships is terminated, there can be no assurance that we will be able to replace the Investment Manager as our investment manager or achieve investment results comparable or better than those achieved by such Limited Partnership.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The General Partners, the Investment Manager, and their respective affiliates have potential conflicts of interest that could adversely affect us.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The structure and operations of the Investment Manager and its affiliates (and, by extension, how the Utility &amp; Infrastructure Investments and the fixed income accounts managed by the Investment Manager are constructed, managed, and advised) give rise to a number of actual and potential conflicts of interest which may adversely affect us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Investment Manager and the General Partners are both controlled by ZFSG, which is also our controlling stockholder. The Investment Manager and its affiliates currently manage, and expect to continue to manage, third-party client and proprietary accounts, some of which have objectives that overlap with the investment objectives of the Utility &amp; Infrastructure Investments and our fixed income portfolios managed by the Investment Manager. The Investment Manager&#8217;s interests will at times conflict with our interests, which may potentially adversely affect our and the Limited Partnerships&#8217; investment opportunities and returns. Additionally, we pay management fees to the Investment Manager pursuant to the agreements we have entered into with the Investment Manager which may be different from the fees paid by other accounts managed by the Investment Manager. See &#8220;Certain relationships and related party transactions&#8221; for more details relating to such fee arrangements.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">ZFSG and its affiliates, including the Investment Manager, engage in other business ventures and investment opportunities that will not be allocated equitably among us and such other business ventures.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">ZFSG and its affiliates, including the Investment Manager, participate in various financial activities and have created multiple products that employ overlapping or substantially similar strategies and/or compete for limited trading and investment opportunities but are designed to achieve materially different expected risk-reward profiles. ZFSG and its affiliates, including the Investment Manager, engage in a wide-range of investment and other financial activities, many of which are not offered to us or to our accounts that are managed by the Investment Manager.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Investment Manager also serves as investment manager of other investment vehicles. The Investment Manager, its principal, and its affiliates conduct investment activities for their own accounts and may serve as investment adviser, investment manager, or in a similar capacity to various other entities, co-investors, and managed accounts in the future. Situations may occur where our accounts that are managed by the Investment Manager could be disadvantaged because of the investment activities conducted by the Investment Manager for other clients due to, among other things, the limited availability of an opportunity or the market impact of orders for multiple accounts.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Additionally, decisions made by the Investment Manager on behalf of our accounts have the potential to vary materially from the decisions made by the Investment Manager and its affiliates on behalf of other clients (including its principal and its affiliates), including during times of market stress and during liquidation events. Because the Investment Manager employs the same or substantially similar strategies on behalf of many of its clients (including ZFSG and its affiliates) and because such clients often trade the same or similar instruments, the decisions made by the Investment Manager, on behalf of any individual client are likely to have a material impact on other clients. This impact is likely to be exacerbated during times of market stress and/or during liquidation events. For example, to the extent that the Investment Manager decides to liquidate or &#8220;de-lever&#8221; all or any portion of another client&#8217;s portfolio for any reason, the market&#8217;s reaction to such liquidation or deleveraging is likely to adversely affect the Utility &amp; Infrastructure Investments or the Investment Manager&#8217;s ability to liquidate or de-lever the same or similar positions, whether or not the Investment Manager has made the independent decision to liquidate or de-lever the Utility &amp; Infrastructure Investments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The historical performance of the Investment Manager (including the performance of the Utility &amp; Infrastructure Investments) should not be considered as indicative of our or the Utility &amp; Infrastructure Investments&#8217; future results.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The historical returns of the funds managed by the Investment Manager (including the performance of the Utility&#160;&amp; Infrastructure Investments) are not necessarily indicative of future results. Results for the Utility&#160;&amp;&#160;Infrastructure Investments could differ materially from the results of other funds managed by the Investment Manager. In addition, even if the Utility &amp; Infrastructure Investments generate investment income in a given period, our overall performance could be adversely affected by losses generated by our insurance and reinsurance operations or other market dynamics. Poor performance of the Utility &amp; Infrastructure Investments would cause a decline in our revenue and would therefore have a negative effect on our financial performance.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The ZIS Loan is a Related Party Transaction and is subject to the credit risk of an investment in ZIS and ZFSG, our parent company.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">The ZIS Loan is a related party transaction. See &#8220;Certain relationships and related party transactions&#8212;Related Party Loan.&#8221; ZIS, which is a wholly-owned subsidiary of ZFSG, is the borrower under the ZIS Loan. Pursuant to the ZIS Loan, Ategrity Specialty Holdings LLC and Ategrity Ltd have provided a loan with a principal amount of $94&#160;million to ZIS. The ZIS Loan is guaranteed by ZFSG. ZFSG is also a guarantor under the Investment Manager&#8217;s credit facility and ZFSG&#8217;s guarantee of the ZIS Loan is expressly subordinated to any and all debts, liabilities and other obligations owing to the lenders to the Investment Manager&#8217;s credit facility by its terms. The ZIS Loan is secured by the shares ZFSG holds in ZIS and certain of our shares of common stock that are held by ZFSG.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">ZIS is an employee benefits business with a very limited operating history. ZIS was formed in 2023 for the purpose of providing certain business services to affiliates of ZFSG, including Ategrity. ZIS also sponsors self-insurance healthcare plans on behalf of employers, with equity capital provided by ZFSG. On October&#160;1, 2024, ZIS commenced providing insurance and other ancillary benefits to our employees and employees of other ZFSG affiliates pursuant to such plans. In connection with its self-insurance business, ZIS collects premiums and is responsible for the payment of claims pursuant to such plans. There are certain risks associated with the self-insurance model, including the risk that claims are reported in excess of ZIS&#8217;s available reserves. ZIS&#8217;s current customers are ZFSG affiliates, including Ategrity; however, ZIS intends to expand its offerings to other employers. Our investment in the ZIS Loan is dependent on cash from operating activities of ZIS in order to service the interest and principal payments on the ZIS Loan. If ZIS were not able to service its indebtedness on the ZIS Loan, or if there were a </font>
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          <font style="letter-spacing:0.25pt;">default on such loan, the value of the collateral underlying the ZIS Loan may not be sufficient to cover the amount we have invested in the ZIS Loan. In the event of bankruptcy proceedings relating to ZFSG, if a bankruptcy court were to substantively consolidate ZIS obligations with such proceedings, the recovery of our security interest could be subject to court approval and the timing of such recovery may be impeded as a result. In the event we were not able to recover the full value of our investment in the ZIS Loan, it could have a material adverse effect on our financial condition or results of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Risks associated with the ZIS Loan and the Investment Manager&#8217;s strategy in managing the Utility &amp; Infrastructure Investments could be greater than the investment risks faced by some of the other insurers with whom we compete.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We have a significant amount of financial exposure to the Utility &amp; Infrastructure Investments and the ZIS Loan. As a result, our results of operations depend materially on the performance of the Utility &amp; Infrastructure Investments and the ZIS Loan. The ZIS Loan is concentrated exposure to the credit of ZFSG and ZIS. The ZIS Loan is secured only by the shares of ZIS held by ZFSG as well as certain of our shares owned by ZFSG. This investment may present more concentrated risk exposure than the fixed income investments of other insurers with which we compete.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Utility &amp; Infrastructure Investments are inherently speculative and involve certain risks. The Utility &amp; Infrastructure Investments are made through various commingled investment vehicles that are managed on behalf of multiple clients of the Investment Manager, and not structured in relation to our specific financial objectives or anticipated insurance and reinsurance liabilities. To the extent we are required to fund these or other liabilities in meaningful amounts and/or unexpectedly, we could be forced to liquidate investments at a significant loss or at prices that are not optimal, which could significantly and adversely affect our financial results.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The risks associated with the ZIS Loan and the Investment Manager&#8217;s investment strategy could be greater than the risks associated with traditional investment strategies employed by some of the insurers with whom we compete. For example, the Absolute Return Utility &amp; Infrastructure Fund currently employs a utility and infrastructure-focused, long/ short strategy, investing primarily in equities. Because the Absolute Return Utility &amp; Infrastructure Fund&#8217;s investment portfolio is concentrated in utilities and infrastructure, our investment therein may be subject to more rapid change in value, including as a result of energy and commodity price fluctuations, than would be the case if the Absolute Return Utility &amp; Infrastructure Fund were to maintain a wide diversification among securities or industry sectors. Furthermore, even within utilities and infrastructure, the investment portfolio may be relatively concentrated. This lack of diversification may subject the investments of the Absolute Return Utility &amp; Infrastructure Fund to more rapid change in value than would be the case if the assets of the Absolute Return Utility &amp; Infrastructure Fund were more widely diversified.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Fees to the Investment Manager are paid not only in the form of a management fee based on the amount invested in the Utility &amp; Infrastructure Investments, but also are paid as a 20% annual incentive fee on the profits of the relevant fund at the end of each performance period. In the case of the Absolute Return MidCap Fund, such incentive fee increases to 30% above a 15% annualized return hurdle. The Investment Manager generally will not be penalized for losses or decreases in the value of the Utility &amp; Infrastructure Investments. Therefore, the Investment Manager could be incentivized to pursue strategies that are speculative or expose us to more risk in order to focus on near-term gains rather than long-term growth, which may have an adverse impact on our financial condition, results of operations, and cash flows. Additionally, such fees may reduce the returns to our portfolio versus other possible strategies that have different fee structures or no fees at all.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Investment Manager employs hedging for Utility &amp; Infrastructure Investments by taking long and short positions in related instruments. Hedging against a decline in the value of a portfolio position does not eliminate fluctuations in the values of such portfolio positions or prevent losses if the values of such positions decline, but establishes other positions designed to gain from those same developments, thus seeking to moderate the decline in the value of such portfolio position. Such hedging transactions also limit the opportunity for gain if the value of the portfolio position should increase. In the event of an imperfect correlation between a position in a hedging instrument and the portfolio position that it is intended to protect, the desired protection may not be </font>
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          <font style="letter-spacing:0.25pt;">obtained, and the Utility &amp; Infrastructure Investments may be exposed to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs. Positions which would typically serve as hedges could actually move in the same direction as the instruments they were initially attempting to hedge, adding further risk (and losses). The Investment Manager may determine not to hedge against certain risks, and certain risks exist that cannot be hedged.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Moreover, there are likely to be an increasing number of market participants who rely on strategies and techniques that are similar to those used by the Investment Manager, which may result in a substantial number of market participants taking the same action with respect to an investment and some of these market participants may be substantially larger than our positions in the Utility &amp; Infrastructure Investments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In managing the Utility &amp; Infrastructure Investments, the Investment Manager will trade on margin and use other forms of financial leverage, which could potentially adversely affect our results.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Investment Manager employs substantial leverage with respect to the Utility &amp; Infrastructure Investments. Such leverage is achieved by borrowing funds from U.S. and non-U.S. brokers, banks, dealers, and other lenders, purchasing or selling instruments on margin or with collateral and using options, futures, forward contracts, swaps and various other forms of derivatives, and other instruments which have substantial embedded leverage.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">If any fund underlying the Utility &amp; Infrastructure Investments can no longer utilize margin or post collateral under such lending arrangements, it could be required to liquidate a significant portion of its portfolio, and trading would be constrained, adversely affecting such fund&#8217;s performance.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Trading on leverage may result in greater risks, exposures, interest charges, and costs, which may be explicit (e.g., in the case of loans) or implicit (e.g., in the case of many derivative instruments) and such charges or costs could be substantial. The use of leverage, both through direct borrowing and through the investment in various types of instruments across a wide variety of asset classes, can substantially increase the market exposure (and market risk) to which the Utility &amp; Infrastructure Investments are subject. Specifically, if the value of the portfolio of any fund underlying the Utility &amp; Infrastructure Investments fell below the margin or collateral level required by a prime broker or dealer, the prime broker or dealer would require additional margin deposits or collateral amounts. If such fund were unable to satisfy such a margin or collateral call by a prime broker or dealer, the prime broker or dealer could liquidate the fund&#8217;s positions in its account with the prime broker or for which the dealer is the counterparty and cause such fund to incur significant losses. The failure to satisfy a margin or collateral call, or the occurrence of other material defaults under margin, collateral, or other financing agreements, could trigger cross-defaults under such fund&#8217;s agreements with other brokers, dealers, lenders, clearing firms, or other counterparties, multiplying the adverse impact to the fund. In addition, because the use of leverage will allow such fund control of or exposure to positions worth significantly more than the margin or collateral posted for such positions, the amount that such fund may lose in the event of adverse price movements will be high in relation to the amount of this margin or collateral amount and could exceed the value of the assets of such fund. Trading of futures, forward contracts, equity swaps, and other derivatives, for example, generally involves little or no margin deposit or collateral requirement and therefore provides substantial implicit leverage. Accordingly, relatively small price movements in these instruments (and others) can result in immediate and substantial losses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In the event of a sudden decrease in the value of any fund underlying the Utility &amp; Infrastructure Investments, such fund might not be able to liquidate assets quickly enough to satisfy its margin or collateral requirements. In that event, such fund would become subject to claims of financial intermediaries that extended &#8220;margin&#8221; loans or counterparty credit. Such claims could exceed the value of the assets of the fund. Trading of futures generally involves little or no margin deposit requirement and therefore provides substantial leverage. Accordingly, relatively small price movements in these instruments (and others) can result in immediate and substantial losses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The banks, dealers, and counterparties (including prime brokers, futures commission merchants, and central clearing houses) that provide financing to the funds underlying the Utility &amp; Infrastructure Investments can apply essentially discretionary margin, haircut, financing, and collateral valuation policies. Changes by banks, dealers, and counterparties in any of the foregoing may result in large margin calls, loss of financing, and forced liquidations </font>
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          <font style="letter-spacing:0.25pt;">of positions at disadvantageous times or prices. There can be no assurance that the Utility &amp; Infrastructure Investments will be able to secure or maintain adequate financing.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We and the Investment Manager engage in short selling, which could expose us to the potential for large losses.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The investment program for the Utility &amp; Infrastructure Investments includes a significant amount of short selling. We also engage in certain short selling of treasury securities at the holding company level. Short selling transactions expose us and the Utility &amp; Infrastructure Investments to the risk of loss in an amount greater than the initial investment, and such losses can increase rapidly and without effective limit. Short sales can, in certain circumstances, substantially increase the impact of adverse price movements in the Utility &amp; Infrastructure Investments. A short sale of an instrument involves the risk of a theoretically unlimited loss from a theoretically unlimited increase in the market price of the instrument, which could result in an inability to cover the short position. In addition, there can be no assurance that securities or other instruments necessary to cover a short position will be available for purchase. There is the risk that the instruments borrowed in connection with a short sale would need to be returned to the lender on short notice. If such request for return of instruments occurs at a time when other short sellers of the subject instrument are receiving similar requests, a &#8220;short squeeze&#8221; can occur, wherein the holder of the short position might be compelled, at the most disadvantageous time, to replace the borrowed instruments previously sold short with purchases on the open market, possibly at prices significantly in excess of the proceeds received earlier in originally selling the instruments short. Purchasing instruments to close out the short position can itself cause the price of the instruments to rise further, thereby exacerbating any loss. There can be no assurance that securities necessary to cover a short position will be available for purchase.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Risks related to this offering and ownership of our common stock</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">There is no public market for our common stock and a market may never develop.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Before this offering, there has not been a public trading market for our common stock. We have applied to list our common stock on the NYSE under the symbol &#8220;ASIC.&#8221; However, an active and liquid trading market for our common stock may not develop or be sustained after this offering. If an active and liquid trading market does not develop, you may have difficulty selling your shares of common stock at an attractive price, or at all. The initial public offering price for our common stock sold in this offering has been determined by negotiations among us and the representatives of the underwriters. This price may not be indicative of the price at which our common stock will trade after this offering. The market price of our common stock may decline below the initial public offering price, and you may not be able to sell your common stock at or above the price you paid in this offering, or at all.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Our stock price may be volatile, or may decline regardless of our operating performance, and you could lose all or part of your investment.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Our quarterly results of operations are likely to fluctuate in the future as a publicly-traded company. In addition, securities markets worldwide have experienced, and are likely to continue to experience, significant price and volume fluctuations. This market volatility, as well as general economic, market, or political conditions, could subject the market price of our shares to wide price fluctuations regardless of our operating performance. You should consider an investment in our common stock to be risky, and you should invest in our common stock only if you can withstand a significant loss and wide fluctuation in the market value of your investment. The market price of our common stock could be subject to significant fluctuations after this offering in response to the factors described in this &#8220;Risk factors&#8221; section and other factors, many of which are beyond our control. Among the factors that could affect our stock price are:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">market conditions in the broader stock market;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">actual or anticipated variations in our quarterly and annual results of operations or those of other companies in our industry;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">45</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">changes in market valuations of companies perceived to be similar to us;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">introduction of new products or services by us or our competitors;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">publication of research reports or news stories about us, our competitors, or our industry, or positive or negative recommendations or withdrawal of research coverage by securities analysts;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">results of operations or balance sheet items, such as reserves, that vary from expectations of securities analysts and investors;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">guidance, if any, that we provide to the public, any changes in this guidance or our failure to meet this guidance;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the public&#8217;s response to our or our competitors&#8217; filings with the SEC, press releases, or other announcements regarding acquisitions, restructurings, litigation, regulation, or other strategic actions and significant matters;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">changes in our Board of Directors, senior management, or other key personnel;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">sales of our common stock, including by our directors, executive officers, and principal stockholders;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">short sales, hedging, and other derivative transactions in our common stock;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">any indebtedness we may incur or securities we may issue in the future;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">actions by stockholders;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">changes in accounting principles;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">the occurrence of severe weather conditions and other catastrophes that affect or are perceived by investors as affecting us or our industry;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">exposure to capital and credit market risks that adversely affect our investment portfolio or our capital resources;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">investment performance;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">changes in our credit ratings; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">the actual or anticipated passage of legislation or other regulatory developments affecting us or our industry.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The securities markets have from time to time experienced extreme price and volume fluctuations that often have been unrelated or disproportionate to the operating performance of particular companies. These broad market fluctuations, as well as general market, economic, and political conditions, such as recessions, loss of investor confidence, or interest rate changes, may negatively affect the market price of our common stock.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In addition, the stock markets, including the NYSE, have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. If any of the foregoing occurs, it could cause our stock price to fall and may expose us to securities class action litigation that, even if unsuccessful, could be costly to defend, divert management&#8217;s attention and resources or harm our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:10.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">If securities analysts do not publish research or reports about our business or our industry or if they issue unfavorable commentary or issue negative recommendations with respect to our common stock, the price of our common stock could decline.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The trading market for our common stock will be influenced by the research and reports that equity research and other securities analysts publish about us, our business, and our industry. We do not have control over these analysts and we may be unable or slow to attract research coverage. One or more analysts could issue negative recommendations with respect to our common stock or publish other unfavorable commentary or cease publishing reports about us, our business, or our industry. If one or more of these analysts cease coverage of us, we could lose visibility in the market. As a result of one or more of these factors, the market price of our common stock price could decline rapidly and our common stock trading volume could be adversely affected.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">46</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.25pt;">Our articles of incorporation and bylaws will provide that the Eighth Judicial District Court of the State of Nevada (or if such court does not have jurisdiction, another state or the federal courts (as appropriate) located within the State of Nevada) will be the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders&#8217; ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees, or stockholders or make the litigation of such disputes more costly for stockholders.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our articles of incorporation and bylaws will provide that, unless we consent to the selection of an alternative forum, the Eighth Judicial District Court of the State of Nevada, sitting in Clark County (or if such court does not have jurisdiction, another state or the federal courts (as appropriate) located within the State of Nevada) shall, to the fullest extent permitted by law, be the sole and exclusive forum for any actions, suits, or proceedings, whether civil, administrative, or investigative (i) brought in our name or right or on our behalf, (ii)&#160;asserting a claim for breach of any fiduciary duty owed by any of our current or former directors, officers, employees, or agents to us or our stockholders, (iii)&#160;that is an internal action (as defined in Nevada Revised Statutes (&#8220;NRS&#8221;) 78.046), including any action or claim arising under or pursuant to NRS Chapters 78 or 92A or any provision of our articles of incorporation or our bylaws, or as to which the NRS confers jurisdiction on the District Court of the State of Nevada, (iv) to interpret, apply, enforce, or determine the validity of our articles of incorporation and bylaws or any agreement entered into pursuant to NRS 78.365 to which we are a party or a stated beneficiary or (v) asserting a claim governed by the internal affairs doctrine. Section 27 of the Securities Exchange Act of&#160;1934, as amended (the &#8220;Exchange Act&#8221;) creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision in our articles of incorporation and bylaws will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Our articles of incorporation and bylaws will further provide that, unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the federal district courts of the United States of America will be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. However, Section&#160;22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce a duty or liability created by the Securities Act or the rules and regulations thereunder and, accordingly, we cannot be certain that a court would enforce such provision. See &#8220;Description of capital stock&#8212;Exclusive forum.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock shall be deemed to have notice of and consented to the forum provisions in our articles of incorporation, except our stockholders will not be deemed to have waived (and cannot waive) compliance with the federal securities laws and the rules and regulations thereunder. This choice of forum provision may limit a stockholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our current or former directors, officers, other employees, or stockholders which may discourage lawsuits with respect to such claims or make such lawsuits more costly for stockholders. Alternatively, if a court were to find the choice of forum provision contained in our articles of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, financial condition, and results of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Provisions in our articles of incorporation and bylaws and Nevada law could discourage, delay, or prevent a change in control of our company and may adversely affect the trading price of our common stock.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Provisions of our articles of incorporation and bylaws and Nevada law may discourage, delay, or prevent a merger, acquisition, or other change in control that stockholders may consider advantageous, including transactions in which you would otherwise receive a premium for your shares of our common stock. These provisions may also prevent or frustrate attempts by our stockholders to replace or remove our management. These provisions will provide for, among other things:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">there is no cumulative voting in the election of our directors, which prevents the minority stockholders from electing director candidates;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">from and after such time as ZFSG and its affiliates no longer beneficially own more than 50% of the voting power of our capital stock, our board of directors will have an the exclusive right to elect a director to fill a </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">vacancy created by the expansion of the board of directors or the resignation, death, or removal of a director, which prevents stockholders from being able to fill vacancies on our board of directors;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">from and after such time as ZFSG and its affiliates cease to beneficially own more than 50% of the voting power of our capital stock, actions to be taken by our stockholders may only be effected at an annual or special meeting of our stockholders and not by written consent;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">special meetings of our stockholders can be called only by the Chair of the board of directors, by our corporate secretary at the direction of our board of directors, or, until such time as ZFSG and its affiliates cease to beneficially own more than 50% of the voting power of our capital stock, the majority of the holders of our common stock;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">advance notice procedures that stockholders, other than ZFSG, must comply with in order to nominate candidates to our board of directors and propose matters to be brought before an annual meeting of our stockholders may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer&#8217;s own slate of directors or otherwise attempting to obtain control of our company;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">pursuant to Nevada law, a 66</font><font style=" position:relative; bottom:2.66pt;font-size:7pt;letter-spacing:0.175pt;">2</font><font style="letter-spacing:0.25pt;">&#8725;</font><font style="font-size:7pt;letter-spacing:0.175pt;">3</font><font style="letter-spacing:0.25pt;">% stockholder vote is required for removal of a director (with or without cause);</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">from and after such time as ZFSG and its affiliates cease to beneficially own more than 50% of the voting power of our capital stock, a 66</font><font style=" position:relative; bottom:2.66pt;font-size:7pt;letter-spacing:0.175pt;">2</font><font style="letter-spacing:0.25pt;">&#8725;</font><font style="font-size:7pt;letter-spacing:0.175pt;">3</font><font style="letter-spacing:0.25pt;">% stockholder vote is required for the amendment, repeal, or modification of certain provisions of our articles of incorporation and any provisions of our bylaws; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">our board of directors may, without stockholder approval, issue series of preferred stock, or rights to acquire preferred stock, that could dilute the interest of, or impair the voting power of, holders of our common stock or could also be used as a method of discouraging, delaying, or preventing a change of control.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The existence of the foregoing provisions and anti-takeover measures could limit the price that investors might be willing to pay in the future for shares of our common stock. They could also deter potential acquirers of our company, thereby reducing the likelihood that you could receive a premium for your common stock in an acquisition. </font>
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          <font style="letter-spacing:0.25pt;">Certain anti-takeover provisions under Nevada law also apply to our company. We may be subject to Nevada&#8217;s statutes governing &#8220;combinations with interested stockholders&#8221; &#8203;(NRS 78.411-78.444), which could prohibit us from entering into a &#8220;combination&#8221; with an &#8220;interested stockholder&#8221; for up to four years after the person first became an interested stockholder, unless certain conditions are met (for example in some circumstances, approval by our board of directors before such person became an interested stockholder, or approval by both our board of directors and a supermajority of the disinterested stockholders). Under these statutes, an interested stockholder is a person who beneficially owns (or is one of our affiliates or associates and, within the immediately prior two years, beneficially owned) stock with 10% or more of the corporation&#8217;s voting power. The inability of an interested stockholder to pursue the types of combinations restricted by these statutes could discourage, delay or prevent a merger, acquisition, or other change in control of our company. Our articles of incorporation will not opt out of NRS&#160;78.411 through 78.444.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Further, if Nevada&#8217;s &#8220;acquisition of controlling interest&#8221; statutes (NRS 78.378-78.3793) are applicable to us, a person acquiring a significant proportion of our voting stock could be precluded from voting all or a portion of such shares under these statutes, which prohibit an acquirer of stock, under certain circumstances, from voting its &#8220;control shares&#8221; &#8203;(meaning shares of outstanding voting stock that put the acquirer above certain specified ownership thresholds) acquired within 90 days immediately prior to crossing those ownership threshold percentages, unless the acquirer obtains approval of the disinterested stockholders or unless the articles of incorporation or bylaws of the issuing corporation in effect on the tenth day following the acquisition of the controlling interest provide that these statutes do not apply. If the voting rights are not approved, these statutes would allow us to call all of such control shares for redemption at the average price paid for such shares. We intend to opt out of these statutes in our bylaws with respect to acquisitions of shares by ZFSG and its affiliates.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">These anti-takeover provisions could make it more difficult for a third party to acquire us even if many of our stockholders are in favor of the third party&#8217;s offer. These provisions also may have the effect of preventing changes </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">in our board of directors and may make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests. As a result, our stockholders may be limited in their ability to obtain a premium for their shares or control our management or board.</font>
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          <font style="letter-spacing:0.25pt;">Applicable insurance laws may make it difficult to effect a change of control.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Under applicable Delaware insurance laws and regulations, no person may acquire control of a domestic insurer until written approval is obtained from the state insurance commissioner following a public hearing on the proposed acquisition. Such approval would be contingent upon the state insurance commissioner&#8217;s consideration of a number of factors including, among others, the financial strength of the proposed acquiror, the acquiror&#8217;s plans for the future operations of the domestic insurer, and any anti-competitive results that may arise from the consummation of the acquisition of control. Delaware insurance laws and regulations pertaining to changes of control apply to both the direct and indirect acquisition of ten&#160;percent or more of the voting stock of a Delaware-domiciled insurer. Accordingly, the acquisition of ten&#160;percent or more of our common stock would be considered an indirect change of control of Ategrity Specialty and would trigger the applicable change of control filing requirements under Delaware insurance laws and regulations, absent a disclaimer of control filing and its acceptance by the Delaware Insurance Department. These requirements may discourage potential acquisition proposals and may delay, deter, or prevent a change of control of Ategrity, including through transactions that some or all of the stockholders of Ategrity might consider to be desirable. See also &#8220;Regulation&#8212;Changes of control.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Future sales, or the perception of future sales, of our common stock may depress the market price of our common stock.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Upon completion of this offering, we will have outstanding an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common stock. Of these shares, &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares to be sold in this offering (or &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares if the underwriters exercise their option to purchase additional shares in full) will be freely tradable without restriction or further registration under the Securities Act, unless such shares are held by our directors, executive officers, or any of our affiliates, as that term is defined in Rule&#160;144 under the Securities Act (&#8220;Rule&#160;144&#8221;). All remaining shares of common stock outstanding following this offering will be &#8220;restricted securities&#8221; within the meaning of Rule&#160;144. Restricted securities may not be sold in the public market unless the sale is registered under the Securities Act or an exemption from registration is available. The Stockholders&#8217; Agreement (as defined below) we enter into with ZFSG will grant certain registration rights to ZFSG with respect to shares of our common stock. Any shares registered pursuant to such registration rights described in &#8220;Certain relationships and related party transactions&#8221; will be freely tradable in the public market following a 180-day lock-up period as described below. Sales of our common stock in the public market after this offering, or the perception that these sales could occur, could cause the market price of our common stock to decline and may make it more difficult for us to sell equity or equity-linked securities in the future at a time and at a price that we deem necessary or appropriate.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In connection with this offering, our directors, executive officers, and holders of substantially all of our outstanding capital stock have each agreed to enter into &#8220;lock-up&#8221; agreements with the underwriters and thereby be subject to a lock-up period, meaning that they and their permitted transferees will not be permitted to sell any shares of our common stock for 180&#160;days after the date of this prospectus, subject to certain exceptions without the prior consent of the representatives of the underwriters. Although we have been advised that there is no present intention to do so, the representatives may, in their sole discretion, release all or any portion of the shares from the restrictions in any of the lock-up agreements described above. See &#8220;Underwriting.&#8221; Possible sales of these shares in the market following the waiver or expiration of such agreements could exert significant downward pressure on our stock price.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We expect that upon the consummation of this offering, our Board of Directors and our stockholders will have approved the 2025 Incentive Plan which will permit us to issue, among other things, stock options, restricted stock&#160;units, and restricted stock to eligible employees (including our named executive officers), directors, and advisors, as determined by the compensation committee of the Board of Directors. We intend to file a registration statement under the Securities Act, as soon as practicable after the consummation of this offering, to cover the issuance of shares upon the exercise of awards granted, and of shares granted, under the 2025 Incentive Plan. As </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">a result, any shares issued under the 2025 Incentive Plan after the consummation of this offering also will be freely tradable in the public market. If equity securities are granted under the 2025 Incentive Plan and it is perceived that they will be sold in the public market, then the price of our common stock could decline.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Also, in the future, we may issue our securities in connection with investments or acquisitions. The amount of shares of our common stock issued in connection with an investment or acquisition could constitute a material portion of our then outstanding shares of our common stock.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:10.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">ZFSG and its affiliates&#8217; interests may conflict with our interests and the interests of our other stockholders. Conflicts of interest between ZFSG and its affiliates and us could be resolved in a manner unfavorable to us and our other stockholders.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Various conflicts of interest could arise between ZFSG and its affiliates and us. Ownership interests of directors or officers of ZFSG and its affiliates in our common stock and ownership interests of our directors and officers in the units of ZFSG and its affiliates, or a person&#8217;s service either as an employee, consultant, board observer, director, or officer of both companies, could create or appear to create potential conflicts of interest when those directors and officers are faced with decisions relating to us. These conflicts of interest could relate to:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">corporate opportunities;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the impact that operating decisions for our business may have on ZFSG and its affiliates&#8217; consolidated financial statements;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">differences in tax positions between ZFSG and its affiliates and us and allocations of tax benefits under a Tax Allocation Agreement between us, Ategrity Specialty, Ategrity Ltd, and ZFSG, dated April&#160;1, 2018 (the &#8220;Tax Agreement&#8221;);</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">future, potential commercial arrangements between ZFSG and its affiliates and us or between ZFSG and its affiliates and third parties;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the fact that some of our management and other employees are also employed by, are consultants to, or serve as a board observer or director of ZFSG or its affiliates and may have conflicts of interest as a result of such dual roles;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">business combinations involving us;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">our dividend policy;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">certain board nomination and other rights granted to ZFSG and its affiliates under the Stockholders&#8217; Agreement; </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">management stock ownership; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the intercompany agreements between ZFSG and its affiliates and us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Furthermore, disputes may arise between ZFSG and its affiliates and us relating to our past and ongoing relationship and these potential conflicts of interest may make it more difficult for us to favorably resolve such disputes, including those related to:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">tax,&#160;employee benefits, indemnification, and other matters;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the&#160;nature, quality, and pricing of services ZFSG and its affiliates agree to provide to us;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">sales&#160;or other disposals by ZFSG and its affiliates of all or a portion of its ownership interest in us; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">business&#160;combinations involving us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We may not be able to resolve any potential conflicts, and even if we do, the resolution may be less favorable to us than if we were dealing with an unaffiliated party.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We have various contracts and other arrangements in place with ZFSG and its affiliates. Certain related party transactions with ZFSG and its affiliates will also be pre-approved by our audit committee in accordance with our policy concerning related party transactions to be entered into in connection with this offering. You should </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">50</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-bottom:32pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">read &#8220;Certain relationships and related party transactions&#8221; carefully for more detail on the nature and terms of the arrangements between us and ZFSG and its affiliates. While we are controlled by ZFSG and its affiliates, we may not have the leverage to negotiate amendments to our agreements with ZFSG and its affiliates, if required, on terms as favorable to us as those we would negotiate with an unaffiliated third party.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">We will be a &#8220;controlled company&#8221; within the meaning of the rules of the NYSE and, as a result, will qualify for, and rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Following the completion of this offering, ZFSG and its affiliates will continue to hold more than 50.0% of the voting power of our shares eligible to vote. As a result, we will be a &#8220;controlled company&#8221; under the rules of the NYSE. Under these rules, a company of which more than 50.0% of the voting power in the election of directors is held by an individual, group, or another company is a &#8220;controlled company&#8221; and may elect not to comply with certain corporate governance requirements, including the requirements that (i)&#160;a majority of the board of directors consist of independent directors and (ii)&#160;the board of directors have compensation and nominating and corporate governance committees composed entirely of independent directors.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Following the completion of this offering, we intend to utilize these exemptions. As a result, following the completion of this offering, we do not intend to have a majority of independent directors on our board of directors and do not intend to have a compensation, nominating, and corporate governance committee composed entirely of independent directors. Accordingly, although we may transition to a board with a majority of independent directors prior to the time we cease to be a &#8220;controlled company,&#8221; for such period of time you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements set by the NYSE. In the event that we cease to be a &#8220;controlled company&#8221; and our shares continue to be listed on the NYSE, we will be required to comply with these provisions within the applicable transition periods. These exemptions do not modify the independence requirements for our audit committee, and we intend to comply with the applicable requirements of the SEC and the NYSE with respect to our audit committee.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">ZFSG and its affiliates will be able to exert significant influence over us and our corporate decisions.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">Immediately following the completion of this offering, ZFSG and its affiliates are expected to own, in the aggregate, approximately &#8199;&#8199;&#8199;&#8199;% of our outstanding common stock (or approximately &#8199;&#8199;&#8199;&#8199;% if the underwriters exercise their option to purchase additional shares in full). So long as ZFSG and its affiliates owns a significant amount of our outstanding common stock, ZFSG will be able to exert significant voting influence over us and our corporate decisions, including any matter requiring stockholder approval regardless of whether others believe that the matter is in our best interests. For example, ZFSG and its affiliates will be able to exert significant influence over the vote in any election of directors and any amendment of our articles of incorporation. ZFSG and its affiliates may act in a manner that advances their best interests and not necessarily those of other stockholders, including investors in this offering, by, among other things:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">delaying, preventing, or deterring a change in control of us;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">delaying, preventing, or deterring a change in the composition of our management or our Board of Directors;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">approval of the termination of the agreements described in &#8220;Certain relationships and related party transactions&#8221;; or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">attempting to influence us to enter into transactions or agreements, including with related parties, that may not be in the best interests of all stockholders. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">51</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Substantially all of our net invested assets are managed by ZFSG through the Investment Manager. Accordingly, ZFSG and its affiliates may have a conflict of interest in managing our investments, which could increase amounts payable by us for asset management services or cause us to receive a lower return on our investments than if our investment portfolio was managed by another party. The investment strategies employed by the Investment Manager may expose us to more volatility and risk than more traditional insurance industry investment strategies might.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">In connection with this offering, we will enter into a Stockholders&#8217; Agreement that will grant ZFSG the right to nominate individuals to our Board of Directors (including the Chair and Vice Chair of the Board of Directors) and its committees, provided certain ownership requirements are met. See &#8220;Certain relationships and related party transactions&#8212;Stockholders&#8217; Agreement.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The concentration of our ownership could deprive stockholders of an opportunity to receive a premium for their common stock as part of a sale of our company, reduce liquidity in our common stock to the extent it reduces our public float, and may ultimately affect the market price of our common stock. Additionally, ZFSG currently consolidates the Company in the preparation of its financial statements and in order to continue to consolidate, ZFSG may be incentivized to maintain an ownership&#160;percentage in us above 80% for an indefinite period of time.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Our articles of incorporation will provide that ZFSG has no obligation to offer us corporate opportunities.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">ZFSG and the members of our board of directors who are affiliated with ZFSG, by the terms of our articles of incorporation to be in effect upon consummation of this offering, will not be required to offer us any corporate opportunity of which they become aware and could take any such opportunity for themselves or offer it to other companies in which they have an investment, unless such opportunity is expressly offered to them solely in their capacity as our directors. We, by the terms of our articles of incorporation, expressly renounce any interest in any such corporate opportunity to the extent permitted under applicable law, even if the opportunity is one that we would reasonably be deemed to have pursued if given the opportunity to do so. Our articles of incorporation cannot be amended to eliminate our renunciation of any such corporate opportunity arising prior to the date of any such amendment. ZFSG is in the business of making investments in portfolio companies and may from time to time acquire and hold interests in businesses that compete with us, and ZFSG has no obligation to refrain from acquiring competing businesses. Any competition could intensify if an affiliate or subsidiary of ZFSG were to enter into or acquire a business similar to ours. These potential conflicts of interest could have an adverse effect on our business, financial condition, results of operations, or prospects if attractive corporate opportunities are allocated by ZFSG to itself, its portfolio companies, or its other affiliates instead of to us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:10.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">We will incur significant increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As a public company, we will incur significant legal, accounting, and other expenses that we did not incur as a private company. After completion of this offering, we will be subject to the reporting requirements of the Exchange Act, which will require, among other things, that we file with the SEC annual, quarterly, and current reports with respect to our business and financial condition and therefore we will need to have the ability to prepare financial statements that comply with all SEC reporting requirements on a timely basis. In addition, we will be subject to other reporting and corporate governance requirements, including certain requirements of and certain provisions of the Sarbanes-Oxley Act and the regulations promulgated thereunder, which will impose significant compliance obligations upon us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Sarbanes-Oxley Act and the Dodd-Frank Act, as well as new rules subsequently implemented by the SEC and the NYSE, have increased regulation of, and imposed enhanced disclosure and corporate governance requirements on, public companies. Our efforts to comply with these evolving laws, regulations, and standards will increase our operating costs and divert management&#8217;s time and attention from revenue-generating activities.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">These changes will also place significant additional demands on our finance and accounting staff and on our financial accounting and information systems. We may in the future hire additional accounting and financial staff with appropriate public company reporting experience and technical accounting knowledge. Other expenses </font>
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          <font style="letter-spacing:0.25pt;">52</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">associated with being a public company include increases in auditing, accounting, and legal fees and expenses, investor relations expenses, increased directors&#8217; fees, and director and officer liability insurance costs, registrar and transfer agent fees, and listing fees, as well as other expenses. As a public company, we will be required, among other things, to:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">prepare and file periodic reports and distribute other stockholder communications, in compliance with the federal securities laws and requirements of the NYSE;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">define and expand the roles and the duties of our Board of Directors and its committees;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">institute more comprehensive compliance and investor relations functions; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">evaluate and maintain our system of internal control over financial reporting, and report on management&#8217;s assessment thereof, in compliance with rules and regulations of the SEC and the Public Company Accounting Oversight Board.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We may not be successful in implementing these requirements and implementing them could adversely affect our business. The increased costs will decrease our net income and may require us to reduce costs in other areas of our business or increase the prices of our products or services. For example, we expect these rules and regulations to make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be required to incur substantial costs to maintain the same or similar coverage. We cannot predict or estimate the amount or timing of additional costs we may incur to respond to these requirements. The impact of these requirements could also make it more difficult for us to attract and retain qualified persons to serve on our Board of Directors, our board committees, or as executive officers.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In addition, if we fail to implement the required controls with respect to our internal accounting and audit functions, our ability to report our results of operations on a timely and accurate basis could be impaired. If we do not implement the required controls in a timely manner or with adequate compliance, we may be subject to sanctions or investigation by regulatory authorities, such as the SEC or the NYSE. Any such action could harm our reputation and the confidence of investors in, and clients of, our company and could negatively affect our business and cause the price of our shares of common stock to decline.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">You will incur immediate dilution as a result of this offering.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The initial public offering price is substantially higher than the net stockholders&#8217; tangible equity per share of our common stock based on the total value of our tangible assets less our total liabilities divided by our shares of common stock outstanding immediately following this offering. Therefore, if you purchase common stock in this offering, you will experience immediate and substantial dilution in net tangible stockholders&#8217; equity per share value after consummation of this offering. You may experience additional dilution upon future equity issuances. See &#8220;Dilution.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">If we were to identify a material weakness in our internal controls, our business, financial condition, and results of operations could be harmed, which could have a negative effect on the trading price of our common stock.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As a public company with SEC reporting obligations, we will be required to document and test our internal control procedures to satisfy the requirements of Section&#160;404(a) of the Sarbanes-Oxley Act, which will require annual assessments by management of the effectiveness of our internal control over financial reporting. We are an emerging growth company, and thus we are exempt from the auditor attestation requirement of Section&#160;404(b) of Sarbanes-Oxley until such time as we no longer qualify as an emerging growth company. See also &#8220;&#8212;We qualify as an emerging growth company, and any decision on our part to comply with reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors.&#8221; Regardless of whether we qualify as an emerging growth company, we will still need to implement substantial internal control systems and procedures in order to satisfy the reporting requirements under the Exchange Act and applicable requirements. The rules governing the standards that must be met for our management to assess our internal control over financial reporting are complex and require significant </font>
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          <font style="letter-spacing:0.25pt;">documentation, testing, and possible remediation. As a result, to comply with the requirements of being a reporting company under the Exchange Act, we may need to upgrade our information technology systems; implement additional financial and management controls, reporting systems, and procedures; and hire additional accounting and finance staff. If we or, if required, our auditors are unable to conclude that our internal control over financial reporting is effective, investors may lose confidence in our financial reporting and the trading price of our common stock may decline.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">During the course of our assessment, we may identify deficiencies that we are unable to remediate in a timely manner. Testing and maintaining our internal control over financial reporting may also divert management&#8217;s attention from other matters that are important to the operation of our business. We may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section&#160;404(a) of the Sarbanes-Oxley Act. If we conclude that our internal control over financial reporting is not effective, we cannot be certain as to the timing of completion of our evaluation, testing, and remediation actions or their effect on our operations. Moreover, any material weaknesses or other deficiencies in our internal control over financial reporting may impede our ability to file timely and accurate reports with the SEC. Any of the above could cause investors to lose confidence in our reported financial information or our common stock listing on the NYSE to be suspended or terminated, which could have a negative effect on the trading price of our common stock.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:10.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">We qualify as an emerging growth company, and any decision on our part to comply with reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We are an &#8220;emerging growth company,&#8221; and, for as long as we continue to be an emerging growth company, we currently intend to take advantage of exemptions from various reporting requirements applicable to other public companies but not to &#8220;emerging growth companies,&#8221; including, but not limited to, not being required to have our independent registered public accounting firm audit our internal control over financial reporting under Section&#160;404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our registration statements, periodic reports, and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. We will cease to be an emerging growth company upon the earliest of: (i)&#160;the last day of the fiscal year in which we have total annual gross revenues of $1.235&#160;billion or more; (ii)&#160;the last day of our fiscal year following the fifth anniversary of the date of the completion of this offering; (iii)&#160;the date on which we have issued more than $1.0&#160;billion in nonconvertible debt during the previous three&#160;years; and (iv)&#160;the date on which we are deemed to be a large accelerated filer under the rules of the SEC.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We cannot predict whether investors will find our common stock less attractive if we choose to rely on these exemptions while we are an emerging growth company. If some investors find our common stock less attractive as a result of any choices to reduce future disclosure, there may be a less active trading market for our common stock and the price of our common stock may be more volatile.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, we will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We have broad discretion in the use of the net proceeds from the sale of shares by us in this offering and may not use them effectively.</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our management will have broad discretion in the application of the net proceeds from the sale of shares by us in this offering, including for any of the purposes described in the section entitled &#8220;Use of proceeds,&#8221; and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Because of the number and variability of factors that will determine our use of the net proceeds from the sale of shares by us in this offering, their ultimate use may vary substantially from their currently intended use. Our management may not apply our net proceeds in ways that ultimately increase the value of your investment. </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">The failure by our management to apply these funds effectively could harm our business. If we do not invest or apply the net proceeds from the sale of shares by us in this offering in ways that enhance stockholder value, we may fail to achieve expected financial results, which could cause our stock price to decline.</font>
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          <font style="letter-spacing:0.3pt;">Forward-looking statements</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">This prospectus contains forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. You can identify forward-looking statements in this prospectus by the use of words such as &#8220;anticipates,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; and &#8220;believes,&#8221; and similar expressions or future or conditional verbs such as &#8220;will,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;may,&#8221; and &#8220;could.&#8221; These forward-looking statements include, among others, statements relating to our future financial performance, our business prospects and strategy, anticipated financial position, liquidity and capital needs, and other similar matters. These forward-looking statements are based on management&#8217;s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks, and changes in circumstances that are difficult to predict.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this prospectus as a result of various factors, including, among others:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">the intense competition for business in our industry;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the inability to obtain reinsurance coverage at reasonable prices and on terms that adequately protect us;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the possibility that our loss reserves may be inadequate to cover our actual losses, which could have an adverse effect on our financial condition, results of operations, and cash flows;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the inherent uncertainty of models resulting in actual losses that are materially different than our estimates;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">a decline in the financial strength rating assigned to Ategrity Specialty or to Ategrity Ltd adversely affecting the amount of business we write;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">our reliance on a select group of brokers;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">unexpected changes in the interpretation of our coverage or provisions;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">adverse economic factors, including recession, inflation, periods of high unemployment. or lower economic activity resulting in the sale of fewer policies than expected, or an increase in frequency or severity of claims and premium defaults, or both, affecting our growth and profitability;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the performance of our investment portfolio adversely affecting our financial results;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the potential loss of one or more key executives or an inability to attract and retain qualified personnel adversely affecting our results of operations;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the failure of any of the loss limitations or exclusions we employ, or change in other claims or coverage issues, having a material adverse effect on our financial condition or results of operations;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">extensive regulation adversely affecting our ability to achieve our business objectives or the failure to comply with these regulations adversely affecting our financial condition and results of operations;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the effects of litigation having an adverse effect on our business;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the inability to manage our growth effectively;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the ability to pay dividends and other distributions and service our debt obligations being dependent on our ability to obtain cash dividends or other permitted payments from Ategrity Specialty;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">being forced to sell investments to meet our liquidity requirements;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">our underwriters and other associates taking excessive risks;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the possibility that severe weather conditions and other catastrophes may result in an increase in the number and amount of claims filed against us;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the ability of ZFSG and its affiliates to exert significant influence over us and our corporate decisions;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">56</font>
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:483pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; line-height:13pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">other risks and uncertainties discussed in &#8220;Risk factors&#8221; and elsewhere in this prospectus.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Accordingly, you should read this prospectus completely and with the understanding that our actual future results may be materially different from what we expect.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Forward-looking statements speak only as of the date of this prospectus. Except as expressly required under federal securities laws and the rules and regulations of the SEC, we do not have any obligation, and do not undertake, to update any forward-looking statements to reflect events or circumstances arising after the date of this prospectus, whether as a result of new information, future events, or otherwise. You should not place undue reliance on the forward-looking statements included in this prospectus or that may be made elsewhere from time to time by us, or on our behalf. All forward-looking statements attributable to us are expressly qualified by these cautionary statements. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">57</font>
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tUOP">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:285pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Use of proceeds</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">We estimate the net proceeds from the sale of shares by us in this offering will be approximately $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;million, based on an assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share of common stock, which is the midpoint of the range we show on the cover of this prospectus, and after deducting the underwriting discounts and commissions and our estimated offering expenses of $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;million.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">A $1.00 increase (decrease) in the assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share would increase (decrease) the net proceeds to us from this offering by approximately $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;million, assuming the number of shares offered by us, which we show on the cover of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions. Similarly, a 1.0&#160;million increase (decrease) in the number of shares of our common stock sold in this offering by us, which we show on the cover of this prospectus, would increase (decrease) the net proceeds to us from this offering by approximately $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;million, assuming an initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share, the midpoint of the price range which we show on the cover of this prospectus, remains the same, and after deducting underwriting discounts and estimated offering expenses payable by us. The information discussed above is illustrative only and will adjust based on the actual initial public offering price and other terms of this offering determined at pricing.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The principal purposes of this offering are to increase our capitalization and financial flexibility and to create a public market for our common stock. We intend to use the net proceeds from this offering as capital to grow our business and for other general corporate purposes. We initially intend to invest such net proceeds in fixed income securities. We periodically evaluate strategic opportunities; however, we have no current commitments for any material acquisitions or investments at this time.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">This expected use of net proceeds from this offering represents our intentions based on our current plans and business conditions, which could change in the future as our plans and business conditions evolve. As a result, our management will retain broad discretion over the use of the net proceeds from the sale of shares by us in this offering and our existing cash and cash equivalents. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">58</font>
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDIPO">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:358pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Dividend policy</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We do not currently intend to pay cash dividends on our shares of common stock in the foreseeable future. However, in the future, subject to the factors described below and our future liquidity and capitalization, we may change this policy and choose to pay dividends or other distributions. Any determination to pay dividends or other distributions in the future will be at the discretion of our Board of Directors and will depend upon our results of operations, cash requirements, financial condition, contractual restrictions, restrictions imposed by applicable laws, and other factors that our Board of Directors may deem relevant.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Our status as a holding company and a legal entity separate and distinct from our subsidiaries affects our ability to pay dividends and make other payments. As a holding company without significant operations of our own, the principal sources of our funds are dividends and other payments from our subsidiaries. The ability of our insurance or reinsurance subsidiaries to pay dividends to us is subject to limits under insurance laws of the state or foreign jurisdiction in which Ategrity Specialty or Ategrity Ltd is domiciled. See &#8220;Risk factors&#8212;Risks related to our business and industry&#8212;Because we are a holding company and substantially all of our operations are conducted by our insurance subsidiaries, our ability to pay dividends and make other distributions and service our debt obligations depends on our ability to obtain cash dividends or other permitted payments from our insurance subsidiaries&#8221; and &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8212;Liquidity and capital resources&#8221; and &#8220;Regulation.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Our future ability to pay cash dividends and other distributions may also be limited by the terms of any future debt or preferred securities or future credit facility. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">59</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tCAP">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Capitalization</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The following table summarizes our consolidated capitalization as of December&#160;31, 2024:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">on an actual basis;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:4.91pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:4.91pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">on an as adjusted basis to give effect to the in-kind contribution by ZFSG on January 6, 2025 of $20.0 million in principal amount of U.S. Treasury Notes with a fair market value of $20.0 million to us in exchange for the receipt by ZFSG of 21,436,227 of our units; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:4.91pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:4.91pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">on an as further adjusted basis to give effect to the Corporate Conversion and our sale of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock in this offering at an assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the range we show on the cover of this prospectus, after the deduction of the estimated underwriting discounts and commissions and estimated offering expenses payable by us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">You should read this table in conjunction with the section of this prospectus entitled &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8221; and our financial statements and accompanying notes included elsewhere in this prospectus.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <tr style="line-height:11pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:284.1pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.225pt;">(Dollars in thousands)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.833pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:right;">
                  <font style="letter-spacing:0.225pt;">Actual</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.833pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:right;">
                  <font style="letter-spacing:0.225pt;">As adjusted</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.225pt;">As further </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">adjusted</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(2)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:1.25pt 0pt 2.5pt 0pt; width:284.1pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Cash and cash equivalents </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">26,573</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:13.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.72pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.25pt 0pt 3.5pt 0pt; width:284.1pt;text-align:left;">
                <font style="letter-spacing:0.25pt;">Members&#8217; Equity:</font>
              </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:13.78pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td colspan="6">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:284.1pt;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.25pt;">LLC units (&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; issued&#160;units, actual; &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; issued units, </font>
                  <br >
                  <font style="letter-spacing:0.25pt;">as adjusted) </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:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">360,741</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:13.78pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</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:2.72pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:284.1pt;text-align:left;">
                <font style="letter-spacing:0.25pt;">Stockholders&#8217; Equity:</font>
              </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:13.78pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td colspan="6">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:284.1pt;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.25pt;">Common stock&#8211;par value $0.001 per share (500,000,000 authorized </font>
                  <br >
                  <font style="letter-spacing:0.25pt;">shares, as further adjusted; &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; issued shares, as further </font>
                  <br >
                  <font style="letter-spacing:0.25pt;">adjusted) </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:13.78pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</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:2.72pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:284.1pt;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.25pt;">Preferred stock&#8211;par value $0.001 per share (100,000,000 authorized </font>
                  <br >
                  <font style="letter-spacing:0.25pt;">shares, as further adjusted; &#8199;&#8199;&#8199;&#8199; issued shares, as further </font>
                  <br >
                  <font style="letter-spacing:0.25pt;">adjusted) </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:13.78pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</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:2.72pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:284.1pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Additional paid-in capital </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212; </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:13.78pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</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:2.72pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:284.1pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Retained earnings </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">34,569</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:13.78pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</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:2.72pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:284.1pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Accumulated other comprehensive income </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">2,997</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:13.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.72pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.25pt 0pt 3.5pt 0pt; width:284.1pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Total members&#8217;/stockholders&#8217; equity </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">398,307</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:13.78pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</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:2.72pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:284.1pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Non-controlling interest </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">500</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:13.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.72pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.25pt 0pt 3.25pt 0pt; width:284.1pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Total capitalization </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">398,807</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:13.78pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:37.5pt; text-align:right; white-space:nowrap;"> </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.72pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
            </tr>
          </table>


          <div style="margin-top:2.49pt; width:456pt; line-height:8.5pt;font-size:7.5pt;">
            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Does not reflect the vesting of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; restricted stock units (calculated prior to giving effect to the conversion of our units to shares of common stock, as described herein) that occurred on January 1, 2025 or the repurchase on April 4, 2025, of 699,900 units from certain unitholders for an aggregate purchase price of $0.7&#160;million and the contribution by ZFSG on April 9, 2025, of $0.7 million in cash in exchange for the receipt of 699,900 of our units (which resulted in the purchase by ZFSG of the same number of shares as we repurchased from unitholders and does not have a material impact to our consolidated capitalization as a result).</font>
          </div>


          <div style="margin-top:4.7pt; width:456pt; line-height:8.5pt;font-size:7.5pt;">
            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(2)</font><font style="letter-spacing:0.188pt;"> Each $1.00 increase (decrease) in the assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the as adjusted amount of each of cash and cash equivalents, total equity, and total capitalization by approximately $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;million, assuming that the number of shares of common stock offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease) of million shares in the number of shares of common stock offered by us at the assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the as adjusted amount of each of cash and cash equivalents, total equity, and total capitalization by approximately $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;million, assuming the shares of our common stock offered by this prospectus are sold at the assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
          </div>

        <div style="margin-top:7.91pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The number of shares of common stock in the table above excludes:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock issuable upon the exercise of Tranche 1 warrants held by ZFSG with an exercise price of approximately $&#8199;&#8199;&#8199;&#8199;&#8199; per share;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">60</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:481pt;margin-left:69.66pt;width:456pt;">

          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock issuable upon the exercise of Tranche 2 warrants held by ZFSG with an exercise price of approximately $&#8199;&#8199;&#8199;&#8199;&#8199; per share;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock issuable upon the exercise of options outstanding under the 2019 Plan as of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, 2025, with a weighted average exercise price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock (based on an assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the price range set forth on the cover page of this prospectus) issuable upon vesting of restricted stock units expected to be granted to certain of our directors in connection with this offering under the 2025 Plan; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock reserved for issuance under the 2025 Plan, that will become effective in connection with this offering. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">61</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDIL">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Dilution</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">If you invest in our common stock in this offering, your ownership interest will be immediately diluted to the extent of the difference between the initial public offering price per share and the as further adjusted net tangible book value per share of our common stock immediately after this offering.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">Net tangible book value represents the book value of our total tangible assets less the book value of our total liabilities. As of December 31, 2024, our historical net tangible book value was $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, or $&#8199;&#8199;&#8199;&#8199; per unit. The historical net tangible book value per unit as of December 31, 2024, would have been $&#8199;&#8199;&#8199;&#8199; per share after giving effect to the the conversion of our units to shares of common stock, as described herein. As adjusted net tangible book value per unit has been determined after giving effect to the in-kind contribution by ZFSG on January 6, 2025 of $20.0 million in principal amount of U.S. Treasury Notes with a fair market value of $20.0&#160;million to us in exchange for the receipt by ZFSG of 21,436,227 of our units and dividing net tangible book value by the number of units outstanding after giving effect to such captial contribution. As of December 31, 2024, our as adjusted net tangible book value was $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, or $&#8199;&#8199;&#8199;&#8199; per unit. The as adjusted net tangible book value per unit as of December 31, 2024, would have been $&#8199;&#8199;&#8199;&#8199; per share after giving effect to the the conversion of our units to shares of common stock, as described herein.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">As further adjusted net tangible book value is our as adjusted net tangible book value, plus the effect of the sale by us of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common stock in this offering at an assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the range we show on the cover of this prospectus, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. Our as further adjusted net tangible book value as of December 31, 2024 was $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, or $&#8199;&#8199;&#8199;&#8199; per share. This amount represents an immediate increase in as further adjusted net tangible book value of $&#8199;&#8199;&#8199;&#8199; per share to our existing securityholders, and an immediate dilution of $&#8199;&#8199;&#8199;&#8199; per share to new investors participating in this offering. We determine dilution per share to new investors by subtracting as further adjusted net tangible book value per share after this offering from the initial public offering price per share paid by new investors.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The following table illustrates the per share dilution that a purchaser of our common stock in this offering will incur given the assumptions above:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 4.5pt 0pt; width:361.55pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Assumed initial public offering price per share </font>
                </div>
              </td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 4.5pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="margin-left:5.6pt;letter-spacing:0.25pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</font>
                </div>
              </td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 4.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 4.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:361.55pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">As further adjusted net tangible book value per share as of December 31, 2024</font>
                </div>
              </td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
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              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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            </tr>
            <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
              <td style="border-bottom:1px solid #CCEEFF;padding:2.167pt 0pt 1.833pt 0pt; width:361.55pt;white-space:normal;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.25pt;">Increase in as further adjusted net tangible book value per share attributable to new investors in this offering </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
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              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
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              <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
              <td style="border-bottom:1px solid #FFFFFF;padding:1.25pt 0pt 2.5pt 0pt; width:361.55pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">As further adjusted net tangible book value per share immediately after this offering </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
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              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:0pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
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              <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;"> </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.25pt 0pt; width:361.55pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Dilution in as further adjusted net tangible book value per share to new investors </font>
                </div>
              </td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
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              <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
            </tr>
            <tr style="height:3.5pt;line-height:3.5pt;">
              <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
            </tr>
          </table>


          <div style="margin-top:7.5pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">A $1.00 increase (decrease) in the assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the range we show on the cover of this prospectus, would increase (decrease) the as further adjusted net tangible book value per share immediately after this offering by approximately $&#8199;&#8199;&#8199;&#8199;, and dilution in as further adjusted net tangible book value per share to new investors by approximately $&#8199;&#8199;&#8199;&#8199;, assuming that the number of shares offered by us, which we show on the cover of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">If the underwriters exercise their option to purchase additional shares of our common stock from us to cover over-allotments, the as further adjusted net tangible book value per share of our common stock would be $&#8199;&#8199;&#8199;&#8199;, and the dilution in as further adjusted net tangible book value per share of our common stock to new investors participating in this offering would be $&#8199;&#8199;&#8199;&#8199;.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">The following table summarizes, as of December 31, 2024, on an as further adjusted basis as described above, the differences between the number of shares of common stock purchased from us, the total consideration paid to us, and the average price per share paid by existing securityholders and by investors purchasing shares of </font>
          </div>

      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">62</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:166.5pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">common stock in this offering calculated after giving effect to the the conversion of our units to shares of common stock, as described herein. The calculation below is based on an assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the range we show on the cover of this prospectus, before deducting underwriting discounts and commissions and estimated offering expenses payable by us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <tr style="line-height:9pt;height:12.25pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:215.87pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.417pt 0pt; width:0pt;" colspan="7">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">S</font><font style="text-transform:lowercase;letter-spacing:0.225pt;">hares Purchased</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.417pt 0pt; width:0pt;" colspan="10">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">T</font><font style="text-transform:lowercase;letter-spacing:0.225pt;">otal Consideration</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;" rowspan="2">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.417pt 0pt;" colspan="4" rowspan="2">
                <div style="text-align:center; line-height:11pt; padding-bottom:0.666666666666667pt;">
                  <font style="letter-spacing:0.225pt;">A</font><font style="text-transform:lowercase;letter-spacing:0.225pt;">verage</font>
                  <br >
                  <font style="text-transform:lowercase;letter-spacing:0.225pt;">Price Per </font>
                  <br >
                  <font style="text-transform:lowercase;letter-spacing:0.225pt;">Share</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;" rowspan="2">&#8203;</td>
            </tr>
            <tr style="line-height:11pt;height:25.5pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:215.87pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:42.75pt;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">Number </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">Percent </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Dollars</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">(in millions) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">Percent</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; width:215.87pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Existing securityholders</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; width:42.75pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.25pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</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:4.18pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">
                <font style="position:relative;">&#8203;</font><font style="position:absolute;">%</font>
              </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:16.27pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.18pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">
                <font style="position:relative;">&#8203;</font><font style="position:absolute;">%</font>
              </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.25pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
              <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:215.87pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">New investors </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.5pt 0pt 2.5pt 0pt; width:42.75pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.18pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">
                <font style="position:relative;">&#8203;</font><font style="position:absolute;">% </font>
              </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:16.27pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.18pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">
                <font style="position:relative;">&#8203;</font><font style="position:absolute;">% </font>
              </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.25pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.25pt 0pt; width:215.87pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Total </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:3pt double #000000;padding:1.25pt 0pt 2.5pt 0pt; width:42.75pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.18pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:16.27pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;"> </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.18pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.25pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
            </tr>
          </table>


          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">If the underwriters exercise their option to purchase additional shares in full, the number of shares held by new investors will increase to &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, or &#8199;&#8199;&#8199;&#8199;% of the total number of shares of common stock outstanding after this offering and the number of shares held by existing securityholders will decrease to &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, or &#8199;&#8199;&#8199;&#8199;% of the total number of shares of common stock outstanding after this offering.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">To the extent that any options or other equity incentive grants are issued in the future with an exercise price or purchase price below the initial public offering price, new investors will experience further dilution.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">The number of shares of common stock to be outstanding following this offer reflects &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares outstanding immediately after this offering, after giving effect to the sale of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares in this offering, and excludes:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock issuable upon the exercise of Tranche 1 warrants held by ZFSG with an exercise price of approximately $&#8199;&#8199;&#8199;&#8199;&#8199; per share;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock issuable upon the exercise of Tranche 2 warrants held by ZFSG with an exercise price of approximately $&#8199;&#8199;&#8199;&#8199;&#8199; per share;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock issuable upon the exercise of options outstanding under the 2019 Plan as of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, 2025, with a weighted average exercise price of $&#8199;&#8199;&#8199;&#8199;&#8199; per share;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock (based on an assumed initial public offering price of $&#8199;&#8199; per share, which is the midpoint of the price range set forth on the cover page of this prospectus) issuable upon vesting of restricted stock units expected to be granted to certain of our directors in connection with this offering under the 2025 Plan; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">an aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock reserved for issuance under the 2025 Plan, that will become effective in connection with this offering.</font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">63</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tMDAA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
            <font style="letter-spacing:0.3pt;">Management&#8217;s discussion and analysis of financial condition and results of operations</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;font-style:italic;">
            <font style="letter-spacing:0.25pt;">The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and uncertainties. See &#8220;Risk factors&#8221; and &#8220;Forward-looking statements&#8221; herein. Our actual results could differ materially from the forward-looking statements included herein. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section entitled &#8220;Risk factors&#8221; and elsewhere in this prospectus.</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:11.52pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
            <font style="letter-spacing:0.3pt;">Overview</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">We are a profitable and growing specialty insurance company dedicated to providing excess and surplus (&#8220;E&amp;S&#8221;) products to small to medium-sized businesses (&#8220;SMBs&#8221;) across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The SMB market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value. This advantage stems from our technology-driven method of standardizing, simplifying, and automating our transaction process, which we call </font><font style="font-style:italic;letter-spacing:0.25pt;">productionized underwriting</font><font style="letter-spacing:0.25pt;">.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">We target industry verticals where we have deep expertise and develop data-driven insights to gain a competitive advantage. We leverage our expertise and our efficient underwriting platform to deliver tailored insurance products and customized services that meet the needs of our distribution partners. We believe the universe of distributors in the SMB segment of the E&amp;S market is rapidly shifting toward agents and brokers who were raised in the digital age. These digital-native and tech-savvy distribution partners expect real-time, frictionless insurance transactions that mirror the seamless experiences they encounter in their daily lives. In an industry where insurance applications are often submitted via email with slow response times, we have designed a technology-driven underwriting process that addresses our distribution partners&#8217; demands for rapid, high-quality interactions. Our strong value proposition has contributed to a growing network of 460 distribution partners as of December&#160;31, 2024, which provides us with increased transaction opportunities and diversified sources of business. Our fully integrated claims management function is designed to enable us to resolve claims efficiently and effectively. We take an active approach to risk management through real-time performance analytics, rigorous risk aggregation monitoring, and robust reinsurance protection aimed at minimizing volatility and generating consistent underwriting results.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">We have grown our business substantially while generating attractive underwriting results. For the year ended December&#160;31, 2024, we wrote $437.0&#160;million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two&#160;years. Our combined ratio for the year ended December&#160;31, 2024, was 93.9%, a decrease of 3.6% from the year ended December&#160;31, 2023. Our members&#8217; equity at December&#160;31, 2024, was $398.3&#160;million, an increase of $76.6&#160;million (23.8%) from December&#160;31, 2023. We believe that our productionized underwriting capabilities will continue to drive enhanced profitability as we continue to scale our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">We operate on a surplus lines basis in 48 states and the District of Columbia. As of December&#160;31, 2024, there were four states in which 5.0% or more of our gross written premiums were concentrated: California (21.0%), Florida (16.2%), Texas (12.8%), and New York (6.4%).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">We operate our business in a single segment and as one reporting unit for purposes of assessing performance, making operating decisions and allocating decisions.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:11.32pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
            <font style="letter-spacing:0.3pt;">Components of results of operations</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
            <font style="letter-spacing:0.25pt;">Gross written premiums</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Gross written premiums are the amount received or to be received for insurance policies written or assumed by us during a specific period of time without reduction for policy acquisition costs, reinsurance costs, or other deductions. The volume of our gross written premiums in any given period is generally influenced by:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">64</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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            <font style="letter-spacing:0.25pt;">New business submissions;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Binding of new business submissions into policies;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Renewals of existing policies; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Average size and premium rate of new and existing policies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
            <font style="letter-spacing:0.25pt;">Ceded written premiums</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Certain premiums and losses are ceded to other insurance and reinsurance companies under various excess of loss and quota-share reinsurance contracts. Ceded written premiums are the amount of gross written premiums ceded to reinsurers. We enter into reinsurance contracts to limit our exposure to potential large losses as well as to provide additional capacity for growth. Ceded written premiums are earned over the reinsurance contract period in proportion to the period of risk covered. The volume of our ceded written premiums is impacted by the level of our gross written premiums and any decision we make to increase or decrease retention levels.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
            <font style="letter-spacing:0.25pt;">Net premiums earned</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Net premiums earned represent the earned portion of our net written premiums. Written premiums are earned on a pro&#160;rata basis over the terms of the policies, which are generally 12&#160;months. The portion of premiums written applicable to the terms of the policies that have already elapsed is recorded as earned premiums.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
            <font style="letter-spacing:0.25pt;">Fee income</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Fee income includes policy fees charged to insureds and is recognized in earnings when the related premiums are written. Policy fees are a flat charge and are primarily impacted by the volume of our written policies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
            <font style="letter-spacing:0.25pt;">Losses and loss adjustment expenses</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Losses and loss adjustment expenses are a function of the amount and type of insurance contracts we write and the loss experience associated with the underlying coverage. In general, our losses and loss adjustment expenses are affected by:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">frequency of claims associated with the particular types of insurance contracts that we write;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">trends in the average size of losses incurred on a particular type of business;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">mix of business written by us;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">reinsurance agreements we have in place at the time of loss;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">changes in the legal or regulatory environment related to the business we write;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">trends in legal defense costs;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">wage inflation; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">inflation in medical costs.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Losses and loss adjustment expenses are based on actual paid losses and an actuarial analysis of the estimated losses, including losses incurred during the period and changes in estimates from prior periods. Losses and loss adjustment expenses may be paid out over a period of&#160;years.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
            <font style="letter-spacing:0.25pt;">Underwriting, acquisition, and insurance expenses</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Underwriting, acquisition, and insurance expenses include policy acquisition costs and other underwriting expenses. Policy acquisition costs are principally comprised of the commissions we pay our brokers, net of ceding commissions we receive on business ceded under certain reinsurance contracts. Policy acquisition costs also include deferred underwriting expenses that are directly related to the successful acquisition of those policies. Other underwriting expenses represent general and administrative expenses related to our insurance business, including employee compensation, software and technology costs, travel, marketing, and professional fees.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
            <font style="letter-spacing:0.25pt;">Net investment income</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">We earn investment income on our portfolio of cash and invested assets. Our cash and invested assets are primarily comprised of fixed maturity securities, the Utility &amp; Infrastructure Investments, and cash and cash </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:13.5pt;">
            <font style="letter-spacing:0.25pt;">equivalents. We also earn investment income on our short-term investments, equity securities, note receivable from affiliate, and securities sold not-yet purchased. Net investment income related to the Utility &amp; Infrastructure Investments includes our proportionate share of the rebate, dividend, interest and other income, net of investment expenses, and investment management fees for the funds underlying the Utility &amp; Infrastructure Investments. The principal factors that influence net investment income are the size of our investment portfolio and the yield on that portfolio as measured by amortized cost (which excludes changes in fair market value, such as from changes in interest rates) and investment management expenses. The size of our investment portfolio is mainly a function of our invested equity capital along with premiums we receive from our insureds less payments on policyholder claims. For the&#160;years ended December&#160;31, 2024 and 2023 the Utility &amp; Infrastructure Investments consisted of our investment in the Absolute Return Utility &amp; Infrastructure Fund via the Utility Limited Partnership. To optimize our Utility &amp; Infrastructure Investments, we re-allocated a $10 million portion of our portfolio to the Absolute Return MidCap Fund on January&#160;1, 2025. On March&#160;31, 2025, Ategrity Specialty Holdings LLC and Ategrity Ltd redeemed an aggregate of $94 million from the Absolute Return Utility &amp; Infrastructure Fund and on March&#160;31, 2025, Ategrity Specialty Holdings LLC and Ategrity Ltd, as lenders, executed the ZIS Loan. See &#8220;Certain relationships and related party transactions&#8212;Related Party Loan.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Net realized and unrealized gains (losses) on investments</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
            <font style="letter-spacing:0.25pt;">Net realized and unrealized gains (losses) on investments include realized gains and losses which are a function of the difference between the amount received by us on the sale of a security and the security&#8217;s amortized cost, as well as the change in unrealized gains (losses) on equity securities and unrealized appreciation (depreciation) on securities sold not yet purchased. Net realized and unrealized gains (losses) on investments also includes appreciation on securities, derivative contracts, and foreign currency transactions allocated from the funds underlying the Utility &amp; Infrastructure Investments. Such allocation represents our proportionate share of the Utility &amp; Infrastructure Investments&#8217; net realized gains (losses) of the funds underlying the Utility &amp; Infrastructure Investments which are a function of the difference between the amount received on the sale of a security and the security&#8217;s amortized cost as well as change in unrealized appreciation (depreciation) on securities, derivative contracts, and foreign currency transactions. For the&#160;years ended December&#160;31, 2023 and 2024, the Utility &amp; Infrastructure Investments consisted of our investment in the Absolute Return Utility &amp; Infrastructure Fund via the Utility Limited Partnership. To optimize our Utility &amp; Infrastructure Investments, we re-allocated a $10 million portion of our portfolio to the Absolute Return MidCap Fund on January&#160;1, 2025. On March&#160;31, 2025, Ategrity Specialty Holdings LLC and Ategrity Ltd redeemed an aggregate of $94 million from the Absolute Return Utility &amp; Infrastructure Fund and on March&#160;31, 2025, Ategrity Specialty Holdings LLC and Ategrity Ltd, as lenders, executed the ZIS Loan. See &#8220;Certain relationships and related party transactions&#8212;Related Party Loan.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Interest expense</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Interest expense primarily consists of fees incurred during the period related to our letters of credit issued for the benefit of Ategrity Specialty on behalf of Ategrity Ltd. As of December&#160;31, 2024 and 2023, there was no amount drawn on our letters of credit.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Other income</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Other income includes income related to corporate activities that are not allocated to our insurance operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Other expenses</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Other expenses includes expenses related to corporate activities that are not allocated to our insurance operations, including expenses related to our initial public offering (which includes expenses related to corporate activities and expenses recorded by us in anticipation of this offering). Other expenses includes compensation and share-based compensation expenses associated with share-based awards granted in anticipation of our initial public offering.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">66</font>
          <br >
        </div>
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      <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Income tax expense (benefit)</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Currently our income tax expense (benefit) consists mainly of federal income taxes imposed on our operations. Our effective tax rates are dependent upon the components of pretax earnings and the related tax effects. The amount of income tax expense (benefit) recorded in future periods will depend on the jurisdictions in which we operate and the tax laws and regulations in effect.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:10.62pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Key metrics</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We discuss certain key metrics, described below, which provide useful information about our business and the operational factors underlying our financial performance.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Underwriting income</font><font style="letter-spacing:0.25pt;"> is a non-GAAP financial measure. We define underwriting income as income before income taxes excluding the impact of net investment income, net realized and unrealized gains (losses) on investments, other income, interest expense, and other expenses (which include expenses relating to corporate activities and expenses recorded by us in anticipation of this offering). For a reconciliation of underwriting income to the most directly comparable GAAP financial measure, information about why we consider underwriting income useful and a discussion of the material risks and limitations of underwriting income, see &#8220;&#8212;Reconciliation of non- GAAP financial measures&#8221;.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Adjusted net income attributable to members</font><font style="letter-spacing:0.25pt;"> is a non-GAAP financial measure. We define adjusted net income attributable to members as net income attributable to members, excluding certain non-operating expenses, which include expenses recorded by us in anticipation of this offering. For a reconciliation of adjusted net income attributable to members to the most directly comparable GAAP financial measure, information about why we consider adjusted net income attributable to members useful and a discussion of the material risks and limitations of adjusted net income, see &#8220;&#8212;Reconciliation of non-GAAP financial measures&#8221;.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Loss ratio</font><font style="letter-spacing:0.25pt;">, expressed as a&#160;percentage, is the ratio of losses and loss adjustment expenses to net premiums earned.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Expense ratio</font><font style="letter-spacing:0.25pt;">, expressed as a&#160;percentage, is the ratio of underwriting, acquisition, and insurance expenses less fee income to net premiums earned.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Combined ratio</font><font style="letter-spacing:0.25pt;"> is the sum of loss ratio and expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Return on members&#8217; equity</font><font style="letter-spacing:0.25pt;"> is net income attributable to members expressed as a&#160;percentage of average beginning and ending members&#8217; equity during the period.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Adjusted return on members&#8217; equity</font><font style="letter-spacing:0.25pt;"> is a non-GAAP financial measure. We define adjusted return on members&#8217; equity as adjusted net income attributable to members, expressed as a&#160;percentage of average beginning and ending members&#8217; equity during the period. For a reconciliation of adjusted return on members&#8217; equity to the most directly comparable GAAP financial measure, information about why we consider adjusted return on members&#8217; equity useful and a discussion of the material risks and limitations of adjusted net income, see &#8220;&#8212;Reconciliation of non-GAAP financial measures&#8221;.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:10.62pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Corporate conversion</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In connection with our initial public offering, Ategrity Specialty Holdings LLC will be converted from a Delaware limited liability company to a Nevada corporation and each of the&#160;units representing a limited liability interest in Ategrity Specialty Holdings LLC will be converted into &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock of the resulting corporation (the &#8220;Corporate Conversion&#8221;). Thereafter, references to &#8220;members&#8217; equity&#8221; herein will become references to &#8220;stockholders&#8217; equity&#8221;.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:10.63pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Results of operations</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Year ended December&#160;31, 2024, compared to year ended December&#160;31, 2023</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The following table sets forth a summary of our consolidated results of operations for the periods indicated. This information should be read together with our consolidated financial statements and related notes included </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">67</font>
          <br >
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      <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">elsewhere in this prospectus. The operating results in any period are not necessarily indicative of the results that may be expected for any future period.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:235.57pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">($ in thousands, except&#160;percentages) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">$ Change</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">% Change</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 1.75pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Gross written premiums </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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">437,036</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">352,591</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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">84,445</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:3pt 0.5pt 1.75pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">23.9%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Ceded written premiums </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">(137,830<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">(84,375<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(53,455<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.5pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">(63.4)%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 3.25pt 0pt; width:235.57pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net written premiums </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:33pt; text-align:right; white-space:nowrap;">299,206</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">268,216</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">30,990</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:3pt double #000000;padding:3pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">11.6%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:4pt 0pt 0.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net premiums earned </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:4pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:4pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">290,635</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:4pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:4pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">231,464</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:4pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:4pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">59,171</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:4pt 0.5pt 0.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">25.6%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Fee income </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">918</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">660</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">258</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:1.5pt 0.5pt 3.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">39.1%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Losses and loss adjustment expenses </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">175,234</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">154,107</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">21,127</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:1.5pt 0.5pt 3.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">13.7%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Underwriting, acquisition and insurance expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">98,567</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">72,155</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">26,412</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.5pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">36.6%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 1.75pt 0pt; width:235.57pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Underwriting income</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">17,752</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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">5,862</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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">11,890</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:3pt 0.5pt 1.75pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">202.8%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net investment income </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">24,046</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">11,366</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">12,680</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:1.5pt 0.5pt 3.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">111.6%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net realized and unrealized gains (losses) on investments </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">28,140</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">(2,269<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">30,409</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:24.5pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 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:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Interest expense </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">2,042</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">2,237</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(195<font style="position:absolute;">)</font></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:1.5pt 0.5pt 3.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">(8.7)%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other income </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">95</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">95</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</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:1.5pt 0.5pt 3.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">0.0%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">1,727</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">196</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">1,531</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.5pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">781.1%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 1.75pt 0pt; width:235.57pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Income before income taxes </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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">66,264</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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">12,621</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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">53,643</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:3pt 0.5pt 1.75pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">425.0%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Income tax expense </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">12,316</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">2,518</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">9,798</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.5pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">389.1%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 3.25pt 0pt; width:235.57pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net income </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:33pt; text-align:right; white-space:nowrap;">53,948</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">10,103</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">43,845</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:3pt double #000000;padding:3pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">434.0%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3.038pt 0pt 1.962pt 0pt; width:235.57pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Less: Net income attributable to non-controlling interest-General Partner </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3.429pt 0pt 1.571pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.429pt 0pt 1.571pt 0pt;border-bottom:3pt double #000000; min-width:33pt; text-align:right; white-space:nowrap;">6,858</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3.429pt 0pt 1.571pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.429pt 0pt 1.571pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">55</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3.429pt 0pt 1.571pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.429pt 0pt 1.571pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">6,803</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:24.5pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3.429pt 0pt 1.571pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.429pt 0pt 1.571pt 0pt;border-bottom:3pt double #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:4pt 0pt 3.25pt 0pt; width:235.57pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net income attributable to members </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:4pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:4pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:33pt; text-align:right; white-space:nowrap;">47,090</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:4pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:4pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">10,048</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:4pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:4pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">37,042</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:3pt double #000000;padding:4pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">368.7%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:4pt 0pt 0.5pt 0pt; width:235.57pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Key Metrics</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Adjusted net income attributable to members</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">48,266</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">10,048</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:24.5pt;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;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Loss ratio </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.5pt 0.5pt 3.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">60.3%</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.5pt 0.5pt 3.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">66.6%</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:24.5pt;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;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Expense ratio </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.5pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">33.6%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.5pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">30.9%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</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="padding:0pt;padding-left:24.5pt;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:13.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 1.75pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Combined ratio </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3pt 0.5pt 1.75pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">93.9%</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3pt 0.5pt 1.75pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">97.5%</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:24.5pt;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;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Return on members&#8217; equity </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.5pt 0.5pt 3.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">13.1%</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.5pt 0.5pt 3.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">3.4%</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:24.5pt;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;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 8pt 0pt; width:235.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Adjusted return on members&#8217; equity</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0.5pt 8pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">13.4%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0.5pt 8pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">3.4%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:24.5pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:8pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:3.19pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">NM = Percentage change is not meaningful.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:6.69pt; width:456pt; line-height:9.5pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Each of these metrics is a non-GAAP financial measure. See &#8220;&#8212;Reconciliation of non-GAAP financial measures&#8221; for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Premiums</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The following table presents gross written premiums by product for the&#160;years ended December&#160;31, 2024 and 2023:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:249.92pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="19">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:249.92pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">($ in thousands, except&#160;percentages) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">% of total </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:37.34pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">% of total </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:249.92pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Casualty </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">263,328</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">60.3<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">203,916</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:1.25pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">57.8%</font>
              </div>
            </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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:249.92pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Property </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">173,708</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.44pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">39.7<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">148,675</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.5pt 0.5pt 2.5pt 0pt; width:37.34pt;text-align:right;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">42.2%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:249.92pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Gross written premiums </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">
              <div style="font-weight:bold;">$</div>
            </td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">
              <div style="font-weight:bold;">437,036</div>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.44pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">
              <div style="font-weight:bold;">&#8203;</div>
            </td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">
              <div style="font-weight:bold;">100.0<font style="position:absolute;">%</font></div>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">
              <div style="font-weight:bold;">$</div>
            </td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">
              <div style="font-weight:bold;">352,591</div>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:3pt double #000000;padding:1.25pt 0.5pt 2.5pt 0pt; width:37.34pt;text-align:right;">
              <div style="text-align:right;font-weight:bold;">
                <font style="letter-spacing:0.25pt;">100.0%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="23">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">68</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">Our gross written premiums were $437.0&#160;million for the year ended December&#160;31, 2024 compared to $352.6&#160;million for the year ended December&#160;31, 2023, an increase of approximately $84.4&#160;million, or 23.9%. The increase was a result of continued growth in business across our casualty and property lines.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Net written premiums were $299.2&#160;million for the year ended December&#160;31, 2024, compared to $268.2&#160;million for the year ended December&#160;31, 2023, an increase of approximately $31.0&#160;million, or 11.6%. The increase was primarily driven by the growth in our gross written premiums partially offset by the increase in ceded written premiums primarily due to the volume of written premiums subject to ceded quota share reinsurance treaties within our casualty business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Net premiums earned were $290.6&#160;million for the year ended December&#160;31, 2024, compared to $231.5&#160;million for the year ended December&#160;31, 2023, an increase of approximately $59.2&#160;million, or 25.6%. The increase was primarily due to the increased gross written premiums offset by the increase of ceded written premiums under our ceded quota share reinsurance treaties.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">With respect to breakdown by vertical, we wrote premiums in our Retail, Real Estate, Hospitality and Construction verticals of $129.7&#160;million, $111.0 million, $76.2&#160;million and $38.8&#160;million, respectively, in 2024 as compared to $78.1&#160;million, $107.9 million, $62.9 million, and $58.9 million, respectively, in 2023, in each case on a gross basis. Premiums written in our Retail and Real Estate verticals grew 66.0% and 2.9%, respectively, in 2024 as compared to 2023, with the outsized growth in Retail partially due to our focus in 2024 on capitalizing on opportunities in mixed-use real estate buildings that are included in our Retail vertical due to their retail storefronts and because 2024 was the first full year of Retail operations in our brokerage channel. Furthermore, in Real Estate, we pursued a slower growth strategy in 2024 to achieve targeted portfolio diversification. Premiums written in our Hospitality vertical grew 21.1% in 2024 as compared to 2023, which was generally in-line with our overall growth rate across verticals. Finally, premiums written in our Construction vertical declined 34.2% in 2024 as compared to 2023 due to the discontinuation of a specialized distribution relationship. Our premiums by vertical are presented giving effect to any subsequent changes that affect the amount of such premium in the year in which the policy was initially written. If a policy is later modified (e.g. by audit premium, endorsement, cancellation, etc.), we treat such premium amount as having been modified in the period in which such policy was initially written. Our metrics for premiums by vertical are not directly comparable to our gross written premiums in our financial statements prepared on the basis of GAAP as a result.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Fee income</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Fee income was $0.9&#160;million for the year ended December&#160;31, 2024 compared to $0.7&#160;million for the year ended December&#160;31, 2023, an increase of approximately $0.3&#160;million, or 39.1%. The increase was primarily driven by growth in our gross written premiums and policy count subject to fees.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Loss ratio</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Our loss ratio was 60.3% for the year ended December&#160;31, 2024 compared to 66.6% for the year ended December&#160;31, 2023. The decrease was driven by improved results on our property lines.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">Our losses paid in the&#160;years ended December&#160;31, 2024 and 2023 were $109.5 million and $104.8 million, respectively. During the year ended December&#160;31, 2024, our net incurred losses for prior periods increased by $5.4&#160;million, consisting of a decrease in property reserves of $0.1&#160;million and increase in casualty reserves of $5.5&#160;million. The decrease in prior periods&#8217; property reserves in 2024 was due to better-than-expected loss performance. The increase in prior periods&#8217; casualty reserves in 2024 was comprised of favorable development for indemnity losses, which was more than offset by an increase in loss adjustment expenses due to enhancements in our claims reserving approach for legal-related expenses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">During the year ended December&#160;31, 2023, our net incurred losses for prior periods increased by $17.2&#160;million, consisting of an increase in property reserves of $12.5&#160;million and an increase in casualty reserves of $4.8&#160;million. The increase in prior periods&#8217; property reserves was due to higher-than-expected emergence in </font>
          </div>

      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">69</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">property lines driven by catastrophes in the 2022 accident year. Specifically, Winter Storm Elliott was a freeze-event in the southeast United States on December&#160;26, 2022 that resulted in higher severity losses from widespread water damage than originally estimated at year-end 2022, and Hurricane Ian was a catastrophic event in Florida on September&#160;28, 2022 that resulted in higher losses than originally estimated due to re-opened and litigated claims. In 2023, we undertook a variety of risk management actions to limit the late emergence of claims from these types of events going forward. The increase in prior periods&#8217; casualty reserves in 2023 was driven by decreases in ceded reserves due to lower expected severity on individual claims.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Expense ratio</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The following table summarizes the components of the expense ratio for the&#160;years ended December&#160;31, 2024 and 2023:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:259.84pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1pt 0pt; width:0pt;text-align:center;" colspan="19">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 0.333pt 0pt; width:259.84pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">($ in thousands, except&#160;percentages) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 0.333pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 0.333pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">% of net </font>
                <br >
                <font style="letter-spacing:0.225pt;">earned </font>
                <br >
                <font style="letter-spacing:0.225pt;">premiums </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 0.333pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 0.333pt 0pt; width:37.98pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">% of net </font>
                <br >
                <font style="letter-spacing:0.225pt;">earned </font>
                <br >
                <font style="letter-spacing:0.225pt;">premiums </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.75pt 0pt 0.75pt 0pt; width:259.84pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Policy acquisition costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . </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:0.75pt 0pt 0.75pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.75pt 0pt 0.75pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">60,692</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:18.68pt;width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 0.75pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.75pt 0pt 0.75pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">20.9<font style="position:absolute;">%</font></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:0.75pt 0pt 0.75pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.75pt 0pt 0.75pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">46,201</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:0.75pt 0pt 0.75pt 0pt; width:37.98pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.25pt;">20.0% </font>
              </div>
            </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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:259.84pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other operating and general expenses, net of fee income</font><font style=" position:relative; bottom:4.25pt;line-height:6.5pt;font-size:6.5pt;letter-spacing:0.188pt;">(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 #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">36,957</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.68pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">12.7<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">25,294</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1pt 0pt; width:37.98pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.25pt;">10.9% </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.75pt 0pt 1.083pt 0pt; width:259.84pt;white-space:normal;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Underwriting, acquisition and insurance expenses, net of fee income . . . . . . . . </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0.75pt 0pt 0.333pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">
              <div style="font-weight:bold;">$</div>
            </td>
            <td style="padding:0.75pt 0pt 0.333pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">
              <div style="font-weight:bold;">97,649</div>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.68pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0.75pt 0pt 0.333pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">
              <div style="font-weight:bold;">&#8203;</div>
            </td>
            <td style="padding:0.75pt 0pt 0.333pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <div style="font-weight:bold;">33.6<font style="position:absolute;">%</font></div>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0.75pt 0pt 0.333pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">
              <div style="font-weight:bold;">$</div>
            </td>
            <td style="padding:0.75pt 0pt 0.333pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">
              <div style="font-weight:bold;">71,495</div>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:3pt double #000000;padding:0.75pt 0pt 0.333pt 0pt; width:37.98pt;">
              <div style="text-align:center;font-weight:bold;">
                <font style="letter-spacing:0.25pt;">30.9%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:6pt;line-height:6pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="23">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:2.51pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Net of fee income of $918 and $660 for the&#160;years ended December&#160;31, 2024 and 2023, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>

          <div style="margin-top:4pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Our expense ratio was 33.6% for the year ended December&#160;31, 2024 compared to 30.9% for the year ended December&#160;31, 2023. The increase was driven by 0.9% higher net policy acquisition ratio and 1.8% higher operating and general expense ratio.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:4pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">The increase in policy acquisition ratio was primarily attributable to higher premium volume in our small business channel, which carries a higher acquisition cost relative to our brokerage channel. This increase was partially offset by higher ceding commissions earned under our primary quota share reinsurance treaty that was entered into on January&#160;1, 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:4pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">The increase in other operating and general expenses was primarily due to higher compensation and employee-related expense, as well as professional services expenses. Compensation and employee-related expense accounted for 67% of the increase, as we grew our headcount from 111 in 2023 to 169 in 2024 to support our continued growth, drive innovation, and to strengthen our operating capabilities in anticipation of a potential initial public offering. Professional accounting and auditing service expenses accounted for 14% of the increase, driven largely by higher public accounting and consulting expenses related to preparation for a potential initial public offering.</font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Investing results</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:9pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:253.97pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1pt 0pt; width:0pt;text-align:center;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1pt 0pt; width:253.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">($ in thousands, except&#160;percentages) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2024</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2023</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">$ Change</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">% Change</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.5pt 0pt 0.5pt 0pt; width:253.97pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Investment income </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:24.5pt;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;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt 0pt 1pt 0pt; width:253.97pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Fixed maturity securities </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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">14,296</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">1,974</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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">12,322</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 0.5pt 1pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">624.2%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt 0pt 1pt 0pt; width:253.97pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Short-term investments </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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">2,703</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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">2,703</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:24.5pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 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:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt 0pt 1pt 0pt; width:253.97pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Cash equivalents </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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">5,122</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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">6,368</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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(1,246<font style="position:absolute;">)</font></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 0.5pt 1pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">(19.6)%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt 0pt 1pt 0pt; width:253.97pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Equity securities </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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">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:24.5pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 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:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt 0pt 1pt 0pt; width:253.97pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Note receivable from affiliate </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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">1,002</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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">1,002</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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</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 0.5pt 1pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">0.0%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:0pt 0pt 0.5pt 0pt; width:253.97pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Securities sold, not yet purchased </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(569<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(795<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">226</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">28.4%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.5pt 0pt 0.5pt 0pt; width:253.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total fixed income </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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">22,598</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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">8,549</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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">14,049</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:0.5pt 0.5pt 0.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">164.3%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt 0pt 1pt 0pt; width:253.97pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Utility &amp; Infrastructure Investments </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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">1,669</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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">3,030</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:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(1,361<font style="position:absolute;">)</font></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 0.5pt 1pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">(44.9)%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:253.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(221<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(213<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(8<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">(3.8)%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.5pt 0pt 0.5pt 0pt; width:253.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net investment income </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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">24,046</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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">11,366</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">12,680</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:0.5pt 0.5pt 0.5pt 0pt;text-align:right;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">111.6%</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt 0pt 1.5pt 0pt; width:253.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net realized and unrealized gains (losses) on investments </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">28,140</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(2,269<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">30,409</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:24.5pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;border-bottom:3pt double #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">NM</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="height:6.25pt;line-height:6.25pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="26">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:0.91pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">NM = Percentage change is not meaningful.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">70</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Net investment income was $24.0&#160;million for the year ended December&#160;31, 2024, compared to $11.4&#160;million for the year ended December&#160;31, 2023, an increase of $12.7&#160;million, or 111.6%. This increase was driven by the growth in our investment portfolio primarily generated from strong operating cash flows and deployment of cash equivalents that were held at the beginning of the year at higher interest rates relative to the prior year period. Included in net investment income were $1.7&#160;million and $3.0&#160;million attributable to Utility &amp; Infrastructure Investments, net of investment management fees for the&#160;years ended December&#160;31, 2024 and 2023, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Net realized and unrealized gains on investments was $28.1&#160;million for the year ended December&#160;31, 2024, compared to a loss of $2.3&#160;million for the year ended December&#160;31, 2023, an increase of $30.4&#160;million. This increase was primarily driven by the strong performance of our Utility &amp; Infrastructure Investments. The income related to Utility &amp; Infrastructure Investments was $32.4&#160;million and $(2.6) million for the&#160;years ended December&#160;31, 2024 and 2023, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Utility &amp; Infrastructure Investments produced returns, net of investment management fees, of 13.0% and 0.16% for the&#160;years ended December&#160;31, 2024 and 2023, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">For additional information on investment management fees related to the Utility &amp; Infrastructure Investments see &#8220;Certain relationships and related party transactions&#8212;Investment Management&#8212;Utility &amp; Infrastructure Investments.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Interest expense</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Interest expense was $2.0&#160;million for the year ended December&#160;31, 2024 compared to $2.2&#160;million for the year ended December&#160;31, 2023, a decrease of approximately $0.2&#160;million, or 8.7% related to the cost of our letters of credit.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Other income</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Other income was $0.1&#160;million for the year ended December&#160;31, 2024 compared to $0.1&#160;million for the year ended December&#160;31, 2023, with no change year over year.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Other expenses</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Other expenses was $1.7&#160;million for the year ended December&#160;31, 2024 compared to $0.2&#160;million for the year ended December&#160;31, 2023, an increase of approximately $1.5&#160;million primarily due to additional stock-based compensation expenses related to the anticipated initial public offering.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Income tax expense (benefit)</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Income tax expense was $12.3&#160;million for the year ended December&#160;31, 2024 compared to $2.5&#160;million for the year ended December&#160;31, 2023, an increase of approximately $9.8&#160;million. Our effective tax rate was 18.6% for the year ended December&#160;31, 2024 compared to 20.0% for the year ended December&#160;31, 2023. The decrease in our effective tax rate was driven by permanent differences related to the non-controlling interest.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Reconciliation of non-GAAP financial measures</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We report our financial results in accordance with GAAP. However, we believe that certain non-GAAP financial measures provide investors in our common stock with additional useful information in evaluating our performance. Management believes that excluding certain items that are not indicative of core performance assists in evaluating our ability to generate earnings and to more readily compare these metrics between past and future periods. These non-GAAP financial measures may be different than similarly titled measures used by other companies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. There are limitations related to the use of these non-GAAP financial measures as compared to the most directly comparable GAAP financial measures.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">71</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Underwriting income</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We define underwriting income as income before income taxes excluding the impact of net investment income, net realized and unrealized gains (losses) on investments, other income, interest expense, and other expenses (which include expenses related to corporate activities and expenses recorded by us in anticipation of this offering). Underwriting income is a measure of the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to net investment income among other things. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for income before income taxes calculated in accordance with GAAP and other companies may define underwriting income differently.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Underwriting income for the&#160;years ended December&#160;31, 2024 and 2023 reconciles to income before income taxes as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:347.86pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:347.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">($ in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:347.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Income before income taxes </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:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">66,264</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">12,621</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:347.86pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Less: </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:347.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net investment income </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:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(24,046<font style="position:absolute;">)</font></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:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(11,366<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:347.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net realized and unrealized (gains) losses on investments </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:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(28,140<font style="position:absolute;">)</font></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:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">2,269</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:347.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other income </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:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(95<font style="position:absolute;">)</font></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:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(95<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:347.86pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Add: </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:347.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Interest expense </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:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">2,042</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:2.37pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">2,237</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:347.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">1,727</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">196</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 4.75pt 0pt; width:347.86pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Underwriting income </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.37pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 4pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 4pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">17,752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.37pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 4pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 4pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">5,862</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:0.5pt;line-height:0.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="14">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:11.4pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Adjusted net income attributable to members</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We define adjusted net income attributable to members as net income attributable to members excluding certain other non-operating expenses, which include expenses recorded by us in anticipation of this offering. Adjusted net income attributable to members excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted net income attributable to members as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net income attributable to members should not be viewed as a substitute for net income attributable to members calculated in accordance with GAAP, and other companies may define adjusted net income differently.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Adjusted net income attributable to members for the&#160;years ended December&#160;31, 2024 and 2023 reconciles to net income attributable to members as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:339.86pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt; width:339.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">($ in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 1.75pt 0pt; width:339.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net income attributable to members </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:5.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">47,090</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">10,048</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 0.5pt 0pt; width:339.86pt;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Adjustments:</font>
                <br >
                <font style="letter-spacing:0.25pt;">Other non-operating expenses</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">&#65279;(1)</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:5.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">1,489</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:5.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:339.86pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Tax impact </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.97pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(313<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.97pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 3.25pt 0pt; width:339.86pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Adjusted net income attributable to members </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.97pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">48,266</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.97pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">10,048</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="14">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:2pt; width:456pt; line-height:8.5pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> In the year ended December&#160;31, 2024, other non-operating expenses includes share-based compensation expenses recorded by us related to our anticipated initial public offering.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">72</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Adjusted return on members&#8217; equity</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We define adjusted return on members&#8217; equity as adjusted net income attributable to members, expressed as a&#160;percentage of average beginning and ending members&#8217; equity during the period. Adjusted net income attributable to members excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted return on members&#8217; equity as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted return on members&#8217; equity should not be viewed as a substitute for return on members&#8217; equity calculated in accordance with GAAP, and other companies may define adjusted return on members&#8217; equity and adjusted net income attributable to members differently.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Adjusted return on members&#8217; equity for the&#160;years ended December&#160;31, 2024 and 2023 reconciles to return on members&#8217; equity as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:339.86pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:339.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">($ in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:339.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Numerator: Adjusted net income attributable to members </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:0.369999999999997pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">48,266</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.369999999999997pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">10,048</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:339.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Denominator: Average members&#8217; equity </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.369999999999997pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">360,002</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.369999999999997pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">297,415</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:339.86pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Adjusted return on members&#8217; equity </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.369999999999997pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">13.4<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.369999999999997pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">3.4<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="14">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:11.4pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Liquidity and capital resources</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We are organized as a holding company with our operations primarily conducted by Ategrity Specialty, which is domiciled in Delaware. We may receive cash through (1)&#160;loans from banks, (2)&#160;issuance of equity and debt securities, (3)&#160;corporate service fees from Ategrity Specialty, (4)&#160;payments from our subsidiaries pursuant to the Tax Agreement (as defined herein) and other transactions, and (5)&#160;dividends from Ategrity Specialty and Ategrity Ltd. We have historically financed our operations primarily through cash from operations and contributions of capital from ZFSG. We may use the proceeds from these sources to contribute funds to Ategrity Specialty in order to support premium growth, reduce our reliance on reinsurance, to pay dividends and/or taxes, and for other business purposes. Our primary uses of cash are payments of losses and loss adjustment expenses and operating expenses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We have two letter of credit agreements, each in the amount of $35.0&#160;million. These letters of credit were issued to the benefit of Ategrity Specialty on behalf of Ategrity Ltd as collateral for its liabilities under the quota- share reinsurance agreement. As of December&#160;31, 2024, no amounts were drawn on the letters of credit.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We believe that our sources of liquidity and capital, including proceeds from this offering, will be sufficient to finance our growth strategy and resulting operations, planned capital expenditures, and the additional expenses we expect to incur as a public company for at least the next twelve&#160;months. However, we cannot assure you that cash provided by operating activities or cash and cash equivalents will be sufficient to meet our future needs. If we are unable to generate sufficient cash flows from operations in the future, we may have to obtain additional financing. We may also seek additional financing to pursue acquisitions or other strategic initiatives, or in light of favorable market conditions. If we obtain additional capital by issuing equity, the interests of our existing stockholders will be diluted. If we incur additional indebtedness, that indebtedness may contain significant financial and other covenants that may significantly restrict our operations. We cannot assure you that we could obtain additional financing on favorable terms or at all. See &#8220;Risk factors&#8212;Risks related to our liquidity and access to capital&#8212;We may require additional capital in the future, which may not be available or may only be available on unfavorable terms.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024, we held $26.6&#160;million in cash and cash equivalents compared to $264.6&#160;million as of December&#160;31, 2023. As of December&#160;31, 2024, we held $788.5&#160;million in cash and investments compared to $617.6&#160;million as of December&#160;31, 2023. The maximum amount of dividends that our subsidiaries can pay us </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">73</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">during 2025 without regulatory approval is $37.4 million. We believe the dividend distribution capacity of our subsidiaries without regulatory approval, which was estimated at $37.4&#160;million at December&#160;31, 2024, will provide us with sufficient liquidity for the foreseeable future.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">State insurance laws restrict the ability of Ategrity Specialty to declare stockholder dividends without prior regulatory approval or non-disapproval. State insurance regulators require insurance companies to maintain specified levels of statutory capital and surplus. The maximum dividend distribution Ategrity Specialty may make absent the approval or non-disapproval of the insurance regulatory authority in Delaware is limited by Delaware law to the greater of (1)&#160;10% of policyholder surplus as of December&#160;31 of the previous year, or (2)&#160;net income, not including realized capital gains or pro&#160;rata distributions of any class of Ategrity Specialty&#8217;s own securities, for the previous calendar year. The Delaware statute also requires that dividends and other distributions be paid out of positive unassigned surplus without prior approval. Insurance regulators have broad powers to ensure that statutory surplus remains at adequate levels, and there is no assurance that dividends of the maximum amount calculated under any applicable formula would be permitted. In the future, state insurance regulatory authorities that have jurisdiction over the payment of dividends by Ategrity Specialty may adopt statutory provisions more restrictive than those currently in effect.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Under the Insurance Act and related regulations, Ategrity Ltd is required to maintain certain solvency and liquidity levels, which it maintained as of December&#160;31, 2024. Bermuda regulations limit the amount of dividends and return of capital paid by a regulated entity. Furthermore, the Insurance Act limits the ability of Ategrity Ltd to pay dividends or make capital distributions by stipulating certain margin and solvency requirements and by requiring approval from the BMA prior to a reduction of 15% or more of a Class&#160;3A insurer&#8217;s total statutory capital as reported on its prior year statutory balance sheet. Further, under the Companies Act, as amended (the &#8220;Companies Act&#8221;), Ategrity Ltd may only declare or pay a dividend, or make a distribution out of contributed surplus, if it has no reasonable grounds for believing that: (1)&#160;it is, or would after the payment be, unable to pay its liabilities as they become due, or (2)&#160;the realizable value of its assets would be less than its liabilities.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">See &#8220;Regulation&#8221; contained elsewhere herein for additional details on such restrictions.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Cash flows</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Our most significant source of cash is from premiums received from our insureds, which, for most policies, we receive at the beginning of the coverage period. Our most significant cash outflow is for claims that arise when a policyholder incurs an insured loss. Because the payment of claims occurs after the receipt of the premium, often&#160;years later, we invest the cash in various investment securities that earn interest and dividends. We also use cash to pay commissions to brokers, as well as to pay for ongoing operating expenses such as salaries, rent, taxes, and interest expense. We use reinsurance to manage the risk that we take on our policies. We cede, or pay out, part of the premiums we receive to our reinsurers and collect cash back when losses subject to our reinsurance coverage are paid.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:4pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The timing of our cash flows from operating activities can vary among periods due to the timing by which payments are made or received. Some of our payments and receipts, including loss settlements and subsequent reinsurance receipts, can be significant, so their timing can influence cash flows from operating activities in any given period. Management believes that cash receipts from premiums, proceeds from investment sales and redemptions, and investment income are sufficient to cover cash outflows in the foreseeable future.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:4pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The following table set forth a summary of our cash flows for the periods indicated:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:345.01pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:345.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">($ in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt 0pt 3.5pt 0pt; width:345.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net cash provided by operating activities </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:0pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">125,611</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">85,707</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt 0pt 3.5pt 0pt; width:345.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net cash (used in) provided by investing activities </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:0pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">(363,270<font style="position:absolute;">)</font></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:0pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">14,512</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:0pt 0pt 2.5pt 0pt; width:345.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net cash (used in) provided by financing activities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">(414<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">32,275</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt 0pt 4.75pt 0pt; width:345.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net increase in cash, cash equivalents, and restricted cash </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 4pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 4pt 0pt;border-bottom:3pt double #000000; min-width:33pt; text-align:right; white-space:nowrap;">(238,073<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 4pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 4pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">132,494</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:0.5pt;line-height:0.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="14">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">74</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Operating activities</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Our net cash provided by operating activities was approximately $125.6&#160;million for the year ended December&#160;31, 2024, compared to $85.7&#160;million for the year ended December&#160;31, 2023. The increase was primarily due to growth in our gross premiums written.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Investing activities</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Net cash used in investing activities was approximately $363.3&#160;million for the year ended December&#160;31, 2024, compared to net cash provided by investing activities of approximately $14.5&#160;million for the year ended December&#160;31, 2023. The increase in cash used by investing activities was primarily driven by increased cash flows from operations which were used to purchase fixed maturity securities and short-term investments as well as deployment of the cash equivalents that were held at the beginning of the year, offset by proceeds from sales, maturities and redemptions of fixed maturity securities.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Financing activities</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Net cash used in financing activities was approximately $0.4&#160;million for the year ended December&#160;31, 2024, compared to $32.3&#160;million for the year ended December&#160;31, 2023, which consisted primarily of a capital contribution from ZFSG.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Reinsurance</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">We enter into reinsurance contracts to limit our exposure to potential large losses and to provide additional capacity for growth. Our reinsurance is primarily contracted under quota-share reinsurance treaties and excess of loss treaties. In quota-share reinsurance, the reinsurer agrees to assume a specified&#160;percentage of the ceding company&#8217;s losses arising out of a defined class of business in exchange for a corresponding&#160;percentage of premiums, net of a ceding commission. In excess of loss reinsurance, the reinsurer agrees to assume all or a portion of the ceding company&#8217;s losses, in excess of a specified amount. In excess of loss reinsurance, the premium payable to the reinsurer is negotiated by the parties based on their assessment of the amount of risk being ceded to the reinsurer because the reinsurer does not share proportionately in the ceding company&#8217;s losses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">For the year ended December&#160;31, 2024, property insurance represented&nbsp;&nbsp;&nbsp;39.7% of our gross written premiums. When we write property insurance, we buy reinsurance to significantly mitigate our risk to large losses. We use sophisticated computer models to analyze the risk of severe losses from weather-related events and earthquakes. We measure exposure to these catastrophe losses in terms of PML, which is an estimate of what level of loss we would expect to experience in a windstorm or earthquake event occurring once in every 100 or 250&#160;years. We manage this PML by purchasing catastrophe reinsurance coverage. Effective July&#160;1, 2024, we purchased catastrophe reinsurance coverage of $48&#160;million per event in excess of our $12&#160;million per event retention. Our property catastrophe reinsurance includes a reinstatement provision which requires us to pay reinstatement premiums after a loss has occurred in order to preserve coverage. Including the reinstatement provision, the maximum aggregate loss recovery limit is $96&#160;million and is in addition to the coverage provided by our other property reinsurance.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Reinsurance contracts do not relieve us from our obligations to policyholders. Failure of the reinsurer to honor its obligation could result in losses to us, and therefore, we established an allowance for credit risk based on historical analysis of credit losses for highly rated companies in the insurance industry. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from its exposure to individual reinsurers. As of December&#160;31, 2024, Ategrity Specialty has only contracted with reinsurers with A.M. Best financial strength ratings of &#8220;A-&#8221; &#8203;(Excellent) or better. At December&#160;31, 2024, the net reinsurance receivable, defined as the sum of paid and unpaid reinsurance recoverables, ceded unearned premiums less reinsurance payables, from five reinsurers represented 58.4% of the total balance. At December&#160;31, 2024, we recorded an allowance for credit losses of $0&#160;million related to our reinsurance balances.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">75</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Ratings</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Ategrity Specialty and Ategrity Ltd both have a financial strength rating of &#8220;A-&#8221; &#8203;(Excellent) from A.M. Best. A.M. Best assigns 16 ratings to insurance companies, which currently range from &#8220;A++&#8221; &#8203;(Superior) to &#8220;F&#8221; &#8203;(In Liquidation). &#8220;A-&#8221; &#8203;(Excellent) is the fourth highest rating issued by A.M. Best. The &#8220;A-&#8221; &#8203;(Excellent) rating is assigned to insurers that have, in A.M. Best&#8217;s opinion, an excellent ability to meet their ongoing obligations to policyholders. This rating is intended to provide an independent opinion of an insurer&#8217;s ability to meet its obligation to policyholders and is not an evaluation directed at investors. See also &#8220;Risk factors&#8212;Risks related to our business and industry&#8212;A decline in the financial strength rating or financial size category assigned to Ategrity Specialty or to Ategrity Ltd may adversely affect the amount of business we write and thus our business, financial condition, and results of operation.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The financial strength ratings assigned by A.M. Best have an impact on the ability of the insurance companies to attract and retain agents and brokers and on the risk profiles of the submissions for insurance that the insurance companies receive. The &#8220;A-&#8221; &#8203;(Excellent) rating obtained by Ategrity Specialty is consistent with our business plan and allows us to actively pursue relationships with the agents and brokers identified in our marketing plan.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Contractual obligations and commitments</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Our gross reserves for losses and loss adjustment expenses at December&#160;31, 2024 were $403.6&#160;million, of which $147.4&#160;million of payments are expected to be paid in less than one year and $256.2&#160;million of payments are expected to be paid in one year or more. Reserves for losses and loss adjustment expenses represent our best estimate of the ultimate cost of settling reported and unreported claims and related expenses. The estimation of loss and loss expense reserves requires a high degree of judgment and is subject to a number of variables. Ultimate settlement of losses and related loss adjustment expenses may vary significantly from the estimates reflected in our consolidated financial statements. See Note 10 of the notes to the consolidated financial statements and &#8220;&#8212;Critical accounting policies and estimates&#8221; for a discussion of estimates and assumptions related to the reserves for unpaid losses and loss adjustment expenses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Our leases consist of one operating lease on our office space that expires in 2028 and is subject to a renewal option at market rates prevailing at the time of renewal. We became a sublessor of the same office space when it entered into a sublease agreement effective July&#160;1, 2022 with ZFSG. Our obligations under such lease will require us to pay approximately $0.8&#160;million per year for the life of the lease. We do not have any other contractual obligations and commitments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Financial condition</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Members&#8217; equity</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024, total members&#8217; equity was $398.3&#160;million compared to $321.7&#160;million total members&#8217; equity as of December&#160;31, 2023. The $76.6&#160;million increase in total members&#8217; equity over the prior year end balance was primarily driven by net profits generated during the period and a $20.1&#160;million contribution by ZFSG. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Declaration of Dividends or Other Distributions</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We did not declare any dividends or other distributions during the&#160;years ended December&#160;31, 2024 and 2023. We do not anticipate paying any dividends or other distributions in the foreseeable future. Any determination to pay dividends or other distributions in the future will be at the discretion of our board of directors, subject to applicable laws. See &#8220;Dividend Policy&#8221; contained elsewhere herein.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Investment portfolio</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Our cash and invested assets consist of fixed maturity securities, cash and cash equivalents, short-term investments, equity securities, and investments in the Absolute Return Utility &amp; Infrastructure Fund.</font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">76</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:72pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">The table below presents our cash and invested assets as of December 31, 2024 and 2023:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:241.92pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="16">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">December 31,</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:241.92pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="7">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">2024</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="7">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">2023</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:241.92pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.225pt;">($ in thousands, except&#160;percentages) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">Fair value </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:37.34pt;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">% of total </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">Fair value</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="white-space:nowrap; text-align:right;">
                  <font style="letter-spacing:0.225pt;">% of total</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.25pt 0pt 3.5pt 0pt; width:241.92pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Cash and cash equivalents </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">26,573</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.25pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">3.4%</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">264,646</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:1.25pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">42.9%</font>
                </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:241.92pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Fixed maturity securities </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</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:1.5pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">55.6%</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">98,200</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:1.5pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">15.9%</font>
                </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:241.92pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Short-term investments </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">52,612</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:1.5pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">6.7%</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</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:1.5pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">0.0%</font>
                </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:241.92pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Utility &amp; Infrastructure Investments </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">270,242</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:1.5pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">34.3%</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">253,045</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:1.5pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">41.0%</font>
                </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:241.92pt;text-align:left;">
                <font style="letter-spacing:0.25pt;">Equities</font> </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</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:1.5pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">0%</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">1,000</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:1.5pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">0.1%</font>
                </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:241.92pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Other Invested assets </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">280</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.5pt 0.5pt 2.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">NM</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">694</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.5pt 0.5pt 2.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">0.1%</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.25pt 0pt 3.25pt 0pt; width:241.92pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Total cash and invested assets </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">788,459</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:3pt double #000000;padding:1.25pt 0.5pt 2.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">100.0%</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">617,585</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:3pt double #000000;padding:1.25pt 0.5pt 2.5pt 0pt; width:37.34pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.25pt;">100.0%</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#8203;</td>
            </tr>
            <tr style="height:3.5pt;line-height:3.5pt;">
              <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="20">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:2pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">NM = Percentage not meaningful.</font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">At December&#160;31, 2024 and 2023, $26.6&#160;million and $264.6 million, respectively, represented the cash and cash equivalents portion of our total cash and invested assets of $788.5&#160;million and $617.6 million, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">At December&#160;31, 2024 and 2023, $438.8&#160;million, and $98.2 million, respectively, of our total cash and invested assets was comprised of fixed maturity securities that are classified as available-for-sale and carried at fair value with unrealized gains and losses on these securities, net of any deferred taxes, reported as a separate component of accumulated other comprehensive income. Also included in our investment portfolio at December&#160;31, 2024, were $52.6&#160;million of short-term investments. Our fixed maturity and short-term securities had a weighted average duration of 3.8&#160;years and 3.0 years, respectively, and an average rating of &#8220;A-&#8221; and &#8220;A&#8221;, respectively, at December&#160;31, 2024 and 2023, respectively. Our fixed maturity and short-term securities portfolio had a book yield of 5.7% at December&#160;31, 2024, compared to 2.9% at December&#160;31, 2023.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">At December&#160;31, 2024, the amortized cost and fair value of our fixed maturity securities and short-term investments were as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:279.63pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.417pt 0pt; width:0pt;text-align:center;" colspan="16">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">December&#160;31, 2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:279.63pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">($ in thousands, except&#160;percentages) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Amortized </font>
                <br >
                <font style="letter-spacing:0.225pt;">cost </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Estimated fair </font>
                <br >
                <font style="letter-spacing:0.225pt;">value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">% of total </font>
                <br >
                <font style="letter-spacing:0.225pt;">fair value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:279.63pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Fixed maturity securities: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:11.64pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:12.44pt;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:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:279.63pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government </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:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">84,456</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.64pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">84,195</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:12.44pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">17.1<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:279.63pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Corporate </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">349,693</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:11.64pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">353,805</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:12.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">72.0<font style="position:absolute;">% </font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:279.63pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Commercial mortgage and asset-backed securities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">816</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.64pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.44pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">0.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:279.63pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total fixed maturity securities </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">434,965</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.64pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</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:12.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">89.3<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:279.63pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Short-term investments </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">52,612</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.64pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">52,612</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.44pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">10.7<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:279.63pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">487,577</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.64pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">491,364</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.44pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="20">&#8203;</td>
          </tr>
        </table>
        <div style="margin-left:10pt; margin-top:-0.5pt; text-align:center; width:446pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;"> </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">77</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">At December&#160;31, 2023, the amortized cost and fair value of our fixed maturity securities and short-term investments were as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:279.63pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.417pt 0pt; width:0pt;text-align:center;" colspan="16">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">December&#160;31, 2023</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
            </tr>
            <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:279.63pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.225pt;">($ in thousands, except&#160;percentages)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Amortized </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">cost</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Estimated fair </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">value</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">% of total </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">fair value</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.25pt 0pt 3.5pt 0pt; width:279.63pt;text-align:left;">
                <font style="letter-spacing:0.25pt;">Fixed maturity securities:</font>
              </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:17.24pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:12.44pt;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:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:279.63pt;white-space:normal;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.25pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government </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:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">68,583</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:17.24pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">66,985</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:12.44pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">68.2<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:279.63pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Corporate </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">12,331</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:17.24pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">11,294</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:12.44pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">11.5<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:279.63pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Commercial mortgage and asset-backed securities </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">22,875</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:17.24pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">19,921</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:12.44pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">20.3<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.25pt 0pt 3.5pt 0pt; width:279.63pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Total fixed maturity securities </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">103,789</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:17.24pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">98,200</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:12.44pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:279.63pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Short-term investments </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:17.24pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:12.44pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">0.0<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.25pt 0pt 3.25pt 0pt; width:279.63pt;text-align:left;">
                <div style="margin-left:10pt;">
                  <font style="letter-spacing:0.25pt;">Total </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">103,789</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:17.24pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">98,200</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:12.44pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#8203;</td>
            </tr>
            <tr style="height:3.5pt;line-height:3.5pt;">
              <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="20">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:7.7pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The amortized cost and fair value of our available-for-sale investments in fixed maturity securities summarized by contractual maturity as of December&#160;31, 2024, were as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:291.95pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.417pt 0pt; width:0pt;text-align:center;" colspan="16">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">December&#160;31, 2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:291.95pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">($ in thousands, except&#160;percentages) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Amortized </font>
                <br >
                <font style="letter-spacing:0.225pt;">cost </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Estimated fair </font>
                <br >
                <font style="letter-spacing:0.225pt;">value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">% of </font>
                <br >
                <font style="letter-spacing:0.225pt;">Fair value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:291.95pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">One year or less </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">0</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.64pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">0</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.12pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:291.95pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">After one year through five&#160;years </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">256,299</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.64pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">258,631</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.12pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">58.9<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:291.95pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">After five&#160;years through ten&#160;years </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">158,930</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.64pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">160,262</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.12pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">36.5<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:291.95pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">After ten&#160;years </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">18,920</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.64pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">19,107</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.12pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">4.4<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:291.95pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Commercial and residential mortgage-backed and other asset-backed </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">816</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.64pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.12pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">0.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:291.95pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total fixed maturity securities </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">434,965</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.64pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.12pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="20">&#8203;</td>
          </tr>
        </table>

          <div style="margin-top:7.6pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">Actual maturities may differ from contractual maturities because some borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">At December&#160;31, 2024 and 2023, $270.4&#160;million and $253.0 million, respectively represented the investments in the Absolute Return Utility &amp; Infrastructure Fund with fair values measured using our interest in the unadjusted net asset value (&#8220;NAV&#8221;) as reported by the Investment Manager in the audited financial statements of the Absolute Return Utility &amp; Infrastructure Fund. The Utility Limited Partnership operates as a feeder fund in a &#8220;master-feeder&#8221; structure, in which the Utility Limited Partnership invests substantially all of its assets in the Absolute Return Utility &amp; Infrastructure Fund. As of December&#160;31, 2024 and 2023, we invested 35% and 72%, respectively, of our total invested assets in the Absolute Return Utility &amp; Infrastructure Fund through the Utility Limited Partnership.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Absolute Return Utility &amp; Infrastructure Fund investment objective is to employ an energy and infrastructure- focused long/short strategy which seeks to deliver absolute returns in all market conditions with minimal correlation to energy sector indices and broader market indices. The Absolute Return Utility &amp; Infrastructure Fund invests primarily in the equities of electric and gas utilities, integrated utilities, water utilities, telecommunication companies, independent power producers and pipelines, exploration and production companies, oilfield service companies, and more broadly in energy and infrastructure-related industries (such as chemicals, materials, transportation infrastructure, and real estate equities). We value our investment in the Absolute Return Utility &amp; Infrastructure Fund at fair value, which is estimated based on our share of the NAV of the Absolute Return Utility &amp; Infrastructure Fund, as provided by the Investment Manager. See Note 2 to our consolidated financial statements appearing elsewhere in this prospectus.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">78</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Absolute Return Utility &amp; Infrastructure Fund invests in equity securities and related instruments and derivatives, and fixed income, comprising 94.4% and 5.6% of gross investments, respectively, as of December&#160;31, 2024. As of December&#160;31, 2024 and December&#160;31, 2023, the following table summarizes the sectors of the Absolute Return Utility &amp; Infrastructure Fund&#8217;s gross assets:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:331.4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:331.4pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt; width:331.4pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">($ in thousands, except&#160;percentages) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">% of total</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">% of total</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 1.75pt 0pt; width:331.4pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Utilities </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:21.4pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">60.6<font style="position:absolute;">%</font></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:21.4pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">65.3<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:331.4pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Pipelines </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:21.4pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">20.0<font style="position:absolute;">%</font></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:21.4pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">17.6<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:331.4pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Real Estate </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:21.4pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">10.1<font style="position:absolute;">%</font></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:21.4pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">8.9<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:331.4pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other Sectors </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:21.4pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">9.3<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:21.4pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">8.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 3.25pt 0pt; width:331.4pt;text-align:left;">
              <div style="font-weight:bold;">
                <font style="letter-spacing:0.25pt;">Total</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:21.4pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">
              <div style="font-weight:bold;">&#8203;</div>
            </td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">
              <div style="font-weight:bold;">100.0<font style="position:absolute;">%</font></div>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:21.4pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="14">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:3.2pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Amounts presented are subject to rounding adjustments and, as a result, the totals may not sum.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Off-balance sheet arrangements</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We invest in certain financial instruments with off-balance sheet risk. These financial instruments include securities sold, not yet purchased. Generally, these financial instruments represent future commitments to purchase other financial instruments at specific terms at specified future dates. These financial instruments contain varying degrees of off-balance sheet risk whereby changes in the market values of the securities underlying the financial instruments or index values may exceed the amounts recognized in the balance sheet.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">From time to time we enter into short sales as a hedge against certain risks within our investment strategy. A short sale is a transaction in which we sell securities we do not own in anticipation of a decline in the market price of the securities and our clearing broker executes a borrow transaction to deliver the securities resulting from our short sale. We are obligated to replace the securities borrowed in connection with a short sale.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Securities sold, not yet purchased represent our obligations to make future delivery of specific securities and, to the extent that we do not already have the securities in its possession, correspondingly create an obligation to purchase the securities at prevailing market prices. Accordingly, these transactions result in off-balance sheet risk as our satisfaction of the obligations may exceed the amount recognized in the balance sheet. As of December&#160;31, 2024, our obligations relating to short sales were $0.9&#160;million. Cash related to short sales is restricted until the securities are purchased. The ultimate gain or loss depends upon the prices at which the securities are purchased to settle our obligations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">See Note 6 of our consolidated financial statements included elsewhere in this prospectus for additional details. As of December&#160;31, 2024, we did not have any other off-balance sheet arrangements.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
            <font style="letter-spacing:0.3pt;">Share-Based Compensation</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Share-based compensation represents the cost of the estimated grant date fair value of option awards amortized over the requisite service period of the awards on a straight-line basis for awards that are subject to a service condition and using a graded vesting attribution method for awards that are subject to a service condition and a performance condition. We estimate the fair value of all option award grants using the Black- Scholes option pricing model and recognize forfeitures as they occur.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Estimating the fair value of equity awards at the grant date using valuation models, such as the Black-Scholes option pricing model, is affected by assumptions regarding a number of complex variables, including:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="font-style:italic;letter-spacing:0.25pt;">Fair value of unit.</font><font style="letter-spacing:0.25pt;"> See the subsection titled &#8220;&#8212;Determination of Fair Value of Our Units&#8221; below</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="font-style:italic;letter-spacing:0.25pt;">Expected term.</font><font style="letter-spacing:0.25pt;"> The expected term represents the period that our option awards granted are expected to be outstanding and is determined as the period from the valuation date to the expected exit or liquidity event date. </font>
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        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">79</font>
          <br >
        </div>
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      <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="font-style:italic;letter-spacing:0.25pt;">Expected volatility.</font><font style="letter-spacing:0.25pt;"> Because we do not have any trading history for our&#160;units, the expected volatility is estimated using averages of the historical volatility of our peer group of companies for a period equal to the expected term of the option awards granted. Our peer group of companies was selected based on operational and economic similarities to us and factors included, but were not limited to, industry, business model, operations, geographic presence, products, financial size and performance, share liquidity and management recommendations regarding the most similar companies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style=" float:left; line-height:13pt; margin-top:7.19pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="font-style:italic;letter-spacing:0.25pt;">Risk-free interest rate.</font><font style="letter-spacing:0.25pt;"> The risk-free interest rate is based on the interest rates paid on securities issued by the U.S. Treasury with a term approximating the expected term of option awards granted.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="font-style:italic;letter-spacing:0.25pt;">Expected dividend.</font><font style="letter-spacing:0.25pt;"> We have never paid cash dividends and have no present intention of doing so in the foreseeable future. Therefore, the expected dividend yield was assumed to be zero.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
            <font style="letter-spacing:0.25pt;">Changes in the foregoing assumptions can materially affect the estimate of fair value and ultimately how much share-based compensation cost is recognized; and the resulting change in fair value, if any, is recognized in our statements of operations during the period the related services are rendered. These inputs are subjective and generally require significant analysis and judgment to develop.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
            <font style="letter-spacing:0.25pt;">See Notes 2 and 16 to our audited financial statements included elsewhere in this prospectus for information concerning certain of the specific assumptions we used in applying the Black-Scholes option pricing model to determine the estimated fair value of our option awards.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
            <font style="letter-spacing:0.25pt;">The intrinsic value of each incentive option is determined based on the difference between the fair value of the underlying unit and the exercise price of the underlying incentive option. The aggregate intrinsic value of options outstanding and exercisable was $0 as of both December&#160;31, 2024 and 2023. Assuming an initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199; per share, which is the midpoint of the range we show on the cover of this prospectus, the intrinsic value of such options as of December&#160;31, 2024, would have been $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, of which approximately $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;million relates to vested options and approximately $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;million relates to unvested options.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
            <font style="letter-spacing:0.25pt;">Determination of Fair Value of Our Units</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
            <font style="letter-spacing:0.25pt;">Share-based compensation related to share-based awards is recognized based on the fair value of the awards granted. As there has been no public market for our&#160;units to date, the estimated fair value of our&#160;units underlying such awards has been determined by our board of managers as of each grant date, with input from management, consideration of independent third-party valuations of our&#160;units and the board of managers&#8217; assessment of additional objective and subjective factors that it believed were relevant at that time, including, as applicable:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Our actual and forecasted operating and financial performance based on management&#8217;s estimates;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">lack of marketability of our&#160;units;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">the hiring and retention of key personnel;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:7.2pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">industry trends and competitive environment;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">the likelihood of achieving a liquidity event, such as an initial public offering or the sale of the Company given prevailing market conditions;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">overall economic indicators; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">the general economic outlook.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
            <font style="letter-spacing:0.25pt;">Amounts presented herein are calculated prior to giving effect to the conversion of our&#160;units to shares of common stock in connection with the Corporate Conversion as described herein. The following table summarizes share-based compensation awards granted since January&#160;1, 2024:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">80</font>
          <br >
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      <hr >
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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          <table style="width:456pt;margin-top:0pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <tr style="line-height:11pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:169.02pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.225pt;">Grant Date</font>
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              </td>
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              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.225pt;">Type of </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">Award</font>
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              </td>
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              <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.225pt;">Number of Units </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">Underlying </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">Equity Awards </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">Granted</font>
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              </td>
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              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.225pt;">Exercise </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">Price </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">per Unit</font>
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              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.225pt;">Per Share </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">Fair Value </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">of Units on </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">Grant Date</font>
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              </td>
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              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.225pt;">Estimated Fair </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">Value Per Option</font>
                </div>
              </td>
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            </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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.25pt 0pt 3.5pt 0pt; width:169.02pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">January&#160;1, 2024 </font> </div>
              </td>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">Options </td>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:11.25pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">4,125,000 </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:6.13pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.74pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.55 </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:38.44pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.05 </td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:169.02pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">January&#160;1, 2024 </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">Options </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:11.25pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">3,000,000 </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:6.13pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">2.00 </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:15.74pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.55 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:38.44pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.01 </td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:169.02pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">January&#160;1, 2024 </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">Options </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:11.25pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">3,000,000 </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:6.13pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">3.00 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.74pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.55 </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:38.44pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.01 </td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:169.02pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">December&#160;8, 2024 </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">Options </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:11.25pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">27,097,710 </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:6.13pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.88 </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:15.74pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.74 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:38.44pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.22 </td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:169.02pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">December&#160;8, 2024 </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">Options </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:11.25pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">150,000 </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:6.13pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.74pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.74 </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:38.44pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.20 </td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:169.02pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">December&#160;8, 2024 </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">Options </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:11.25pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">831,250 </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:6.13pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00 </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:15.74pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.74 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:38.44pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.20 </td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:169.02pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">December&#160;8, 2024 </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">Options </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:11.25pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">1,000,000 </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:6.13pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.74pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.74 </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:38.44pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.20 </td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:169.02pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">December&#160;20, 2024 </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">Options </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:11.25pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">4,274,324 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <td style="padding:0pt;padding-left:6.13pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.74pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.74 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <td style="padding:0pt;padding-left:38.44pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.16 </td>
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                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">December&#160;20, 2024 </font> </div>
              </td>
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              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:33pt; text-align:right; white-space:nowrap;">Options </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:11.25pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:46.5pt; text-align:right; white-space:nowrap;">1,901,098 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
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              <td style="padding:0pt;padding-left:6.13pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00 </td>
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              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.74pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:17.25pt; text-align:right; white-space:nowrap;">0.74 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:38.44pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:17.25pt; text-align:right; white-space:nowrap;">0.20</td>
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          <div style="margin-top:7.5pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">Third-party valuations indicated a valuation of our&#160;units of $0.74 and $0.55 as of December&#160;8, 2024 (the &#8220;December&#160;2024 Valuation&#8221;) as a basis for our option grants in December&#160;2024 and January&#160;1, 2024 (the &#8220;January&#160;2024 Valuation&#8221;) as a basis for our grants in January&#160;2024, respectively. Independent third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants Accounting and Valuation Guide, </font><font style="font-style:italic;letter-spacing:0.25pt;">Valuation of Privately Held Company Equity Securities Issued as Compensation</font><font style="letter-spacing:0.25pt;"> (the &#8220;Practice Guide&#8221;). The Practice Guide prescribes several valuation approaches for determining the value of an enterprise and various methodologies for allocating the value of an enterprise to its capital structure and, specifically, its common equity. The December&#160;2024 Valuation and the January&#160;2024 Valuation used the guideline public company method (&#8220;GPC method&#8221;) to estimate the total equity value and the Hybrid Method (as defined below) to allocate the total equity value between the&#160;units. Within the Hybrid Method, we considered scenarios using the Probability-Weighted Expected Return Method (&#8220;PWERM&#8221;), with the Option Pricing Method (the &#8220;OPM&#8221;) within each scenario</font><font style="font-style:italic;letter-spacing:0.25pt;">.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">The GPC method estimates enterprise value based on a comparison of the Company to comparable public companies in a similar line of business and generally applies representative valuation ratios, which relate market prices to selected financial statistics derived from the comparable companies, to the subject company after consideration of adjustments for financial position, growth, markets, profitability, reinvestment needs, risk and other factors.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">The PWERM is a scenario-based methodology that estimates the fair value of the&#160;units based upon an analysis of future values for the company, assuming various outcomes. The unit value is based on the probability-weighted present value of expected future investment returns considering each of the possible outcomes available as well as the rights of each class of capital stock. The future value of the&#160;units under each outcome is discounted back to the valuation date at an appropriate risk-adjusted discount rate and probability weighted to arrive at an indication of value for the&#160;units.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">The OPM involves estimating the fair value by considering various call options, each valued using the Black-Scholes option pricing model at a series of exercise prices that coincide with the liquidation preferences and conversion features of&#160;units of members&#8217; equity. Within the OPM, our total equity value was determined using the market approach, based on the GPC method, weighted at 100%, with input from management, and applying the valuation multiples derived from the GPC method to our forecasted book value and earnings.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">The Hybrid Method is a hybrid between the PWERM and OPM (the &#8220;Hybrid Method&#8221;), estimating the probability-weighted value across multiple scenarios, using the OPM to estimate the allocation of value within those scenarios. When using the hybrid method, the third party valuations considered two future-event scenarios: (i)&#160;an initial public offering scenario and (ii)&#160;a private sale scenario. The initial public offering scenario and private sale scenario used a GPC method approach to estimate the fair value of our equity and allocated to each share class using an OPM based on the time to liquidity in the respective scenario. The resulting share values under each scenario are </font>
          </div>

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        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">81</font>
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    </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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">weighted by their respective probabilities. This hybrid method was determined to be the most appropriate valuation methodology based on the Company&#8217;s stage of development and other relevant factors.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">Lastly, a discount for lack of marketability (&#8220;DLOM&#8221;) was applied in each case in order to reflect the lack of a recognized market for our&#160;units and the fact that a non-controlling equity interest may not be readily transferable. The DLOM was estimated based on, among other factors, put option models, the nature of our operations and related risks, and the severity of the restrictions on liquidity of our&#160;units.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">The range we show on the cover of this prospectus was derived by a quantitative and qualitative analysis that differed from the methodology used by the Company and its independent valuation specialist in determining grant date fair value as described above. We believe that the primary factors that account for the difference between the fair value of our&#160;units determined as of December&#160;2024 and the range we show on the cover of this prospectus are:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
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          <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">the range we show on the cover of this prospectus is based only upon a scenario in which we complete the initial public offering and is not probability-weighted, in contrast to the December&#160;2024 Valuation, which reflects the potential for alternative future events, which inherently decreases the estimated fair value per share due to the combination of (i)&#160;events other than the initial public offering scenario, (ii)&#160;the discount to present value for each of the future business values at the future event and (iii)&#160;the application of a DLOM;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
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          <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">the quantitative methodologies&#160;used for the valuations obtained by management to determine the estimated fair value of our&#160;units may differ from the methodologies used by public market investors, which may&#160;also employ more qualitative and subjective methodologies to determine the price that they are willing to pay in the initial public offering, such as the valuations of other recently completed public offerings and recent market conditions; </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">our continued progression toward a potential initial public offering, including the occurrence of the public filing of the registration statement of which this prospectus forms a part;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">input received from the underwriters and further feedback from qualified potential investors after &#8220;testing-the-waters&#8221; meeting from January&#160;2025 through April&#160;2025, which suggested that there was market demand for our securities at a step-up in valuation;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">valuations based on forward-looking valuation methodologies, including a discounted cash flow analysis, as well as factors likely to affect our revenues and profitability, and relevant trading multiples;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6.09pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <div style=" margin-top:6.09pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">the valuations of comparable companies that recently completed initial public offerings, as well as such companies&#8217; performance in the&#160;months following their initial public offerings; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
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            <font style="letter-spacing:0.25pt;">changes to the set of comparable companies used to evaluate us as between the January&#160;2024 Valuation and the December&#160;2024 Valuation as a result of our improved business and operating performance that justified the inclusion in our peer group of companies that exhibit generally higher trading multiples than the prior peer group, and the continued trading performance of such peer group companies in the public trading markets following the December&#160;2024 Valuation.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Critical accounting policies and estimates</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We believe that the following accounting policies and estimates involve a high degree of judgment and complexity. Accordingly, these are the policies and estimates we believe are the most critical to aid in fully understanding and evaluating our financial condition and results of our operations. We use significant judgment concerning future results and developments in applying these critical accounting policies and estimates and in preparing our consolidated financial statements. These judgments and estimates affect our reported amounts of assets, liabilities, revenues and expenses, and the disclosure of our material contingent assets and liabilities. See Note 2 to our consolidated financial statements appearing elsewhere in this prospectus for a description of our other significant accounting policies. The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect the amounts reported in those financial statements and accompanying notes. Although we believe that the estimates we use are reasonable, due to the inherent </font>
        </div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">82</font>
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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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">uncertainty involved in making those estimates, actual results reported in future periods could differ from those estimates. We evaluate our estimates regularly using information that we believe to be relevant.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Reserves for unpaid losses and loss adjustment expenses</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The reserves for unpaid losses and loss adjustment expenses represent our best estimate of the ultimate cost of settling reported and unreported claims and related expenses. See Note 10 to our consolidated financial statements appearing elsewhere in this prospectus for a discussion of estimates and assumptions related to the reserves for unpaid losses and loss adjustment expenses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">As a relatively new company, our historical loss experience is limited. We estimate the reserves using individual case-basis valuations of reported claims and statistical analyses. Those estimates are based on our historical information, industry information, and our estimates of future trends in variable factors such as loss severity, loss frequency, and other factors such as inflation. We regularly review our estimates and adjust them as necessary as experience develops or as new information becomes known to us. Such adjustments are included in current operations. Additionally, during the loss settlement period, it often becomes necessary to refine and adjust the estimates of liability on a claim either upward or downward. Even after such adjustments, ultimate liability may exceed or be less than the revised estimates. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimate included in our financial statements.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We categorize our reserves for unpaid losses and loss adjustment expenses into two types: case reserves and reserves for incurred but not yet reported losses (&#8220;IBNR&#8221;). Our gross reserves for losses and loss adjustment expenses at December&#160;31, 2024 were $403.6&#160;million. Of this amount, 70% related to IBNR. Our net reserves for losses and loss adjustment expenses at December&#160;31, 2024 were $284.0&#160;million. Of this amount, 68% related to IBNR. A 5% change in net IBNR reserves at December&#160;31, 2024 would equate to a $9.7&#160;million change in the net reserve for losses and loss adjustment expenses at such date, as well as a $7.7&#160;million change in net income, a 1.9% change in members&#8217; equity, at or for the year ended December&#160;31, 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The following table summarizes our gross and net reserves for unpaid losses and loss adjustment expenses at December&#160;31, 2024:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:241.92pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">December&#160;31, 2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:241.92pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">($ in thousands, except&#160;percentages) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">% of total </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Net </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">% of total </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:241.92pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Case reserves </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">120,317</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">29.8<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">90,036</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:12.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">31.7<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:241.92pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">IBNR </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">283,259</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.44pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">70.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">193,944</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.44pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">68.3<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:241.92pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">403,576</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.44pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">283,980</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.44pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">100.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="26">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:7.2pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Case reserves are established for individual claims that have been reported to us. We are notified of losses by our insureds or their brokers. Based on the information provided, we establish case reserves by estimating the ultimate losses from the claim, including defense costs associated with the ultimate settlement of the claim. Our claims department personnel use their knowledge of the specific claim along with advice from internal and external experts, including underwriters and legal counsel, to estimate the expected ultimate losses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In addition, we conduct a full spectrum study of reserves annually to analyze reserving adequacy. Reserve analyses are conducted using a multi-method process which includes a full suite of traditional methodologies (such as Chain-Ladder, Bornhuetter-Ferguson, Cape Cod, and Frequency and Severity methods), individual open claim analyses, as well as a sensitivity analysis to provide a range of reasonable estimates.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Our Reserve Committee consists of our Head of Reserving and other select members of senior management. The Reserve Committee meets quarterly to review the actuarial recommendations made by the Head of Reserving. In establishing the quarterly actuarial recommendation for the reserves for losses and loss adjustment expenses, our actuary estimates an initial expected ultimate loss ratio for each of our lines of business by accident year. Input from our underwriting and claims departments, including premium pricing assumptions and historical experience, is considered by our actuary in estimating the initial expected loss ratios. Our reserving methodology </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">83</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">uses a loss reserving model that calculates a point estimate for our ultimate losses. Although we believe that our assumptions and methodology are reasonable, our ultimate payments may vary, potentially materially, from the estimates we have made.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In addition, we retain an independent external actuary to assist in determining if the reserve levels are reasonable. The independent actuary is not involved in the establishment and recording of our loss reserve. The actuarial consulting firm prepares its own estimate of our reserves for loss and loss adjustment expenses, and we compare their estimate to the reserves for losses and loss adjustment expenses reviewed and approved by the Reserve Committee in order to incorporate important changes and gain additional comfort on the adequacy of those reserves.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The table below quantifies the impact of potential reserve deviations from our carried reserve at December&#160;31, 2024. We applied a sensitivity factor to net reserves for unpaid losses and loss adjustment expenses for our two lines of business. We believe that potential changes such as these would not have a material impact on our liquidity.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:82.2pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.417pt 0pt; width:0pt;text-align:center;" colspan="40">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Potential impact on 2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:82.2pt;text-align:left;">
              <font style="letter-spacing:0.225pt;">Line of business </font>
              <br >
              <font style="letter-spacing:0.225pt;">($ in thousands) </font>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Net reserves </font>
                <br >
                <font style="letter-spacing:0.225pt;">for unpaid </font>
                <br >
                <font style="letter-spacing:0.225pt;">losses</font>
                <br >
                <font style="letter-spacing:0.225pt;">and loss</font>
                <br >
                <font style="letter-spacing:0.225pt;">adjustment</font>
                <br >
                <font style="letter-spacing:0.225pt;">expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">7.5% higher </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Pre-tax </font>
                <br >
                <font style="letter-spacing:0.225pt;">income </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Members&#8217;</font>
                <br >
                <font style="letter-spacing:0.225pt;">equity </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">7.5% lower </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Pre-tax </font>
                <br >
                <font style="letter-spacing:0.225pt;">income </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Members&#8217; </font>
                <br >
                <font style="letter-spacing:0.225pt;">equity </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:82.2pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Casualty </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:5.58pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">236,966</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.07pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">254,738</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(17,772<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(14,040<font style="position:absolute;">)</font></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:1.69pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">219,194</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">17,772</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:0.769999999999996pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">14,040</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 4pt 0pt; width:82.2pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Property </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.58pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:30.75pt; text-align:right; white-space:nowrap;">47,014</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.07pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:30.75pt; text-align:right; white-space:nowrap;">50,540</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:28.5pt; text-align:right; white-space:nowrap;">(3,526<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:28.5pt; text-align:right; white-space:nowrap;">(2,786<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.69pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:30.75pt; text-align:right; white-space:nowrap;">43,488</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:26.25pt; text-align:right; white-space:nowrap;">3,526</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.769999999999996pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:26.25pt; text-align:right; white-space:nowrap;">2,786</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:7.4pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The amount by which estimated losses differ from those originally reported for a period is known as &#8220;development.&#8221; Development is unfavorable when the losses ultimately settle for more than the amount reserved or subsequent estimates indicate a basis for reserve increases on unresolved claims. Development is favorable when losses ultimately settle for less than the amount reserved, or subsequent estimates indicate a basis for reducing loss reserves on unresolved claims. We reflect favorable or unfavorable development of loss reserves in the results of operations in the period the estimates are changed.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">During the year ended December&#160;31, 2024, our net incurred losses for prior accident&#160;years increased by $5.4&#160;million primarily due to enhancements to our claims reserving approach with respect to loss adjustment expenses in our casualty lines.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">During the year ended December&#160;31, 2023, our net incurred losses for prior accident&#160;years increased by $17.2&#160;million primarily due to higher-than-expected emergence in property lines driven by catastrophes in the 2022 accident year. Specifically, Winter Storm Elliott was a freeze-event in the southeast United States on December&#160;26, 2022 that resulted in higher severity losses from widespread water damage than originally booked at year-end, and Hurricane Ian was a catastrophic event in Florida on September&#160;28, 2022 that resulted in higher losses than originally booked due to re-opened and litigated claims. In 2023, we undertook a variety of risk management actions to limit the late emergence of claims from these types of events going forward. Additionally, this prior year development included decreases in ceded reserves on prior year&#8217;s casualty lines.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Investment valuation and fair value</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Like other accounting estimates, fair value measurements may be based on subjective information and generally involve uncertainty and judgment. Fair value is defined as the exchange price that would be received for an</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Three levels of inputs are used to measure fair value of financial instruments: (1)&#160;Level&#160;1: quoted price (unadjusted) in active markets for identical assets, (2)&#160;Level&#160;2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">84</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument, and (3)&#160;Level&#160;3: inputs to the valuation methodology are unobservable for the asset or liability.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">To measure fair value, we obtain quoted market prices for its investment securities from its outside investment managers. If a quoted market price is not available, we use prices of similar securities. Values for U.S. Treasury and publicly traded equity securities are generally based on Level&#160;1 inputs which use the market approach valuation technique. The values of our investments in all other fixed maturity securities generally incorporate significant Level&#160;2 inputs, and in some cases, Level&#160;3 inputs, using the market approach and income approach valuation techniques.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We value our investment in the Absolute Return Utility &amp; Infrastructure Fund at fair value, which is estimated based on our share of the NAV of the Absolute Return Utility &amp; Infrastructure Fund, as provided by the Investment Manager.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We review fair value prices provided by its outside investment managers for reasonableness by comparing the fair values provided by the managers to those provided by our investment custodian. We also review and monitor changes in unrealized gains and losses. We have not historically adjusted security prices. We obtain an understanding of the methods, models, and inputs used by the investment managers and independent pricing services and controls are in place to validate that prices provided represent fair values. Our control process includes, but is not limited to, initial and ongoing evaluation of the methodologies used, a review of specific securities and an assessment for proper classification within the fair value hierarchy, and obtaining and reviewing internal control reports for our investment manager that obtains fair values from independent pricing services.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We periodically review our available-for-sale fixed maturities securities to determine whether any unrealized losses exist that are due to credit-related factors. An allowance for credit losses is established for any credit- related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net investment income. Unrealized losses that are not credit are recognized in other comprehensive income.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We consider the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. We also consider the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than its amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of the expected cash flows equals or exceeds a security&#8217;s amortized cost. We also consider whether we intend to sell the security or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">When assessing whether we intend to sell a fixed maturity security or if it is likely to be required to sell a fixed- maturity security before recovery of its amortized cost, we evaluate facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs and potential sales of investments to capitalize on favorable pricing.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Reinsurance recoverable</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We enter into reinsurance contracts to limit our exposure to potential large losses and to provide additional capacity for growth. Reinsurance refers to an arrangement in which a company called a reinsurer agrees in a contract (often referred to as a treaty) to assume specified risks written by an insurance company (known as a ceding company) by paying the insurance company all or a portion of the insurance company&#8217;s losses arising under specified classes of insurance policies in return for a share in premiums.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Reinsurance recoverables recorded on insurance losses ceded under reinsurance contracts are subject to judgments and uncertainties similar to those involved in estimating gross loss reserves. In addition to these uncertainties, our reinsurance recoverables may prove uncollectible if the reinsurers are unable or unwilling to </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">85</font>
          <br >
        </div>
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            <font style="letter-spacing:0.25pt;">perform under the reinsurance contracts. In establishing our reinsurance allowance for amounts deemed uncollectible, we evaluate the financial condition of our reinsurers and monitor concentration of credit risk arising from our exposure to individual reinsurers. To determine if an allowance is necessary, we consider, among other factors, published financial information, reports from rating agencies, payment history, collateral held, and our legal right to offset balances recoverable against balances we may owe. The allowance for uncollectible reinsurance recoverables is subject to uncertainty and volatility due to the time lag involved in collecting amounts recoverable from reinsurers. Over the period of time that losses occur, reinsurers are billed and amounts are ultimately collected, economic conditions, as well as the operational and financial performance of particular reinsurers may change and these changes may affect the reinsurers&#8217; willingness and ability to meet their contractual obligations to us. It is difficult to fully evaluate the impact of major catastrophic events on the financial stability of reinsurers, as well as the access to capital that reinsurers may have when such events occur. The ceding of insurance does not legally discharge us from our primary liability for the full amount of the policies, and we will be required to pay the loss and bear the collection risk if any reinsurer fails to meet its obligations under the reinsurance contracts. We target reinsurers with A.M. Best financial strength ratings of &#8220;A-&#8221; &#8203;(Excellent) or better. Based on our evaluation of the factors discussed above, we believe all of our recoverables are collectible and, therefore, no allowance for uncollectible reinsurance was provided for at December&#160;31, 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Accounting pronouncements</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Refer to Note 2, &#8220;Significant Accounting Policies,&#8221; in our consolidated financial statements in this prospectus for further discussion regarding our recent accounting pronouncements.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Quantitative and qualitative disclosures about market risk</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We are exposed to market risks in the ordinary course of our business. Market risk is the risk of economic losses due to adverse changes in the estimated fair value of a financial instrument as the result of changes in interest rates, equity prices, foreign currency exchange rates, and commodity prices. The primary components of market risk affecting us are credit risk, interest rate risk, and equity rate risk.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Credit risk</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Credit risk is the potential loss resulting from adverse changes in an issuer&#8217;s ability to repay its debt obligations. We have exposure to credit risk as a holder of fixed maturity investments. Our risk management strategy and investment policy is to primarily invest in debt instruments of high credit quality issuers and to limit the amount of credit exposure with respect to particular ratings categories and any one issuer. At December&#160;31, 2024, our fixed maturity and short-term securities portfolio had an average rating of &#8220;A-,&#8221; with approximately 33% of securities in that portfolio rated &#8220;A&#8221; or better by at least one nationally recognized rating organization. Our policy is to invest predominantly in investment grade securities, while making strategic, risk-adjusted allocations to targeted investment opportunities across the credit spectrum. We monitor the financial condition of all of the issuers of fixed maturity securities in our portfolio. The credit profile of our fixed-maturity and short-term securities portfolio was comprised of 27.9% AAA, 4.9% A, 52.3% BBB, 11.8% BB and 3.1% below BB or unrated securities.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We are exposed to credit losses from reinsurers being unable to meet their obligations. We evaluate the financial condition of potential reinsurers and reinsure our business with highly rated reinsurers with a rating of &#8220;A-&#8221; (Excellent) or better from A.M. Best. We have not experienced any credit losses from reinsurance recoverables and did not record an allowance for uncollectible reinsurance recoverables as of December&#160;31, 2024. See Note 2 of our consolidated financial statements included elsewhere in this prospectus for additional details.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Interest rate risk</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The market risk inherent in our financial instruments and in our financial position represents the potential loss arising from adverse changes in interest rates or exchange rates. As of December&#160;31, 2024, we had cash, cash equivalents and short-term investments of $79.2&#160;million, consisting of interest-bearing money market accounts </font>
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          <font style="letter-spacing:0.25pt;">and investments in government agency securities, for which the fair market value would be affected by changes in the general level of United States interest rates. However, due to the short-term maturities and the low-risk profile of our investments, an immediate 100 basis point change in interest rates would not have a material effect on the fair market value of our cash and investments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Equity risk</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our Utility &amp; Infrastructure Investments have equity risk due to the equity strategy, and therefore, we have indirect equity risk through our Utility &amp; Infrastructure Investments. Equity risk represents the potential economic losses due to adverse changes in equity security prices. As of December&#160;31, 2024, we had no direct holdings of equity securities.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Emerging growth company status</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In April&#160;2012, the JOBS Act was enacted. Section&#160;107 of the JOBS Act provides that an &#8220;emerging growth company&#8221; may take advantage of the extended transition period provided in Section&#160;7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Therefore, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to use the extended transition period under the JOBS Act until the earlier of the date we (1)&#160;are no longer an emerging growth company, or (2)&#160;affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.</font>
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          <font style="letter-spacing:0.4pt;">Business</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Who we are</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We are a profitable and growing specialty insurance company dedicated to providing excess and surplus (&#8220;E&amp;S&#8221;) products to small to medium-sized businesses (&#8220;SMBs&#8221;) across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The SMB market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed and low-touch interactions that our distribution partners value. This advantage stems from our technology-driven method of standardizing, simplifying, and automating our transaction process, which we call </font><font style="font-style:italic;letter-spacing:0.25pt;">productionized underwriting</font><font style="letter-spacing:0.25pt;">.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We target industry verticals where we have deep expertise and develop data-driven insights to gain a competitive advantage. We leverage our expertise and our efficient underwriting platform to deliver tailored insurance products and customized services that meet the needs of our distribution partners. We believe the universe of distributors in the SMB segment of the E&amp;S market is rapidly shifting toward agents and brokers who were raised in the digital age. These digital-native and tech-savvy distribution partners expect real-time, frictionless insurance transactions that mirror the seamless experiences they encounter in their daily lives. In an industry where insurance applications are often submitted via email with slow response times, we have designed a technology-driven underwriting process that addresses our distribution partners&#8217; demands for rapid, high-quality interactions. Our strong value proposition has contributed to a growing network of 460 distribution partners as of December&#160;31, 2024, which provides us with increased transaction opportunities and diversified sources of business. Our fully integrated claims management function is designed to enable us to resolve claims efficiently and effectively. We take an active approach to risk management through real-time performance analytics, rigorous risk aggregation monitoring, and robust reinsurance protection aimed at minimizing volatility and generating consistent underwriting results.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We have grown our business substantially while generating attractive underwriting results. For the year ended December&#160;31, 2024, we wrote $437.0 million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two&#160;years. Our combined ratio for the year ended December&#160;31, 2024, was 93.9%, a decrease of 3.6% from the year ended December&#160;31, 2023. Our members&#8217; equity at December&#160;31, 2024, was $398.3 million, an increase of $76.6 million(23.8%) from December&#160;31, 2023. We believe that our productionized underwriting capabilities will continue to drive enhanced profitability as we continue to scale our business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Productionized underwriting</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our company&#8217;s mission is to transform the E&amp;S marketplace for SMBs through the power of productionized underwriting with precision, simplicity, and efficiency. When we entered the E&amp;S industry, we found what we believe to be an under-served and inefficient marketplace that was hindered by inconsistent and antiquated processes of legacy insurance carriers. We also believe that many distribution partners and their end-clients were struggling with slow response times, unpredictable underwriting capacity, and subpar pricing, which we believe make the market ripe for technology and efficiency-driven disruption.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">To address these challenges, we developed a technology-enabled underwriting process that we believe sets us apart in the E&amp;S market. Our productionized underwriting approach combines rigorous technical underwriting with a highly efficient and centralized operating platform powered by advanced technology. This process begins with a deep understanding of our end-clients, the insurance policyholders. We intensely study the industry and geographical micro-segments in which our end-clients operate using sophisticated data analytics. We leverage these analytics to build quantitative risk models that shape our risk appetite and client targeting.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Furthermore, we aim to eliminate unnecessary complexity by standardizing our processes and automating key underwriting tasks, such as submission intake, risk classification, pricing, and documentation. This allows our </font>
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          <font style="letter-spacing:0.25pt;">underwriters to focus on high-value underwriting tasks and make timely and accurate decisions in a uniform manner. For each individual transaction opportunity, our underwriting models efficiently determine which components of the process can be automated. For simpler products with clearly identified risk characteristics, we can execute the entire underwriting process without human intervention. We believe our productionized underwriting approach generates consistent, efficient, and scalable processes that allow us to deliver differentiated value to our distribution partners without compromising accuracy and profitability.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">How We Achieve Productionized Underwriting</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">We offer property and casualty insurance solutions tailored to meet the needs of SMBs. Currently, the verticals that we focus on are Retail, Real Estate, Hospitality, and Construction. By leveraging deep fundamental research and advanced data analytics, we meticulously analyze the universe of potential insureds, stratify their risk characteristics by micro-segments, and quantify the perils they face. Once we have acquired a deep understanding of a specific market, we define target business profiles that match our risk appetite and design products that meet our end-clients&#8217; needs.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">For example, in our Hospitality vertical, one area of focus is the hotel and motel industry. We segment this industry into three primary subgroups: luxury hotels, mid-tier hotels, and budget motels. We then identify micro-segments such as boutique hotels, beachfront resorts, economy roadside motels, and extended-stay hotels. Each of these micro-segments presents a distinct risk profile, such as higher exposure to natural disasters for beachfront resorts or increased liability concerns for extended-stay hotels with more prolonged guest interactions. Another example of micro-segmentation in our Hospitality vertical is restaurants, where we classify businesses into casual dining, family restaurants, fine dining, diners, and buffet restaurants, among others. In our Real Estate, Construction and Retail verticals, we also categorize micro-segments based on applicable risk characteristics. We price and design products that are specifically tailored to cover the unique risks associated with each micro-segment. We believe our enhanced micro-segmentation of traditional industry classifications allows us to accurately identify and address homogeneous groups of risk, which provides us with a competitive underwriting advantage. </font>
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            <font style="letter-spacing:0.25pt;">We offer commercial property, low-limit general liability, and management &amp; professional liability products on both a primary basis and an excess basis. By targeting SMBs, we have built a portfolio of small premium size policies. Furthermore, we deliberately focus on underwriting risks with shorter loss-reporting tails and limited catastrophe risk. This reduces the volatility of our results and strengthens our ability to actively manage business risks. The following charts reflect the&#160;percentage of our gross written premiums by duration of risk, products, policy size, and vertical for the year ended December&#160;31, 2024</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.188pt;">(</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.188pt;">1</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.188pt;">)</font><font style="letter-spacing:0.25pt;">.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Based on policies written in the year ended December 31, 2024 derived from our internal systems.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We operate on a surplus lines basis in 48 states and the District of Columbia. As of December 31, 2024, there were four states in which 5.0% or more of our gross written premiums were concentrated: California (21.0%), Florida (16.2%), Texas (12.8%), and New York (6.4%).</font>
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          <font style="letter-spacing:0.25pt;">Our diversified and expansive distribution strategy centers around the principle of giving our distribution partners an efficient, consistent, and simplified way of doing business with us. The key to this is our single appointment contract, which gives our distribution partners access to all our channels, resulting in a greater flow of business per partner. We categorize our products as either Brokerage or Small Business. Brokerage is comprised of medium-sized accounts with limited-to-moderate complexity; Small Business is comprised of more </font>
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          <font style="letter-spacing:0.25pt;">90</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">standardized risks with smaller premium amounts and lower policy limits than Brokerage. Although wholesale brokers tend to focus on our Brokerage channel and wholesale agents on our Small Business channel, through our unified contract we can provide distribution partners with access to both, which increases our revenue opportunities. Another pillar of our distribution strategy is our rapid response times, enabled in part by our digital platform. For instance, in our Brokerage channel we use automation and risk-scoring models to accelerate the intake process and route transactions to the most efficient and optimal underwriting method. For our Small Business channel, our distribution partners use our cloud-based underwriting engine that automatically defines and manages data requirements, forms, pricing, and risk appetite.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We partner with technology-forward and innovative distribution partners who are leaders in their respective markets and choose us as their partner in this process. We have significantly invested in gaining access to a broader distribution network, increasing the number of agents and brokerage teams with whom we work from 180 distribution partners as of December&#160;31, 2021 to 460 distribution partners as of December&#160;31, 2024. Our in-house distribution team, which is focused on developing and maintaining our distributor relationships, diligently expands our network by onboarding new distribution partners who have books of business that match our risk appetite. We believe our distribution relationships are highly diversified and less concentrated than our E&amp;S competitors, with the three largest wholesale distribution corporations in the United States representing 48% of our gross written premiums written for the year ended December&#160;31, 2024. The following charts reflect the growth of our distribution partners as of December&#160;31 over the last three&#160;years, as well as our premiums by distribution channel for the year ended December&#160;31, 2024:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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                  <font style=" text-decoration:underline #000000 solid;letter-spacing:0.25pt;">Number of Distribution Partners</font>
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                  <font style=" text-decoration:underline #000000 solid;font-size:10pt;letter-spacing:0.25pt;">Premium by Channel</font><font style=" position:relative; bottom:4.25pt;letter-spacing:0.188pt;">(</font><font style=" position:relative; bottom:4.25pt;letter-spacing:0.188pt;">1</font><font style=" position:relative; bottom:4.25pt;letter-spacing:0.188pt;">)</font><font style="font-weight:normal;font-size:10pt;">&#8203;</font>
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            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Based on policies written in the year ended December 31, 2024 derived from our internal systems.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We have a fully integrated internal claims management system that employs proactive strategies to manage claims thoughtfully and efficiently. Our internal claims team consists of specialized and experienced claims professionals, including lawyers, managers, and adjusters. Our claims team leverages our effective technology to process, analyze, and research incoming claims to rapidly determine each claim&#8217;s value and resolution path. We seek to settle valid claims expeditiously, but if we believe a claim may be frivolous, we thoroughly investigate it and, if needed, we challenge or litigate it. We use claims roundtables, a curated panel of third-party law firms, expense benchmarking systems, auditing procedures, and precise life-of-claim tracking to optimize outcomes for our insureds and stakeholders. We believe that our holistic and proactive approach, grounded in analytical conviction, allows us to act decisively and protect against inflationary pressures on losses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We believe having a strong balance sheet is critical for our long-term success and enhancing our partners&#8217; confidence in our business. As such, we have deliberately maintained a conservatively capitalized balance sheet with zero financial leverage, which supports the &#8220;A-&#8221; &#8203;(Excellent) financial strength rating from A.M. Best assigned to both Ategrity Specialty and to Ategrity Ltd. Our well-capitalized balance sheet is complemented by rigorous reserve practices. For example, we have minimal exposure to pre-2020 reserves and frequently and proactively review the adequacy of our reserves using various methodologies: daily tracking of claims volumes relative to </font>
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          <font style="letter-spacing:0.25pt;">91</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">underlying reserving assumptions, monthly claim-by-claim reserving evaluations, quarterly and year-end studies, quarterly designated committee reviews of actual versus expected losses, and quarterly frequency and severity loss analyses. We also use independent actuaries to assess the strength of our reserves. Given our focus on shorter-tail lines, we believe we have more visibility into claims patterns and the strength of our underlying reserves compared to other specialty peers that have longer tails and less visibility into losses and future claims.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our business commenced operations in 2018 and we have a limited operating history as a result. See &#8220;Risk factors&#8212;</font>&#8203;<font style="letter-spacing:0.25pt;">Risks related to our growth&#8212;Our limited operating history makes it difficult to evaluate our current business performance, implementation of our business model and our future prospects.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font></div>
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          <font style="letter-spacing:0.3pt;">Our competitive strengths</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Exclusive focus on E&amp;S market, targeting smaller accounts. </font><font style="letter-spacing:0.25pt;">We operate exclusively in the E&amp;S market, a specialty segment of insurance that has outpaced the growth in the admitted lines market over the last ten&#160;years. The E&amp;S market involves lines of insurance which are generally unavailable from admitted insurers due to perceived risk related to the insured&#8217;s business and which, consequently, are placed by surplus lines agents or brokers with insurers that are not admitted in the subject jurisdiction. This non-admitted market comprises companies not licensed to transact the business of insurance in a particular U.S. jurisdiction but that are permitted to issue insurance policies only in accordance with an exemption from insurance licensing laws, for example, through an E&amp;S lines broker licensed in that jurisdiction. In contrast to the admitted market, the E&amp;S market provides insurers regulatory flexibility with regard to underwriting standards, forms, and pricing, which we use to design optimized product offerings and underwriting strategies. While E&amp;S insurers are often subject to special licensing, surplus lines tax, and/or due diligence requirements by the home state of the insured, they may rely on third-party surplus lines brokers to facilitate compliance with such laws and regulations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Within the E&amp;S market, we specialize in solving the needs of SMBs in targeted segments or verticals. We believe the SMB segment tends to attract less competition than other segments due to the operational complexities required to efficiently serve this low-premium and high-volume market niche. Brokers and agents operating in this segment demand ease of use, rapid execution, and consistent underwriting capacity from insurers and we believe we are poised to deliver these on a consistent basis.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Productionized underwriting supported by efficient operating platform</font><font style="font-weight:bold;letter-spacing:0.25pt;">. </font><font style="letter-spacing:0.25pt;">We purposefully built our platform with the holistic goal of productionizing underwriting to efficiently address the unique needs of smaller accounts within the E&amp;S market. We combine deep technical underwriting with a highly efficient operating platform, supported by technology, to make timely, consistent, and precision-oriented underwriting decisions. We achieve this through sophisticated and data-driven risk segmentation and by utilizing meticulously crafted pricing models, thoughtfully designed products, and uniform underwriting guidelines. We aim to accurately and efficiently price risks that are within our risk appetite, rather than customize coverage for risks outside of our segmentation or other risk criteria. We designed and built our operating platform to be highly efficient and scalable. We automate repeatable underwriting tasks, such as submission processing, risk grading, and document generation, so our underwriters can focus on rapidly analyzing individual risks and delivering accurate and timely quotes. For example, our service delivery platform is capable of parsing unstandardized policy submissions by assembling data and applicant information into digital files which are analyzed by our underwriters. We believe our productionized approach to underwriting provides us with a strong competitive advantage to efficiently serve smaller E&amp;S accounts.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Growing and diversified distribution relationships driven by speed, consistency, and ease-of-use</font><font style="letter-spacing:0.25pt;">. We currently maintain relationships with 460 distribution partners as of December&#160;31, 2024. We believe our distribution relationships are highly diverse and less concentrated than our E&amp;S competitors, with the three largest wholesale distribution corporations in the United States representing 48% of our gross written premiums written for the year ended December&#160;31, 2024. We have significantly grown the number of our distribution relationships from 180&#160;distribution partners as of December&#160;31, 2021 to 460 distribution partners as of December&#160;31, 2024. We can intake a high volume of submissions from our expansive distribution network, evaluate them quickly, </font>
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          <font style="letter-spacing:0.25pt;">92</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">and generate bindable quotes on the basis of our consistently defined risk appetite. We believe that our technology-driven approach to distribution is especially attractive to the next generation of innovative and digital-native brokers and agents, who we believe will have a growing presence in the SMB segment of the E&amp;S market.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Fully integrated claims management. </font><font style="letter-spacing:0.25pt;">We believe that disciplined and efficient claims management is key in maintaining lower loss and loss adjustment ratios. We have built an in-house team of specialized and experienced claims professionals including lawyers, managers, and adjusters. We have built effective processes to identify optimal outcomes as efficiently as possible. Our in-house claims management team enables us to maintain full control over the claims adjustment process from the initial notice of claim to its resolution, allowing us to promptly evaluate incoming claims and swiftly determine the appropriate resolution path. If the claim is valid, we seek to settle it expeditiously. However, if we believe a claim may be frivolous, we thoroughly investigate and, if needed, will challenge or litigate.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Active risk management approach. </font><font style="letter-spacing:0.25pt;">We believe that active risk management is key to our long-term profitability and success given our focus on underwriting diversified specialized risks. We continuously monitor our aggregate exposures using sophisticated data analytics tools to ensure we are building an appropriately balanced and diversified book of business that is within our risk appetite. Our risk auditing capabilities ensure that we rapidly incorporate any deviations from our loss expectations in our prospective underwriting. We have limited net catastrophe exposure as we actively seek reinsurance protection from highly rated counterparties to manage our aggregated risk exposures and to protect our earnings and balance sheet from potential volatility.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Well-capitalized balance sheet with minimal pre-2020 reserves.</font><font style="letter-spacing:0.25pt;"> We have a conservatively capitalized balance sheet and zero financial leverage which supports the &#8220;A-&#8221; &#8203;(Excellent) financial strength rating from A.M. Best assigned to both Ategrity Specialty and to Ategrity Ltd. In addition, we have minimal exposure to pre-2020 reserves and have benefited from the current favorable pricing environment. Furthermore, our underwriting strategy focuses on shorter-tail and frequency-driven exposures where claims are reported quickly and are subject to conservative policy limits. Our reserving process is rigorous and has regular reviews of our actuarial estimates in consultation with independent experts. We believe our focus on smaller-account and shorter-tail products helps give us high visibility into, and confidence in, our reserves.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Our strategy</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Develop distinguished expertise in our core focus areas. </font><font style="letter-spacing:0.25pt;">Our strategy begins with developing strong expertise in our targeted classes and geographies within the E&amp;S market. We thoroughly assess and evaluate the unique characteristics and prospective loss costs of each vertical we serve, which enables us to clearly define our risk appetite. We believe our ability to micro-segment our targeted lines of business through data-driven risk modeling allows us to achieve higher-precision underwriting and find attractive opportunities that fit our return expectations and appetite. By gaining deep and data-driven insights, we are able to design tailored insurance solutions that we believe position us as the preferred insurer among our distribution partners in our core focus areas.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Deliver a consistent value proposition to our clients. </font><font style="letter-spacing:0.25pt;">We attract and retain distribution partners by providing them with a compelling and consistent value proposition. We have designed an intelligent underwriting framework built around a pre-defined client profile and standardized products. By having clearly specified rules and criteria for pre-qualifying risks as well as defined information requirements, we can move swiftly without burdening our clients with excessive information requirements. In addition, our service delivery platform simplifies, streamlines, and automates easily executable underwriting tasks, which contributes to providing a seamless experience for our distribution partners. Moreover, our multi-faceted distribution strategy, which is enabled by a single appointment contract, provides our distribution partners with potential access to all our distribution channels. Our focus on providing broad access with a consistent and high-quality level of service is a key driver of long-lasting relationships with our clients.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Pursue targeted growth initiatives with product, industry, and distribution expansion. </font><font style="letter-spacing:0.25pt;">We believe we are well-positioned to continue our profitable growth and expand our share of the E&amp;S market through methodical </font>
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          <font style="letter-spacing:0.25pt;">expansion into new products and industry verticals. When we approach a new industry vertical, we typically begin with selective underwriting in the small business market, where we aim to collect a robust dataset that provides us with unique insights on products, pricing, and risk attributes. We follow this by expanding more broadly and repeating the process in the mid-sized business market. In addition to introducing new products and industry verticals, we seek to establish new distribution partnerships with firms that are aligned with our innovative vision and recognize the value of our data-driven and productionized underwriting approach. This will further broaden our market reach and diversify our business sources without compromising profitability.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Continued investment in enhancing our technology to drive innovation and efficiency. </font><font style="letter-spacing:0.25pt;">We are continuously investing in technology to enhance our underwriting capabilities and interactions with our distribution partners. Innovations in automation, data analytics, and products are directly linked to our mission of delivering high-quality and scalable underwriting and offering unparalleled ease of use. Ategrity Select is our proprietary solution through which we pre-underwrite specific classes of business, enabling our distribution partners to bind quotes in as little as a few minutes. We plan to leverage Ategrity Select to grow into new verticals. Another example is our administration system, AtegrityOne, which is designed to swiftly adapt to change, such as the introduction of new products and pricing, thereby enabling us to provide cost-effective support for new targeted classes with agility and scalability.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:0.25pt;">Achieve strong returns on capital for our stockholders.</font><font style="letter-spacing:0.25pt;"> Our principal goal is to achieve strong risk-adjusted returns for our stockholders by delivering attractive underwriting results through the cycle. By targeting smaller-account business and leveraging our productionized underwriting approach, we believe we can generate superior underwriting results through market cycles. We use deep data insights to form our own view of risks and execute promptly when opportunities arise. We only pursue opportunities that align with our risk appetite and where we expect underwriting profitability to meet or exceed our internal return thresholds.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Industry</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">P&amp;C insurance companies provide insurance coverage under a policy in exchange for premiums paid by the customer. An insurance policy is a contract between the insurance company and the insured under which the insurance company agrees to pay for losses suffered by the insured, or a third-party claimant, that are covered under the policy. Generally speaking, property insurance provides protection against direct physical damage to property (such as from fire, theft, and weather), while casualty insurance provides coverage for reimbursement of expenses borne by the insured, or for third party loss such as bodily injury, financial loss, or in instances when an obligation is not fulfilled.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The type of coverage and source of premiums are often classified based on how long an insurer may have exposure to the risks covered by the policy. Losses that are generally short-tailed, are usually known, reported and paid within a relatively short period of time after the underlying loss event has occurred. Losses that are long-tailed, typically have a significant delay between the occurrence of a loss and the time the claim is settled. Property losses are generally short tailed, while casualty losses are generally longer tailed.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In addition to the property and casualty distinction, P&amp;C insurance can broadly be classified into personal lines, or insurance provided to individuals, or commercial lines, insurance provided to businesses. According to S&amp;P Global, the U.S. P&amp;C insurance industry generated approximately $966.7&#160;billion in premiums in 2023, with approximately $481.3&#160;billion, 49.8% of total premiums, in commercial lines.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Within commercial lines, we operate in the specialty P&amp;C market. Although no standard definition for the specialty market exists, S&amp;P Global indicates that the following lines of business or exposure profiles exemplify the space: high-hazard or nonstandard insurance, niche market segments, tailored underwriting and both admitted and E&amp;S lines. Many specialty insurers offer both admitted and E&amp;S products, depending on the market conditions and regulatory requirements. Admitted product rates and policy forms are highly regulated and coverage tends to be standardized, while E&amp;S products and policies have freedom of rate and form and can be highly customized. For the year ended December&#160;31, 2024, all of our gross written premiums were attributable to E&amp;S products.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">E&amp;S coverage is generally placed only when determined to be unavailable in other markets. Because E&amp;S markets typically require specialized knowledge, E&amp;S policies tend to be priced higher and coverage more narrowly defined compared to standard policies in the admitted market. In addition to price, competition between insurance carriers in the E&amp;S market also focuses on other value-based considerations, such as availability, service and expertise. According to S&amp;P Global, the U.S. P&amp;C industry generated approximately $84.0&#160;billion in commercial E&amp;S direct premiums, representing approximately 17% of the overall U.S. commercial P&amp;C market. According to S&amp;P Global, from 2018 to 2023, direct premiums written for the U.S. commercial E&amp;S market generated a CAGR of 20% compared to a CAGR of 8% for the overall U.S. commercial P&amp;C market over the same period.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">P&amp;C companies are exposed to pricing cycles that alternate between periods of &#8220;soft&#8221; and &#8220;hard&#8221; market conditions. A soft market is characterized by a stable or excessive supply of underwriting capacity, resulting in flat or declining rates or premiums. Meanwhile, a hard market is generally driven by a shortage of underwriting capacity whereby coverage is harder to place, resulting in elevated rates and premiums. We believe that over the last several&#160;years elevated attritional loss activity, increasing frequent natural catastrophic events and social inflation have driven pricing increases, resulting in an increased flow of P&amp;C business into E&amp;S markets.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Within the E&amp;S market, we are focused on SMBs that we believe are often inefficiently served by larger competitors. Since the vast majority of E&amp;S premium volume is comprised of larger-sized premium accounts, many of our competitors have not spent the resources to build the infrastructure required to manage the high-volume, low-touch SMB business. Furthermore, we believe the antiquated business processes of legacy E&amp;S insurers have created transactional inefficiencies for their distribution partners with burdensome demands, slow response times, volatile capital, and inaccurate pricing.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our underwriting strategy is centered on building an intellectual edge in key industry verticals, while applying consistent, efficient processes across our operations. This method, which we call productionized underwriting, allows us to generate underwriting profits while reducing friction for our distribution partners across the transaction process.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Underwriting an E&amp;S account can be a complex and unstructured endeavor, involving numerous data points and risk factors related to a potential policyholder. At Ategrity, we simplify this process by focusing on the key risk factors that are demonstrably predictive of losses. Through comprehensive market research and data analysis, we identify risk factors that we believe have the most statistically significant impact on underwriting results. We break down our target verticals into micro-segments, studying loss exposures, risk characteristics, and coverage requirements to develop differentiated underwriting views. This in-depth understanding of our target markets, enables us to selectively underwrite micro-segments based on factors like volatility, predictability, and size of opportunity. With this focused strategy, we maintain conviction in our risk appetite, allowing us to offer sustainable underwriting capacity to our distribution partners.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">With a deep understanding of our micro-segments and their most critical risk factors, we design tailored products that meet the specific needs of targeted end-clients, reduce the burden of information requests for our distribution partners and offer pricing that is sensible, transparent, and profitable. We further streamline processes to enhance speed, efficiency, and service for our distribution partners. This includes our Service Delivery Center that utilizes automation and cost-effective human resources to manage high-volume, low-value tasks.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our organizational structure is designed for consistent, scalable, and efficient underwriting. Our centralized leadership team of Product Leaders, Technical Specialists, and Distribution/Marketing Professionals report to our Chief Underwriting Officer and collaborate to develop our underwriting framework and implement our productionized underwriting process.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Product Leaders across our different lines of business ensure our products are technically sound and commercially viable. Our Technical Specialists include the Head of Pricing and Underwriting Analytics (pricing), Head of Product Innovation (forms), Head of Exposure Management (risk), and Head of Underwriting Excellence (governance). Together, these specialists develop and manage our underwriting framework using data analytics and applied insights. Our Distribution/Marketing Professionals aim to ensure that our products align with market demands, all while upholding rigorous underwriting standards.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our leadership team oversees transactions executed by either our trained Production Underwriters or our automated underwriting technology. Our Production Underwriters use our platform to assess and bind risk, ensuring compliance with our firmwide underwriting framework. Our automated underwriting technology includes our cloud-based underwriting engine in our Small Business channel where the submission-to-bind process is fully automated, as well as other applications dedicated to specific product offerings. To maintain high standards and risk controls, the Head of Underwriting Excellence oversees quality assurance and conducts audits across all areas of underwriting.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our expertise and operating structure allow us to set annual growth targets for each vertical based on both emerging insights and performance. These targets help us maintain a balanced, long-term portfolio of risks, supported by detailed underwriting plans that align products, distribution channels, resources, and technology. We track progress towards these targets and refine our broader strategy through comprehensive, data-driven quarterly business reviews.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Methodical risk management is a critical component of our underwriting strategy. Our centralized leadership team actively manages our risk portfolio, adjusting our pricing, product design, marketing, and capital allocation to our changing view of the risk and competitive landscape. In addition, we enforce strong governance over case underwriting, ensuring that underwriters follow established guidelines on an account-by-account basis. This disciplined approach optimizes the quality of the underwriting decisions and leads to consistency in our product </font>
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          <font style="letter-spacing:0.25pt;">for our distribution partners. We believe this approach allows us to implement and execute on clear underwriting guidelines with the goal of consistently superior underwriting results through market cycles.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Marketing and distribution</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our approach to distribution is rooted in the principle of giving our distribution partners a rapid, consistent, and simplified way of doing business with us. A key driver of this approach is our single appointment contract, which gives our distribution partners access to all our channels and products. This combined with our use of advanced digital tools, automated underwriting processes and short response times make us partner of choice for distribution partners resulting in a greater flow of business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We market and distribute our products through two main channels, Brokerage and Small Business.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Brokerage channel:</font><font style="letter-spacing:0.25pt;"> comprised of mostly medium-sized accounts with limited-to-moderate complexity. In the Brokerage channel, our underwriters utilize our platform to directly assess and quote each application efficiently. We have streamlined processes to speed up decision-making, enhance accuracy, and consistency in underwriting. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:0.25pt;">Small Business channel</font><font style="letter-spacing:0.25pt;">: comprised of standardized risks with small-ticket policies. For our Small Business channel, our distribution partners benefit from our cloud-based underwriting engine that automatically defines and manages data requirements, forms, and pricing. This system simplifies the underwriting process, making it easier for our partners to submit applications and receive quotes quickly.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Although wholesale brokers tend to focus on our Brokerage channel and wholesale agents on our Small Business channel, our unified contract provides distribution partners with potential access to both, enhancing their ability to meet diverse needs of their clients. This integrated approach ensures that our distribution partners can leverage our full suite of products and services, thereby maximizing their business opportunities.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our in-house distribution division plays a crucial role in expanding our network by diligently onboarding new distribution partners whose books of business align with our risk appetite. We strategically partner with tech-forward, innovative distribution partners who are leaders in their respective markets. We have established a highly diversified network of distribution partners with the three largest wholesale distribution corporations in the United States representing 48% of our gross written premiums for the twelve&#160;months ended December&#160;31, 2024. We seek to establish new distribution partnerships with firms that are aligned with our innovative vision and recognize the value of our data-driven, productionized underwriting approach.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We believe our distribution strategy is beginning to show indicators of success. We continue to grow our market presence by expanding our network, providing access to distribution partners across multiple channels, and presenting a strong value proposition. For example, for the year ended December 31, 2024, we received approximately 180,000 submissions from our distribution partners. Additionally, our distribution partners are increasingly adopting our unified contract, with approximately 26.5% binding policies with us across multiple channels in 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Claims</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our claims management team is deeply integrated across underwriting, actuarial, and legal departments, ensuring consistent and streamlined approach to all claims matters.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We manage our claims in-house to maintain full control of all aspects of the claims workflow and resolve claims fairly and effectively while delivering exceptional service to our clients in their time of need. We leverage the expertise of third-party partners including attorneys and field adjusters, if needed. These experienced partners are thoroughly vetted and approved by the claims leadership team. This helps us achieve optimal outcomes on each claims file, manage our losses and loss adjustment expenses, and preemptively identify possible legal issues.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">When a claim arises, our approach is to quickly and promptly investigate the claim with our highly experienced and specialized claims adjusters, with the aim to minimize potential losses. Our average closed claim amount from </font>
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          <font style="letter-spacing:0.25pt;">January&#160;1, 2022 through December&#160;31, 2024 was approximately $48,000, which we believe reflects the smaller nature of our accounts and the lesser potential impact of any individual claim.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As part of our productionized underwriting model, our claims system provides real-time feedback that can drive underwriting adjustments in each vertical. Claims examiners work closely with members of the underwriting staff to keep them apprised of claims trends, identify emerging areas of loss experience and address key issues. This company-wide collaboration helps drive underwriting success across our verticals. In addition, real-time sharing of information on open claims and regular reporting of detailed claims metrics are utilized by senior leadership to drive effective enterprise decision-making.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Technology</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our technology is at the core of our productionized underwriting model. Our centralized, cloud-based platform supports critical functions such as information intake, risk selection, pricing, policy administration, and claims management. It enhances automation, enables data-driven decision-making, and improves efficiency and scalability across our operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">AtegrityOne is the next iteration of our core policy administration system that performs those functions, purpose-built for our specific needs. It was developed to efficiently handle product and pricing changes and support the launch of new targeted verticals. Its modular and largely no-code design allows us to continue to implement it across our business easily and cost-effectively as we continue to scale our business. We are actively migrating our products onto this system.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our technology platform facilitates data collection and analysis across the organization, building a robust data repository that informs underwriting, reserving, and claims management. This cloud-based infrastructure helps us better understand risk patterns and align our underwriting approach with our risk appetite, enabling more precise and informed decision-making. As a result, we believe it provides us with agility in adapting to evolving market trends.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Innovation is a cornerstone of our strategy. We have built proprietary solutions using emerging technologies to accelerate our underwriting process, provide seamless interactions with our distribution partners and optimize our expense efficiency. For example, we built Ategrity Select, which pre-underwrites specific classes of business, enabling distribution partners to bind quotes within minutes. We also utilize artificial intelligence-enabled optical character recognition to automatically extract underwriting data from policy submissions that we receive in various forms and feed them into our risk scoring and pre-qualification algorithms. Additionally, we have implemented bots to provide automated responses to digital-savvy agents, streamlining their interactions with us. The use of these programs and processes streamlines the underwriting process and better empowers our distribution partners to serve their clients quicker, thereby, further strengthening our brand and relationships.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We remain committed to investing in technology, with an extensive development pipeline focused on driving automation, strengthening our underwriting capabilities and delivering value to the market.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Reinsurance</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We proactively manage our loss exposure and protect our capital by strategically purchasing reinsurance from third parties. Our reinsurance program allows us to reduce volatility in our underwriting performance and protect our balance sheet from large losses by transferring a portion of our loss exposure to reinsurers that in turn receive a portion of our gross premiums (less a ceding commission paid to us).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We utilize a mix of quota share, excess of loss reinsurance and facultative reinsurance coverages. A quota share reinsurance program is an agreement in which the reinsurer(s) agrees to take on a fixed&#160;percentage of all policies written by us in exchange for an agreed-upon&#160;percentage of premium. An excess of loss reinsurance treaty is an agreement in which the reinsurer(s) covers losses that exceed a specified amount, known as the attachment point, up to a predetermined limit in return for a negotiated premium. For instance, we purchase catastrophe excess of loss reinsurance, which entails reinsurer(s) assuming all or a portion of our losses relating to a group of policies </font>
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          <font style="letter-spacing:0.25pt;">occurring in relation to specified events, subject to customary exclusions, in excess of a specified amount. Facultative coverage is a reinsurance agreement provided on a risk-by-risk basis, rather than a group or class of business. We purchase facultative reinsurance for our property and vertical-specific products. The mix of reinsurance purchased takes into consideration efficiency, cost, our risk appetite, and specific factors of the underlying risks we underwrite.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The following is a summary of our key excess of loss reinsurance programs:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Catastrophe excess of loss treaty up to $48&#160;million in losses in excess of $12&#160;million</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Property per risk excess of loss treaty of 47.5% of $4&#160;million in excess of $1&#160;million in losses</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our focus on small-to-medium sized enterprises results in a large volume of policies that may be exposed to small losses due to catastrophe events. We actively manage and monitor our limited property catastrophe exposure through constant monitoring of exposure concentration, in-house catastrophe loss modeling, and aggregate limit caps for individual geographic zones. To further protect our balance sheet and limit earnings impact from severe events such as hurricanes, convective storms, and earthquakes, we strategically buy catastrophe reinsurance coverage. To inform our purchase of catastrophe reinsurance, we use third-party stochastic and our deterministic models to analyze the risk of aggregation of losses from such events. These models provide a quantitative view of PML events, which is an estimate of the amount of loss we would expect to meet or exceed once in a given number of&#160;years. Based on our modeling, effective December&#160;31, 2024, our estimated net probable maximum loss, excluding reinstatement premiums, was $12.0 million for a 1-in-250 year event which represents 3% of our members&#8217; equity as of December&#160;31, 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our reinsurance treaties typically have a 12-month term, and during each renewal cycle, we may change our coverage terms or the composition of our reinsurance panel. Although precise cession&#160;percentages and limits as well as exact terms may vary at each renewal cycle, we aim to renew on similar terms so as to maintain a consistent and balanced level of net risk.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We seek to purchase reinsurance from high-quality carriers rated &#8220;A-&#8221; &#8203;(Excellent) or better by A.M. Best. As of December&#160;31, 2024, 100% of our reinsurance recoverables were derived from reinsurers rated &#8220;A-&#8221; or better by A.M. Best, or managed on a funds withheld basis.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Reserves</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We maintain loss and loss adjustment expense reserves to cover estimated liabilities for all claims reported and for IBNR claims. The reserves are estimated in accordance with industry practice and based on generally accepted actuarial reserving techniques that take into account actuarial projections and the expected ultimate cost to settle and administer each claim. Our reserves estimates are based upon past loss experience modified for current trends as well as prevailing economic, legal, and social conditions and facts and circumstances known at each point in time. We continually monitor and analyze reserves using new information on reported claims and a variety of statistical analyses and adjust the reserves if necessary. Anticipated inflation is reflected implicitly in the reserving process through analysis of cost trends and the review of historical development. We estimate our reserves on both a gross and net of reinsurance basis but present them net of reinsurance recoverables.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">When a claim is reported, we establish a case reserve for the estimated amount of the ultimate payment after an appropriate assessment of coverage, damages, and other investigation has been made. The estimate is based on our reserving practices and on the claims adjuster&#8217;s knowledge of the nature and value of the specific type of claim. Claim volumes are tracked, monitored, and evaluated weekly relative to the underlying reserve assumptions. Each quarter, we analyze the actual versus expected losses for all prior accident&#160;years and utilize on-level trended loss ratios and a Frequency and Severity method to calculate the current accident year loss ratio. For older accident&#160;years and catastrophe claims, we select our best estimate using our expertise and team&#8217;s experience. For reinsurance netting analysis, estimates are tailored to each line of business and type of reinsurance. Results of this quarterly analysis are presented to the Quarterly Reserve Committee at the end of each fiscal quarter, which monitors the approach and claim developments compared to expected reserves.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In addition, we conduct a full spectrum study of reserves annually to analyze reserving adequacy. Reserve analyses are conducted using a multi-method process which includes a full suite of traditional methodologies (such as Chain-Ladder, Bornhuetter Ferguson, Cape Cod, and Frequency and Severity methods) individual open claim analyses, as well as a sensitivity analysis to provide a range of reasonable estimates. Every year, we prepare a reserve study for each product to evaluate the current reserve levels compared with claims and developments over the last year. We also conduct an external actuarial assessment and release annual statement reports and a Statement of Actuarial Opinion.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Given our focus on smaller accounts and shorter-tail products, minimal exposure to pre-2020 reserves and our rigorous reserving practices, we believe we have high visibility and confidence in the strength and reliability of our reserves.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Investments</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We seek to maintain a balanced investment portfolio that produces stable and attractive risk-adjusted returns. We generally aim to match the duration of our fixed income investment portfolio to the duration of our insurance liabilities, with a large portion of the portfolio allocated to maintaining sufficient readily available funds to pay claims and expenses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our portfolio is primarily composed of cash and cash equivalents and investment-grade fixed income securities, supplemented by our Utility &amp; Infrastructure Investments. These investments currently consist of an allocation to the Absolute Return Utility &amp; Infrastructure Fund, which is managed by our affiliate, the Investment Manager, and which employs a long/short strategy that seeks to deliver uncorrelated, absolute returns in all market conditions, primarily through investments in yield-oriented securities in lower-volatility sectors such as utilities, pipelines, infrastructure, and real estate. We believe that by allocating a portion of our assets to Utility &amp; Infrastructure Investments, we can achieve more consistent total returns in our aggregate portfolio, particularly in a market environment characterized by increasing volatility in interest rates and security prices, as seen in recent&#160;years. For example, as a result of its focus on lower-volatility sectors and disciplined risk management, the Absolute Return Utility &amp; Infrastructure Fund has not experienced an annual loss in over 25&#160;years. Nonetheless, the Utility &amp; Infrastructure Investments are speculative, entail substantial risks, and are subject to various conflicts of interest. For example, the Utility &amp; Infrastructure Investments are made through various commingled investment vehicles that are managed on behalf of multiple clients of the Investment Manager, and while we think the strategy is well matched for our investment objectives, it was not specifically designed for our financial objectives or anticipated insurance and reinsurance liabilities. See &#8220;Risk Factors&#8212;Risks related to our investment strategy&#8221;.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">On March 31, 2025, Ategrity Specialty Holdings LLC and Ategrity Ltd redeemed an aggregate of $94&#160;million from the Absolute Return Utility &amp; Infrastructure Fund and on March 31, 2025, Ategrity Specialty Holdings LLC and Ategrity Ltd, as lenders, executed the ZIS Loan with ZIS, an employee benefits company that is wholly owned by ZFSG, as the borrower, and the Guaranty with ZSFG. The ZIS Loan is guaranteed by ZFSG and secured by the shares ZFSG holds in ZIS and &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common stock held by ZFSG. See &#8220;Certain relationships and related party transactions&#8212;Related Party Loan.&#8221; The ZIS Loan provides for a fixed interest rate of 5.5%, payable annually in cash. As of December 31, 2024, after giving effect to the ZIS Loan and the AtegrityOne Transaction, and assuming the proceeds from this offering are invested in fixed-income securities (using an assumed initial public offering price of $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the range we show on the cover of this prospectus), approximately &#8199;&#8199;&#8199;&#8199;% of our portfolio assets will be allocated to the Utility &amp; Infrastructure Investments and the remainder will be invested in fixed-rate investments, including the ZIS Loan. The purpose of our entry into the ZIS Loan is to replace the variable income from the Absolute Return Utility &amp; Infrastructure Investments Fund with fixed income in the form of the ZIS Loan. For a description of the risks associated with the ZIS Loan, see &#8220;Risk Factors&#8212;Risks related to our investment strategy&#8212;The ZIS Loan is a Related Party Transaction and is subject to the credit risk of an investment in ZIS and ZFSG.&#8221;</font>
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          <font style="letter-spacing:0.25pt;">Our portfolio is managed both internally and by the Investment Manager. We currently self-manage our investments in cash, cash equivalents, and treasuries. Outside of self-managed holdings, we also leverage the expertise of the Investment Manager for our fixed incomes portfolios.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">100</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We actively manage and monitor our investment risk to balance the goals of capital preservation and income generation with our need to comply with the insurance regulatory frameworks. The Investment Committee of our Board of Directors reviews and approves our investment policy and guidelines. The Investment Committee meets on a quarterly basis to review and monitor our investment results and performance against our investment objectives, guidelines, and risk appetite.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">A summary of our investment portfolio at December&#160;31, 2024 is as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:342.96pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="7">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">December&#160;31, 2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:342.96pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">($ in thousands, except&#160;percentages) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">Fair Value</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.5pt 0pt; width:37.34pt;">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">% of total</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:342.96pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Cash and cash equivalents </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">26,573</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:1.25pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">3.4 %</font>
              </div>
            </td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:342.96pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Fixed maturity securities </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</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:1.5pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">55.6</font>
              </div>
            </td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:342.96pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Short-term investments</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">52,612</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:1.5pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">6.7%</font>
              </div>
            </td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:342.96pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Utility &amp; Infrastructure Investments </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">270,242</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:1.5pt 0.5pt 3.5pt 0pt; width:37.34pt;text-align:right;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">34.3%</font>
              </div>
            </td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:342.96pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other Invested assets </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">280</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.5pt 0.5pt 2.5pt 0pt; width:37.34pt;text-align:right;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">NM</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:342.96pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total cash and invested assets </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">788,459</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:3pt double #000000;padding:1.25pt 0.5pt 2.5pt 0pt; width:37.34pt;text-align:right;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">100.0%</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="11">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:2.99pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">NM = Percentage not meaningful.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024, our fixed income and short-term portfolio had a weighted average effective duration of 3.8 years and an average &#8220;A-&#8221; credit rating. It is currently split between corporate (72.1%) and government (27.7%) assets, and commercial mortgage and asset-backed (0.2%) assets, with an average yield of 5.7%.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Ratings</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Ategrity Specialty and Ategrity Ltd both currently hold an &#8220;A-&#8221; &#8203;(Excellent) (Outlook Stable) financial strength rating from A.M. Best, which rates insurance companies based on factors of concern to policyholders. A.M. Best currently assigns 16 ratings to insurance companies, which range from &#8220;A++&#8221; &#8203;(Superior) to &#8220;S&#8221; &#8203;(Rating Suspended). &#8220;A-&#8220; (Excellent) is the fourth highest rating. When assessing a company&#8217;s financial and operational performance, A.M. Best examines several key factors, including profitability, leverage, and liquidity. Additionally, they review the company&#8217;s book of business, the adequacy and reliability of its reinsurance, the quality and estimated market value of its assets, the adequacy of its loss and loss expense reserves, the adequacy of its surplus, its capital structure, the experience and competence of its management, and its market presence. A.M. Best&#8217;s ratings represent its opinion on an insurance company&#8217;s financial strength, operational performance, and ability to fulfill its obligations to policyholders. These evaluations are not directed to purchasers of an insurance company&#8217;s securities.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Competition</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The specialty property and casualty industry is highly competitive. We compete with domestic and international insurers, managing general agents and program administrators. We may also compete with new market entrants in the future. Additionally, we may begin to compete against new competitors as we explore new verticals and business lines. Competition is based on many factors, including the perceived financial strength of the insurer, pricing, other terms and conditions, services provided, the speed of claims payments, the reputation and experience of the insurer, reputation and experience of the members of the underwriting and claims teams, and the ratings assigned by independent rating organizations such as A.M. Best, among others. Given the focus on targeted areas and specialized underwriting, certain competitors may be specific to only one or two of our areas of focus.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Today our primary competition in the E&amp;S sector includes Kinsale Capital Group, Inc., RLI Corp., Markel Corporation, and W.R. Berkley Corporation. In identifying the listed companies as some of our competitors, we considered factors such as the amount of premiums written by such companies, the business mix of such companies and such companies&#8217; reputation within the E&amp;S space.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">101</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:266pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Human capital management</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">As of December 31, 2024, we had 169 employees across a number of different functions including underwriting, claims, technology, finance, actuarial, and legal. Our success is deeply rooted in the experience, dedication, and innovation of our employees. We prioritize recruiting and retaining top talent through comprehensive benefits packages, attractive compensation, and a supportive work environment that fosters professional growth and development. We recognize that a diverse workplace enhances creativity and decision-making and embrace our employees&#8217; differences in knowledge and life experience. We believe that our top-tier talent plays a significant role in our unique culture, reputation, and achievements. By investing in our people, we ensure that our teams remain agile and responsive to the evolving needs of our clients, thereby driving sustainable growth and long-term value for our stockholders.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We provide and maintain a comprehensive benefits package focused on preserving the well-being of our talent, which includes medical, dental, and vision insurance; a 401(k) plan; paid time off; family leave; and various other ancillary benefits. We have a performance review framework for our employees, allowing us to offer competitive compensation relative to performance.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Our compensation structure is designed to align our teams with the long-term success and goals of our organization. We are deeply committed to fostering long-term career paths to grow and develop our talent.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Facilities</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We have office space located in New York, New York and Scottsdale, Arizona. We do not own any real estate property. We believe our existing facilities are sufficient for our current needs.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Legal proceedings</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We are subject to routine legal proceedings in the normal course of operating our insurance business. We are not currently involved in any legal proceedings which reasonably could be expected to have a material adverse effect on our business, results of operations, or financial condition.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tREG">&#8203;</a>
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          <font style="letter-spacing:0.4pt;">Regulation</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Insurance regulation</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our insurance business is subject to regulation and supervision in each of the U.S. jurisdictions in which it conducts business as well as in Bermuda. U.S. state insurance laws and regulations generally are designed to protect the interests of policyholders, consumers, and claimants rather than stockholders or other investors. The nature and extent of state regulation varies by jurisdiction, and state insurance regulators generally have broad administrative power relating to, among other matters, setting capital and surplus requirements, licensing of insurers, insurance producers and adjusters, review and approval of product forms and rates, establishing standards for reserve adequacy, prescribing statutory accounting methods and the form and content of statutory financial reports, regulating certain transactions with affiliates, and prescribing types and amounts of investments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Restrictions on cancellation, non-renewal, or withdrawal</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Many U.S. states have laws and regulations that limit the ability of an insurance company licensed by that state to exit a market. Some states prohibit an insurer from withdrawing from one or more lines of business in the state except pursuant to a plan approved by the state insurance regulator, which may disapprove a plan that may lead to market disruption. Some state statutes may explicitly or by interpretation apply these restrictions to insurers operating on a surplus lines basis.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Licensing of our employees and adjustors</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Licensing</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Ategrity Specialty is organized and domiciled in the state of Delaware and is authorized (licensed) in the State of Delaware to transact certain lines of property and casualty insurance. This license is in good standing and, pursuant to applicable Delaware laws and regulations, will continue in force unless otherwise suspended, revoked, or otherwise terminated, subject to certain conditions, including the filing of an annual registration statement with the Delaware Department of Insurance (&#8220;Delaware DOI&#8221;).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Ategrity Specialty currently operates on a surplus lines basis in 48 states and the District of Columbia. While Ategrity Specialty is not required to apply for and maintain a license in those states (with the exception of Delaware, its domiciliary state), it is subject to maintaining suitability standards or approval under each particular state&#8217;s surplus lines laws to be included as an approved surplus lines carrier. In states in which it operates on a surplus lines basis, Ategrity Specialty has freedom of rate and form on the majority of its business. This means that Ategrity&#160;Specialty can implement a change in policy form, underwriting guidelines, or rates for a product on an immediate basis without regulatory approval.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">All insurance is written through licensed agents and brokers. In states in which we operate on a non-admitted basis, general agents and their retail insurance brokers may be required to certify that a certain number of licensed admitted insurers had been offered and declined to write a particular risk prior to placing that risk with us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Insurance holding company regulation</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We are subject to the insurance holding company laws of Delaware, which require Ategrity Specialty to register with the Delaware DOI and furnish information concerning the operations of companies within the holding company system that may materially affect the operations, management, or financial condition of Ategrity Specialty. These statutes also provide that all transactions among members of a holding company system must be fair and reasonable and, if material or of specified types, such transactions require prior notice and approval or non-disapproval by the Delaware DOI.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Changes of control</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Before a person can acquire control of a U.S. domestic insurer, prior written approval must be obtained from the insurance commissioner of the state where the insurer is domiciled, or the acquiror must request an exemption </font>
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          <font style="letter-spacing:0.25pt;">from the Form A filing and approval requirements or a determination of non-control (each, an &#8220;Exemption Request&#8221;) or file a Disclaimer with the insurance department of such state and obtain approval thereon. Since Ategrity Specialty is domiciled in the state of Delaware, the insurance laws and regulations of Delaware would be applicable to any proposed acquisition of control of Ategrity Specialty. Under applicable Delaware insurance laws and regulations, no person may acquire control of a domestic insurer until written approval is obtained from the state insurance commissioner following a public hearing on the proposed acquisition. Such approval would be contingent upon the state insurance commissioner&#8217;s consideration of a number of factors, including, among others, the financial strength of the proposed acquiror, the integrity and management of the acquiror&#8217;s board of directors and executive officers, the acquiror&#8217;s plans for the future operations of the domestic insurer, and any anti-competitive results that may arise from the consummation of the acquisition of control.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Delaware law provides that control over a Delaware domestic insurer is presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing, ten&#160;percent or more of the voting securities of the domestic insurer. This statutory presumption of control may be rebutted by a showing that control does not exist in fact. The Delaware DOI, however, may find that &#8220;control&#8221; exists in circumstances in which a person owns or controls less than ten&#160;percent of the voting securities of the domestic insurer.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Delaware insurance laws and regulations pertaining to changes of control would apply to both the direct and indirect acquisition of ten&#160;percent or more of the voting stock of a Delaware-domiciled insurer (or potentially of less than ten&#160;percent of the voting stock if there is other indicia of control). Accordingly, the acquisition of ten&#160;percent or more of our common stock would be considered an indirect change of control of Ategrity Specialty and would trigger the applicable change of control filing requirements under Delaware insurance laws and regulations, absent the filing of an Exemption Request or Disclaimer and its acceptance by the Delaware DOI. These requirements may discourage potential acquisition proposals and may delay, deter, or prevent a change of control of us, including through transactions that some or all of our stockholders might consider to be desirable. </font>
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          <font style="letter-spacing:0.3pt;">Restrictions on paying dividends</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Substantially all of our operations are conducted through our wholly-owned insurance and service company subsidiaries. Consequently, our ability to pay dividends to stockholders and meet our debt payment obligations is largely dependent on dividends and other distributions from Ategrity Specialty and our other operating companies. Ategrity Specialty&#8217;s ability to pay dividends is restricted under the insurance laws and regulations of its domiciliary state and dividends from sources other than earned surplus may not be declared or paid from any source without the Delaware DOI&#8217;s prior approval. Earned surplus refers to an amount equal to the unassigned funds of Ategrity Specialty as set forth in its most recent annual statement submitted to the Delaware DOI, including all or part of the surplus arising from unrealized capital gains or revaluation of assets. Under the insurance laws of Delaware, an insurer may make an ordinary dividend if its surplus as regards policyholders is reasonable in relation to the insurer&#8217;s outstanding liabilities and is adequate to its financial needs. Dividends in larger amounts, or extraordinary dividends, are subject to approval by the Delaware DOI. An extraordinary dividend or distribution is defined as a dividend or distribution that, in the aggregate in any 12-month period, exceeds the greater of (i)&#160;10% of surplus as regards policyholders as of the preceding December&#160;31, or (ii)&#160;the insurer&#8217;s net income for such 12-month period, not including realized capital gains. See &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations&#8212;Liquidity and capital resources&#8221;.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Insurance regulators have broad powers to prevent reduction of statutory surplus to inadequate levels, and there is no assurance that dividends of the maximum amounts calculated under any applicable formula would be permitted. State insurance regulatory authorities that have jurisdiction over the payment of dividends by our insurance company subsidiary may in the future adopt statutory provisions, or impose additional constraints more restrictive than those currently in effect.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Investment regulation</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Ategrity Specialty is subject to Delaware laws that require diversification of our investment portfolios and prescribe limits on the kind, quality, and concentration of investments. Surpassing the investment limitations set </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">forth under Delaware law, Ategrity Specialty has received consent from the Delaware DOI to invest up to 15% of the assets of Ategrity Specialty in the Utility Limited Partnership. Failure to comply with these laws and regulations would cause nonconforming investments to be treated as non-admitted assets for purposes of measuring statutory surplus and, in some instances, would require us to sell those investments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">State legislative and regulatory activity</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">From time to time, increased scrutiny has been placed upon the insurance regulatory framework, including licensing of employees, and a number of state legislatures have considered or enacted legislative measures that alter, and in many cases increase, state authority to regulate insurance companies. In addition to legislative initiatives of this type, insurance regulators, and the NAIC, a standard-setting association of state insurance regulators, are continuously involved in a process of reexamining existing laws and regulations and their application to insurance companies. The NAIC also establishes statutory accounting and reporting standards and drafts model insurance laws and regulations for adoption by the states.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As part of its solvency modernization efforts, the NAIC adopted the Risk Management and Own Risk and Solvency Assessment Model Act (the &#8220;ORSA Model Act&#8221;), which has been enacted in Delaware. The ORSA Model Act requires insurance companies to assess the adequacy of their and their group&#8217;s risk management and current and future solvency position. Under the ORSA Model Act, an insurer must undertake an internal risk management review no less often than annually (but also at any time when there are significant changes to the risk profile of the insurer or its insurance group), in accordance with the NAIC&#8217;s ORSA Guidance Manual, and prepare a confidential summary report (&#8220;ORSA Report&#8221;) assessing the adequacy of the insurer&#8217;s risk management and capital in light of its current and future business plans. The ORSA Report is filed with a company&#8217;s lead state regulator and is available to other domiciliary regulators within the holding company system.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Also, in furtherance of its solvency modernization efforts, the NAIC adopted the Corporate Governance Annual Disclosure Model Act and Model Regulation, which has been enacted in Delaware and requires an insurer to provide an annual disclosure regarding its corporate governance practices to its lead state and/or domestic regulator.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In addition, in December&#160;2020, the NAIC adopted a group capital calculation tool (&#8220;GCC&#8221;) to provide U.S. regulators with a method to aggregate the available capital and the minimum capital of each entity in a group in a way that applies to all groups regardless of their structure. In connection with the GCC, the NAIC also adopted changes to the Insurance Holding Company System Regulatory Model Act and Regulation, which have been enacted in Delaware, to require, subject to certain exemptions, the ultimate controlling person of every insurer subject to the holding company registration requirement to file an annual GCC with its lead state. The GCC uses an RBC aggregation methodology for all entities within an insurance holding company system group, including non-U.S. entities.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Additionally, in response to the growing threat of cyber-attacks in the insurance industry, certain jurisdictions have begun to consider new cybersecurity measures, including the adoption of cybersecurity regulations which, among other things, would require insurance companies to establish and maintain a cybersecurity program and implement and maintain cybersecurity policies and procedures. On October&#160;24, 2017, the NAIC adopted its Insurance Data Security Model Law, which has been enacted in Delaware, intended to serve as model legislation for states to enact in order to govern cybersecurity and data protection practices of insurers, insurance agents and other licensed entities registered under state insurance laws.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Federal regulation</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Although the federal government generally has not directly regulated the business of insurance except for certain areas of the market, such as insurance for flood, nuclear, and terrorism risks, federal initiatives often affect the insurance industry in a variety of ways. The U.S. federal government&#8217;s oversight of the insurance industry was expanded under the Dodd-Frank Act, which, among other things, established the Federal Insurance Office (the &#8220;FIO&#8221;). The FIO performs various functions with respect to insurance, including the submission of reports to </font>
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          <font style="letter-spacing:0.25pt;">Congress that could ultimately lead to changes in the regulation of insurers and reinsurers in the U.S., although the FIO has no express regulatory authority over insurance companies or other insurance industry participants.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Dodd-Frank Act also incorporated the Nonadmitted and Reinsurance Reform Act of 2010 (&#8220;NRRA&#8221;), which became effective on July&#160;21, 2011, and establishes national uniform standards on how states may regulate and tax surplus lines insurance. In particular, the NRRA gives regulators in the home state of an insured exclusive authority to regulate and tax surplus lines insurance transactions. In August&#160;2023, the NAIC adopted revisions to its Nonadmitted Insurance Model Act intended to implement the changes to the regulation of surplus lines insurance resulting from the NRRA.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In addition, a number of federal laws affect and apply to the insurance industry, including various privacy laws and the economic and trade sanctions implemented by the Office of Foreign Assets Control (&#8220;OFAC&#8221;) of the U.S. Department of the Treasury. OFAC maintains and enforces economic sanctions against certain foreign countries and groups and prohibits U.S. persons from engaging in certain transactions with certain persons or entities. OFAC has imposed civil penalties on persons, including insurance and reinsurance companies, arising from violations of its economic sanctions program.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Credit for reinsurance</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">State insurance laws permit U.S. insurance companies, as ceding insurers, to take financial statement credit for reinsurance that is ceded, so long as the assuming reinsurer satisfies the state&#8217;s credit for reinsurance laws. In general, credit for reinsurance is allowed if the assuming reinsurer is licensed or &#8220;accredited&#8221; in the state in which the ceding insurer is domiciled or maintains certain types of qualifying collateral.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The FIO and the Office of the U.S. Trade Representative exercised their authority under the Dodd-Frank Act and entered into a &#8220;covered agreement&#8221; with the European Union, as well as a similar &#8220;covered agreement&#8221; with the United Kingdom, which established standards on collateral requirements for reinsurance, insurance group supervision and confidentiality. In 2019, the NAIC adopted amendments to its Credit for Reinsurance Model Law to implement the reinsurance collateral provisions of the covered agreements, eliminating reinsurance collateral requirements for qualifying reinsurers domiciled in jurisdictions subject to an in-force covered agreement. The amended Credit for Reinsurance Model Law, which has been adopted in all U.S. states, including Delaware, also extends the zero reinsurance collateral provisions in the covered agreements to qualified reinsurers that have been approved as a &#8220;certified reinsurer&#8221; or &#8220;reciprocal jurisdiction reinsurer&#8221; and to qualified reinsurers that are domiciled in a U.S. jurisdiction that is accredited by the NAIC or in a non-U.S. jurisdiction that has not entered into a covered agreement with the U.S. but which is designated as a &#8220;reciprocal jurisdiction&#8221; by the NAIC. The NAIC list of reciprocal jurisdictions includes Bermuda, Japan, and Switzerland. Our Bermuda Subsidiary intends to submit an application with the Delaware Department to be approved as a &#8220;reciprocal jurisdiction reinsurer&#8221; in Delaware.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Periodic financial and market conduct examinations</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Delaware DOI, Ategrity Specialty&#8217;s domiciliary state insurance regulator, is authorized to conduct on-site visits and examinations of the affairs of Ategrity Specialty, including its financial condition, its relationships and transactions with affiliates and its dealings with policyholders, every three to five&#160;years, and may conduct special or targeted examinations to address particular concerns or issues at any time. Insurance regulators of other states in which we do business in the future also may conduct examinations. The results of these examinations can give rise to regulatory orders requiring remedial, injunctive, or other corrective action. Insurance regulatory authorities have broad administrative powers to restrict or revoke licenses to transact business and to levy fines and monetary penalties against insurers and insurance agents and brokers found to be in violation of applicable laws and regulations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Trade practices</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The manner in which insurance companies and insurance agents and brokers conduct the business of insurance is regulated by state statutes in an effort to prohibit practices that constitute unfair methods of competition or </font>
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          <font style="letter-spacing:0.25pt;">106</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">unfair or deceptive acts or practices. Prohibited practices include, but are not limited to, disseminating false information or advertising, unfair discrimination, rebating, and false statements. We set business conduct policies and provide training to make our employee-producers aware of these prohibitions, and we require them to conduct their activities in compliance with these statutes.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Unfair claims practices</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Generally, insurance companies, adjusting companies, and individual claims adjusters are prohibited by state statutes from engaging in unfair claims practices on a flagrant basis or with such frequency to indicate a general business practice. Unfair claims practices include, but are not limited to, misrepresenting pertinent facts or insurance policy provisions; failing to acknowledge and act reasonably promptly upon communications with respect to claims arising under insurance policies; and attempting to settle a claim for less than the amount to which a reasonable person would have believed such person was entitled. We set business conduct policies and provide training to make our employee-producers aware of these prohibitions, and we require them to conduct their activities in compliance with these statutes.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Quarterly and annual financial reporting</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our insurance company subsidiary is required to file quarterly and annual financial reports with state insurance regulators using SAP rather than GAAP. In keeping with the intent to assure policyholder protection, SAP emphasizes solvency considerations. For a summary of the significant differences for our insurance company subsidiary between SAP and GAAP, see Note 19, &#8220;Statutory Matters,&#8221; to our consolidated financial statements included in this prospectus.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Risk-based capital</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Risk-based capital (&#8220;RBC&#8221;) laws are designed to assess the minimum amount of capital that an insurance company needs to support its overall business operations and to ensure that it has an acceptably low expectation of becoming financially impaired. State insurance regulators use RBC to set capital requirements, considering the size and degree of risk taken by the insurer and taking into account various risk factors including asset risk, credit risk, underwriting risk and interest rate risk. As the ratio of an insurer&#8217;s total adjusted capital and surplus decreases relative to its risk-based capital, the RBC laws provide for increasing levels of regulatory intervention culminating with mandatory control of the operations of the insurer by the domiciliary insurance department at the so-called mandatory control level.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Delaware has largely adopted the model legislation promulgated by the NAIC pertaining to RBC and requires annual reporting by Delaware-domiciled insurers to confirm that the minimum amount of RBC necessary for an insurer to support its overall business operations has been met. Delaware-domiciled insurers falling below a calculated threshold may be subject to varying degrees of regulatory action, including supervision, rehabilitation, or liquidation by the Delaware DOI. Failure to maintain our risk-based capital at the required levels could adversely affect the ability of Ategrity Specialty to maintain the regulatory authority necessary to conduct our business. See &#8220;Risk factors&#8212;Risks related to the regulatory environment&#8212;We are subject to extensive regulation, which may adversely affect our ability to achieve our business objectives. In addition, if we fail to comply with these regulations, we may be subject to penalties, including fines and suspensions, which may adversely affect our financial condition and results of operations.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">IRIS ratios</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The NAIC IRIS is part of a collection of analytical tools designed to provide state insurance regulators with an integrated approach to screening and analyzing the financial condition of insurance companies operating in their respective states. IRIS is intended to assist state insurance regulators in targeting resources to those insurers in greatest need of regulatory attention. IRIS consists of two phases: statistical and analytical. In the statistical phase, the NAIC database generates key financial ratio results based on financial information obtained from insurers&#8217; annual statutory statements. The analytical phase is a review of the annual statements, financial ratios, </font>
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          <font style="letter-spacing:0.25pt;">107</font>
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          <font style="letter-spacing:0.25pt;">and other automated solvency tools. The primary goal of the analytical phase is to identify companies that appear to require immediate regulatory attention. A ratio result falling outside the usual range of IRIS ratios is not considered a failing result; rather, unusual values are viewed as part of the regulatory early monitoring system. Furthermore, in some&#160;years, it may not be unusual for financially sound companies to have several ratios with results outside the usual ranges. An insurance company may fall out of the usual range for one or more ratios because of specific transactions that are in themselves immaterial.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Bermuda insurance regulation</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Insurance regulation generally</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Insurance Act 1978, as amended, and related rules and regulations (the &#8220;Insurance Act&#8221;), provides that no person shall carry on insurance business in or from within Bermuda unless registered as an insurer under the Insurance Act by the Bermuda Monetary Authority (the &#8220;BMA&#8221;). The BMA, in deciding whether to grant registration, has broad discretion to act as it thinks fit in the public interest. The BMA is required by the Insurance Act to determine whether the applicant is a fit and proper body to be engaged in the insurance business and, in particular, whether it has, or has available to it, adequate knowledge and expertise.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The continued registration of an applicant as an insurer is subject to its complying with the terms of its registration and such other conditions as the BMA may impose at any time. The Insurance Act also grants to the BMA powers to supervise, investigate, and intervene in the affairs of insurance companies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Insurance Act does not distinguish between insurers and reinsurers: companies are registered (licensed) under the Insurance Act as &#8220;insurers&#8221; &#8203;(although in certain circumstances a condition to registration may be imposed to the effect that the company may carry on only reinsurance business). The Insurance Act uses the defined term &#8220;insurance business&#8221; to include reinsurance business. References herein to insurance companies include reinsurance companies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Ategrity Ltd is registered as a Class&#160;3A general business insurer.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Insurance Act imposes on Bermuda insurance companies&#8217; solvency and liquidity standards, as well as auditing and reporting requirements.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Certain significant aspects of the Bermuda insurance regulatory framework are set forth below.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Classifications as a Class&#160;3A insurer</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">A body corporate is registrable as a Class&#160;3A insurer where (i)&#160;50% or more of its net premiums written, or (ii)&#160;50% or more of its net loss and loss expense provisions, represent unrelated business and its total net premiums written from unrelated business are less than $50,000,000.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Minimum paid-up share capital</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As a Class&#160;3A insurer, Ategrity Ltd is required to maintain fully paid-up share capital of at least $120,000.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Principal representative and principal office</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As a Class&#160;3A insurer, Ategrity Ltd is required to maintain a principal office and to appoint and maintain a principal representative in Bermuda. For the purposes of the Insurance Act, the principal office of Ategrity Ltd is located at Point House 6 Front Street Hamilton HM 11 Bermuda and Aon Insurance Managers (Bermuda) Ltd. serves as its principal representative.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">It is the duty of the principal representative to forthwith notify the BMA where the principal representative reaches the view that there is a likelihood of the insurer (for which the principal representative acts) becoming insolvent, or on it coming to the knowledge of the principal representative, or the principal representative having reason to believing that a reportable &#8220;event&#8221; has occurred. Examples of a reportable &#8220;event&#8221; include a failure </font>
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          <font style="letter-spacing:0.25pt;">108</font>
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          <font style="letter-spacing:0.25pt;">by the insurer to comply substantially with a condition imposed upon it by the BMA relating to a solvency margin or a liquidity or other ratio, a significant loss reasonably likely to cause the insurer to fail to comply with its enhanced capital requirement (discussed below) and the occurrence of a &#8220;material change&#8221; &#8203;(as such term is defined under the Insurance Act) in its business operations. Within 14&#160;days of such notification to the BMA, the principal representative must furnish the BMA with a written report setting out all the particulars of the case that are available to the principal representative.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Head office</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">A Class&#160;3A insurer shall maintain its head office in Bermuda. In determining whether the insurer satisfies this requirement, the BMA shall consider, </font><font style="font-style:italic;letter-spacing:0.25pt;">inter alia</font><font style="letter-spacing:0.25pt;">, the following factors: (i)&#160;where the underwriting, risk management, and operational decision-making of the insurer occurs; (ii)&#160;whether the presence of senior executives who are responsible for, and involved in, the decision-making related to the insurance business of the insurer are located in Bermuda; and (iii)&#160;where meetings of the board of directors of the insurer occur. In making its determination, the BMA may also have regard to (a)&#160;the location where management of the insurer meets to effect policy decisions of the insurer; (b)&#160;the residence of the officers, insurance managers, or employees of the insurer; and (c)&#160;the residence of one or more directors of the insurer in Bermuda.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Loss reserve specialist</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As a Class&#160;3A insurer, Ategrity Ltd is required to appoint an individual approved by the BMA to be its loss reserve specialist. In order to qualify as an approved loss reserve specialist, the applicant must be an individual qualified to provide an opinion in accordance with the requirements of the Insurance Act and the BMA must be satisfied that the individual is fit and proper to hold such an appointment.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As a Class&#160;3A insurer, Ategrity Ltd is required to submit annually an opinion of its approved loss reserve specialist with its capital and solvency return with respect to its total general business insurance technical provisions (i.e. the aggregate of its net premium provisions, net loss and loss expense provisions, and risk margin, as each is reported in the insurer&#8217;s statutory economic balance sheet). The loss reserve specialist&#8217;s opinion must state, among other things, whether or not the aggregate amount of technical provisions shown in the statutory economic balance sheet as at the end of the relevant financial year (i)&#160;meets the requirements of the Insurance Act, and (ii)&#160;makes reasonable provision for the total technical provisions of the insurer under the terms of its insurance contracts and agreements.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Annual financial statements and returns</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Ategrity Ltd must prepare and submit, on an annual basis, audited GAAP financial statements and audited statutory financial statements.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">As a Class&#160;3A insurer, Ategrity Ltd is also required to file with the BMA a statutory financial return no later than four&#160;months after its financial year end (unless specifically extended with the approval of the BMA). The statutory financial return of a Class&#160;3A insurer shall consist of (i)&#160;an insurer information sheet, (ii)&#160;an auditor&#8217;s report, (iii)&#160;the statutory financial statements, and (iv)&#160;notes to the statutory financial statements.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In addition, each year the insurer is required to file with the BMA a capital and solvency return along with its annual statutory financial return. The prescribed form of capital and solvency return comprises the insurer&#8217;s Bermuda Solvency Capital Requirement (&#8220;BSCR&#8221;) model or an approved internal capital model in lieu thereof, together with schedules as prescribed by the Insurance (Prudential Standards) (Class&#160;3A Solvency Requirement) Rules 2011, as amended from time to time.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Neither the statutory financial return nor the capital and solvency return is available for public inspection.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Declaration of compliance</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">At the time of filing its statutory financial statements, a Class&#160;3A insurer is also required to deliver to the BMA a declaration of compliance, in such form and with such content as may be prescribed by the BMA, declaring whether </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">109</font>
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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        <div style="width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">or not the Class&#160;3A insurer has, with respect to the preceding financial year (i)&#160;complied with all requirements of the minimum criteria applicable to it; (ii)&#160;complied with the minimum margin of solvency as at its financial year end; (iii)&#160;complied with the applicable enhanced capital requirements as at its financial year end; and (iv)&#160;complied with applicable conditions, directions, and restrictions imposed on, or approvals granted to, the Class&#160;3A insurer; and (v)&#160;complied with the minimum liquidity ratio for general business as at its financial year end.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Public disclosures</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Pursuant to the Insurance Act, all commercial insurers and insurance groups are required to prepare and file with the BMA and also publish on their website, a financial condition report. The BMA has the discretion to approve modifications and exemptions to the public disclosure rules, on application by the insurer if, among other things, the BMA is satisfied that the disclosure of certain information will result in a competitive disadvantage or compromise confidentiality obligations of the insurer.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Independent approved auditor</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Ategrity Ltd has appointed Ernst &amp; Young Ltd.&#8212;Bermuda as its independent auditor. The independent auditor will audit and report on Ategrity Ltd&#8217;s GAAP financial statements and statutory financial statements, each of which are required to be filed annually with the BMA.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Non-insurance business</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">No Class&#160;3A insurer may engage in non-insurance business unless that non-insurance business is ancillary to its core business. Non-insurance business means any business other than insurance business and includes carrying on investment business, managing an investment fund as an operator, carrying on business as a fund administrator, carrying on banking business, underwriting debt or securities, or otherwise engaging in investment banking, engaging in commercial or industrial activities, and carrying on the business of management, sales, or leasing of real property.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Minimum liquidity and solvency ratios</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Ategrity Ltd is required to maintain the value of its relevant assets at not less than 75% of the amount of its relevant liabilities. Relevant assets include cash and time deposits, quoted investments, unquoted bonds and debentures, first liens on real estate, investment income due and accrued, accounts and premiums receivable, reinsurance balances receivable, funds held by ceding reinsurers, and any other assets which the BMA, on application in any particular case made to it with reasons, accepts in that case. There are certain categories of assets which, unless specifically permitted by the BMA, do not automatically qualify as relevant assets, such as unquoted equity securities, investments in and advances to affiliates and real estate, and collateral loans. The relevant liabilities are total general business insurance reserves and total other liabilities less deferred income taxes and letters of credit, guarantees, and other instruments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In addition, Ategrity Ltd is also required to ensure that the value of its statutory assets exceed the value of its statutory liabilities by an amount greater than its prescribed minimum solvency margin (&#8220;MSM&#8221;) and to maintain available statutory economic capital and surplus at a level equal to or in excess of its enhanced capital requirement (&#8220;ECR&#8221;) which is established by reference to either the prescribed Bermuda model or an approved internal capital model.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Failure to meet any of these minimum requirements are reportable events.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Codes of conduct</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Insurance Code of Conduct (the &#8220;Code&#8221;) prescribes the duties, standards, procedures, and sound business principles with which all insurers registered under the Insurance Act must comply. The BMA will assess an insurer&#8217;s compliance with the Code in a proportional manner relative to the nature, scale, and complexity of its business. Failure to comply with the requirements of the Code will be taken into account by the BMA in determining whether </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">110</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">an insurer is conducting its business in a sound and prudent manner as prescribed by the Insurance Act, may result in the BMA exercising its powers of intervention and investigation (see below) and will be a factor in calculating the operational risk charge under the insurer&#8217;s applicable capital model.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In addition to ensuring adherence to the Code, the BMA has recognized that cyber incidents can cause significant financial losses and/or reputational impacts across the insurance industry and has implemented the Insurance Sector Operational Cyber Risk Management Code of Conduct (the &#8220;Cyber Risk Code&#8221;) to ensure that those operating in the Bermuda insurance sector can mitigate such risks. All Bermuda insurers are now required to develop a cyber risk policy which is to be delivered pursuant to an operational cyber risk management programme and appoint an appropriately qualified member of staff or outsourced resource to the role of Chief Information Security Officer.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Restrictions on dividends and distributions</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Ategrity Ltd is prohibited from declaring or paying a dividend if it is in breach of its MSM, ECR, or minimum liquidity ratio or if the declaration or payment of such dividend would cause such a breach. Where an insurer fails to meet its MSM or minimum liquidity ratio on the last day of any financial year, it will be prohibited from declaring or paying any dividends during the next financial year without the approval of the BMA.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In addition, a Ategrity Ltd is prohibited from declaring or paying in any financial year dividends of more than 25% of its total statutory capital and surplus (as shown on its previous financial year&#8217;s statutory balance sheet) unless it files (at least seven days before payment of such dividends) with the BMA an affidavit signed by at least two directors (one of whom must be a Bermuda resident director if any of the insurer&#8217;s directors are resident in Bermuda) and the principal representative stating that it will continue to meet its solvency margin and minimum liquidity ratio. Where such an affidavit is filed, it shall be available for public inspection at the offices of the BMA.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Reduction of capital</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Ategrity Ltd may not reduce its total statutory capital by 15% or more, as set out in its previous year&#8217;s financial statements, unless it has received the prior approval of the BMA. Total statutory capital consists of the insurer&#8217;s paid-in share capital, its contributed surplus (sometimes called additional paid-in capital) and any other fixed capital designated by the BMA as statutory capital (such as letters of credit).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">A Class&#160;3A insurer seeking to reduce its statutory capital by 15% or more, as set out in its previous year&#8217;s financial statements, is also required to submit an affidavit signed by at least two directors (one of whom must be a Bermuda resident director if any of the insurer&#8217;s directors are resident in Bermuda) and the principal representative stating that the proposed reduction will not cause the insurer to fail its relevant margins and such other information as the BMA may require. Where such an affidavit is filed, it shall be available for public inspection at the offices of the BMA.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Policyholder priority</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In the event of a liquidation or winding up of an insurer, policyholders&#8217; liabilities receive prior payment ahead of general unsecured creditors. Subject to the prior payment of preferential debts under the Employment Act 2000 and the Companies Act, the insurance debts of an insurer must be paid in priority to all other unsecured debts of the insurer. &#8220;Insurance debt&#8221; is defined as a debt to which an insurer is or may become liable pursuant to an insurance contract, excluding debts owed to an insurer under an insurance contract where the insurer is the person insured. &#8220;Insurance contract&#8221; is defined as any contract of insurance, capital redemption contract, or a contract that has been recorded as insurance business in the financial statements of the insurer pursuant to the Insurance Accounts 1980 or the Insurance Account Rules 2016, as applicable.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Fit and proper controllers</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The BMA maintains supervision over the controllers of all registered insurers in Bermuda.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">111</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">A controller includes (i)&#160;the managing director of the registered insurer or its parent company; (ii)&#160;the chief executive of the registered insurer or of its parent company; (iii)&#160;a shareholder controller; and (iv)&#160;any person in accordance with whose directions or instructions the directors of the registered insurer or of its parent company are accustomed to act.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The definition of shareholder controller is set out in the Insurance Act but generally refers to (i)&#160;a person who holds 10% or more of the shares carrying rights to vote at a shareholders&#8217; meeting of the registered insurer or its parent company, or (ii)&#160;a person who is entitled to exercise 10% or more of the voting power at any shareholders&#8217; meeting of such registered insurer or its parent company, or (iii)&#160;a person who is able to exercise significant influence over the management of the registered insurer or its parent company by virtue of its shareholding or its entitlement to exercise, or control the exercise of, the voting power at any shareholders&#8217; meeting.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">All shareholder controllers are required to provide notice of becoming or ceasing to be such a controller to the BMA. Any person who contravenes the Insurance Act by failing to give notice or knowingly becoming a controller of any description before the required time period has elapsed is guilty of an offence and liable to a fine of $25,000 on summary conviction.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The BMA may file a notice of objection to any person who has become a controller of any description where it appears that such person is not, or is no longer, a fit and proper person to be a controller of the registered insurer. Before issuing a notice of objection, the BMA is required to serve upon the person concerned a preliminary written notice stating the BMA&#8217;s intention to issue a formal notice of objection. Upon receipt of the preliminary written notice, the person served may, within 28&#160;days, file written representations with the BMA which shall be taken into account by the BMA in making its final determination. Any person who continues to be a controller of any description after having received a notice of objection shall be guilty of an offence and shall be liable on summary conviction to a fine of $25,000 (and a continuing fine of $500 per day for each day that the offence is continuing) or, if convicted on indictment, to a fine of $100,000 and/or 2&#160;years in prison.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Notification by registered person of change of controllers and officers</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">All registered insurers are required to give written notice to the BMA of the fact that a person has become, or ceased to be, a controller or officer of the registered insurer within 45&#160;days of becoming aware of such fact. An officer in relation to a registered insurer means a director, chief executive, or senior executive performing duties of underwriting, actuarial, risk management, compliance, internal audit, finance, or investment matters.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Certain other Bermuda law considerations</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">All Bermuda &#8220;exempted companies&#8221; are exempt from certain Bermuda laws restricting the&#160;percentage of share capital that may be held by non-Bermudians. However, exempted companies may not participate in certain business transactions, including (1)&#160;the acquisition or holding of land in Bermuda except that required for their business and held by way of lease or tenancy for a term not exceeding more than 50&#160;years or, with the consent of the Minister granted in his discretion, land to provide accommodation or recreational facilities for officers and employees of the company for a term not exceeding 21&#160;years, (2)&#160;the taking of mortgages on land in Bermuda to secure an amount in excess of $50,000 without the consent of the Minister, (3)&#160;the acquisition of any bonds or debentures secured by any land in Bermuda, other than certain types of Bermuda government securities or securities issued by Bermuda public authorities, or (4)&#160;the carrying on of business of any kind in Bermuda, except in furtherance of business carried on outside Bermuda or under license granted by the Minister. Generally, it is not permitted without a special license granted by the Minister to insure Bermuda domestic risks or risks of persons of, in or based in Bermuda.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">All Bermuda companies must comply with the provisions of the Companies Act regulating the payment of dividends and the making of distributions from contributed surplus. A company may not declare or pay a dividend, or make a distribution out of contributed surplus, if there are reasonable grounds for believing that: (a)&#160;the company is, or would after the payment be, unable to pay its liabilities as they become due; or (b)&#160;the realizable value of the company&#8217;s assets would thereby be less than its liabilities.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">112</font>
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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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Under the ES Requirements, each entity resident in Bermuda that carries on a &#8220;relevant activity&#8221; is required to comply with the economic substance requirements under the ES Requirements unless resident for tax purposes in a jurisdiction outside Bermuda that is not on the EU list of non-cooperative jurisdictions for tax purposes. Engaging in insurance business in accordance with the Insurance Act constitutes a &#8220;relevant activity&#8221;.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In relation to carrying on the relevant activity of insurance, compliance with the ES Requirements also requires compliance with requirements in the Companies Act relating to corporate governance and requirements of the Insurance Act and other instruments (including the Code) made thereunder. The Registrar of Companies will have regard to an insurer&#8217;s compliance with the Insurance Act and the Companies Act in his assessment of compliance with economic substance requirements and on the basis that an insurer complies with such requirements, the insurer will generally be considered to operate in Bermuda with adequate substance. An insurer will be required to complete and file a declaration form, and the Registrar of Companies will also have regard to the information provided in the declaration form in making his assessment of compliance with economic substance requirements. </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Ategrity Ltd may also be subject to change in tax laws resulting from the Organisation of Economic Co-operation and Development (&#8220;OECD&#8221;) and/or European Union tax initiatives to the extent that such or similar tax legislation is enacted or otherwise adopted by Bermuda. For example, the OECD, together with the G20 countries, has committed to reduce perceived abusive global tax avoidance, referred to as base erosion and profit shifting (&#8220;BEPS&#8221;). As part of this commitment, in December&#160;2021, the OECD issued model rules aimed at implementing a global minimum corporate tax rate of 15%. Bermuda has signed on to the BEPS inclusive framework. In response to the framework, Bermuda adopted the Corporate Income Tax Act 2023 (the &#8220;CIT Act&#8221;) on December&#160;27, 2023.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Entities subject to tax under the CIT Act will be Bermuda constituent entities of multi-national groups with respect to fiscal&#160;years beginning on or after January&#160;1, 2025, notwithstanding any assurances that may have been provided pursuant to the Exempted Undertakings Tax Protection Act 1966. A multi-national group is defined under the CIT Act as a group with entities in more than one jurisdiction with consolidated revenues of at least EUR 750&#160;million for two of the four previous fiscal&#160;years. If Bermuda constituent entities of a multi-national group are subject to tax under the CIT Act, such tax is charged at a rate of 15% of the net income of such constituent entities (as determined in accordance with the CIT Act, including after adjusting for any relevant foreign tax credits applicable to the Bermuda constituent entities).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Ategrity is still evaluating whether the CIT Act will be applicable to Ategrity Ltd and, if applicable, the extent to which the impact of any Bermuda corporate income tax could be offset by any tax credits available under Part&#160;4 of the CIT Act. The CIT Act could, if applicable to Ategrity Ltd or any subsidiary of Ategrity that is incorporated or has a permanent establishment in Bermuda, increase taxes payable by Ategrity and adversely affect Ategrity&#8217;s financial condition.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Additionally, in response to other European Union and OECD initiatives, the Economic Substance Act 2018 and the Economic Substance Regulations&#160;2018 were adopted in Bermuda. As an insurance company, Ategrity Ltd conducts a relevant activity and will be subject to the ES Requirements. As a result, Ategrity Ltd may be required to change or increase our business operations in Bermuda in order to meet the new requirements, which may adversely affect Ategrity&#8217;s operations or financial condition.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Ategrity Ltd may also be subject to the Personal Information Protection Act 2016 (&#8220;PIPA&#8221;), which is the principal Bermuda legislation regulating the right to personal informational privacy, to the extent that it uses personal information in Bermuda. In December 2016, PIPA sections relating generally to the establishment, staffing, funding, and general powers of the Privacy Commissioner came into force and in January 2020, a Privacy Commissioner was appointed. On January 1, 2025, PIPA was fully implemented. PIPA applies to every organization (which includes any individual, entity or public authority) that uses personal information in Bermuda where that personal information is used by automated or other means which form, or are intended to form, part of a structured filing system. For the purposes of PIPA, &#8220;personal information&#8221; means any information about an identified or identifiable individual (meaning a natural person), and &#8220;use&#8221; or &#8220;using&#8221; are very broadly defined and effectively include possessing or carrying out any operation on personal information.</font>
        </div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">113</font>
          <br >
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tMAN">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Management</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Directors, director nominees, and executive officers</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Set forth below are the names, ages, and positions of our directors, director nominees, and executive officers as of the date of this prospectus. The director nominees are expected to become members of our Board of Directors upon consummation of this offering.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:269.86pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Name </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">Age</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:148.11pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Position </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:269.86pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Justin Cohen </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:2.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:center;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:10.5pt; white-space:nowrap;text-align:center;">50</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:1.25pt 0pt 3.5pt 0pt; width:148.11pt;">
              <font style="letter-spacing:0.25pt;">Chief Executive Officer, Director </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:269.86pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Chris Schenk </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:2.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:center;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:10.5pt; white-space:nowrap;text-align:center;">43</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:1.5pt 0pt 3.5pt 0pt; width:148.11pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">President, Chief Underwriting Officer </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:269.86pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Neelam Patel </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:2.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:center;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:10.5pt; white-space:nowrap;text-align:center;">47</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:1.5pt 0pt 3.5pt 0pt; width:148.11pt;">
              <font style="letter-spacing:0.25pt;">Chief Financial Officer </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:269.86pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Stuart J. Zimmer </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:2.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:center;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:10.5pt; white-space:nowrap;text-align:center;">56</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:1.5pt 0pt 3.5pt 0pt; width:148.11pt;">
              <font style="letter-spacing:0.25pt;">Director, Chair </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:269.86pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Tom Hulst </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:2.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:center;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:10.5pt; white-space:nowrap;text-align:center;">59</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:1.5pt 0pt 3.5pt 0pt; width:148.11pt;">
              <font style="letter-spacing:0.25pt;">Director </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:269.86pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">William Mercer</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:2.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:center;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:10.5pt; white-space:nowrap;text-align:center;">55</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:1.5pt 0pt 3.5pt 0pt; width:148.11pt;">
              <font style="letter-spacing:0.25pt;">Director Nominee</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:269.86pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Robert C. Merton, Ph.D.</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:2.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:center;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:10.5pt; white-space:nowrap;text-align:center;">80</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:1.5pt 0pt 3.5pt 0pt; width:148.11pt;">
              <font style="letter-spacing:0.25pt;">Director Nominee</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:269.86pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Mitchell Pressman</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:2.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:center;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:10.5pt; white-space:nowrap;text-align:center;">60</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:1.5pt 0pt 3.5pt 0pt; width:148.11pt;">
              <font style="letter-spacing:0.25pt;">Director Nominee</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 4pt 0pt; width:269.86pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">John (Jack) L. Sennott, Jr.</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:2.84pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:center;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; white-space:nowrap;text-align:center;">59</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 4pt 0pt; width:148.11pt;">
              <font style="letter-spacing:0.25pt;">Director Nominee</font>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
          </tr>
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          <font style="font-style:italic;letter-spacing:0.25pt;">Justin Cohen</font><font style="letter-spacing:0.25pt;"> has served as our Chief Executive Officer since January 2023, and as one of our directors since December 2021, bringing over 25&#160;years of experience in the insurance and financial services sectors. Before that, Mr. Cohen served as our Deputy Chief Executive Office since December 2021. He began his career at Donaldson, Lufkin &amp; Jenrette as an investment banker focused on the insurance industry, specializing in mergers &amp; acquisitions, public offerings, merchant banking, and insurance-linked securities. He later joined Capital Z Partners, where he worked on the demutualization and operational turnaround of British Marine Insurance, as well as other holdings in the insurance, banking, and financial technology sectors. Mr.&#160;Cohen subsequently joined Eton Park Capital Management, L.P., where he founded and operated Epoch Re, a reinsurer established after Hurricane Katrina, and where he was responsible for investments in insurance and financial services. He then founded Roundfield Financial, an investment management firm dedicated to the insurance and financial services sectors, where he served as Chief Executive Officer with backing from Steinhardt Management. Mr.&#160;Cohen has also served as a member of the Board of Managers of various operating subsidiaries of ZFSG. He was previously on the Board of Managers of Carrick Specialty Holdings LLC, for which he led the sale of the company in December&#160;2023. Additionally, he has served as Head of Financials at the Investment Manager since 2020, during which time he has led the firm&#8217;s investments in the insurance and financial services sectors. He graduated </font><font style="font-style:italic;letter-spacing:0.25pt;">summa cum laude</font><font style="letter-spacing:0.25pt;"> from the University of Pennsylvania&#8217;s Management &amp; Technology program in 1996, earning dual degrees in Insurance&#160;&amp; Risk Management and Finance from The Wharton School and in Computer Science &amp; Engineering. At the University of Pennsylvania, Mr.&#160;Cohen received an industry-sponsored scholarship award for innovation in insurance for developing web-based automated underwriting software as part of his engineering thesis.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We believe Mr.&#160;Cohen&#8217;s qualifications to serve on our Board of Directors include his over 25&#160;years of experience in the insurance and financial services sectors.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;letter-spacing:0.25pt;">Chris Schenk</font><font style="letter-spacing:0.25pt;"> has served as our President since September 2024 and our Chief Underwriting Officer since December 2021, bringing 20&#160;years of experience spanning public policy and insurance. Over the last 12&#160;years, Mr.&#160;Schenk has held roles in underwriting management, data, and analytics and strategy. Prior to joining Ategrity in 2021, Mr.&#160;Schenk worked at Munich Re Specialty Insurance, where he was Head of Data and Analytics and led a team to deliver critical strategic and go-to-market capabilities for the launch of the new E&amp;S insurance division of Munich Reinsurance. Before that, Chris held the position of Head of Pricing, Strategy, and Underwriting Analytics at Hiscox Insurance, where he led initiatives to modernize pricing capabilities, remediate underperforming lines and develop data-augmented underwriting models. Chris transitioned from an eight-year career in politics and public policy to pursue a Master&#8217;s in Finance and Economics at New York University in 2010 and changed sectors upon graduating.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;letter-spacing:0.25pt;">Neelam Patel</font><font style="letter-spacing:0.25pt;"> has served as our Chief Financial Officer since September&#160;2024, bringing over 20&#160;years of experience in financial leadership within the insurance industry. She joined Ategrity from W.R. Berkley, where she was Chief Financial Officer of Berkley One, contributing to significant growth and operational success over five&#160;years. Prior to that, Ms.&#160;Patel spent 18&#160;years at Chubb Ltd., where she held various finance leadership positions across multiple divisions. Her expertise includes budgeting, forecasting, and financial reporting, with a strong focus on aligning strategic objectives with financial outcomes. Ms.&#160;Patel holds a Bachelor of Commerce in Accounting from Gujarat University and is a Certified Public Accountant in the state of Delaware.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;letter-spacing:0.25pt;">Stuart J. Zimmer</font><font style="letter-spacing:0.25pt;"> serves as Chair of our Board of Directors and has served as one of our directors since our founding in 2018. Mr.&#160;Zimmer has over 30&#160;years of experience in the asset management industry. He is the Chief Executive Officer of ZFSG, an insurance and asset management firm. Mr.&#160;Zimmer is also the Portfolio Manager and Chief Executive Officer of the Investment Manager, ZFSG&#8217;s asset management subsidiary, which advises private funds and fixed income accounts. In the insurance space, in addition to Ategrity, ZFSG&#8217;s interests previously included Carrick Specialty Holdings LLC, a provider of reinsurance and run-off management solutions, which it sold in 2023. Mr.&#160;Zimmer started his career at Steinhardt Partners, known as one of the pioneer firms of the investment fund industry. At Steinhardt, Mr.&#160;Zimmer was a research analyst with a focus on energy investments, including electric and gas utilities. His experience at Steinhardt also included trading of equities, fixed income, currencies, and derivatives. In 1997, Mr.&#160;Zimmer launched the Absolute Return Utility &amp; Infrastructure Fund and served as the Portfolio Manager to its predecessor investment manager. In 2013, Mr.&#160;Zimmer launched the Investment Manager, which continues to manage the Absolute Return Utility &amp; Infrastructure Fund, and has over the&#160;years expanded its product offerings to include infrastructure, mid-cap, and real estate private funds as well as fixed income investment management services. Mr.&#160;Zimmer graduated Phi Beta Kappa from Harvard College with Honors in Mathematics in 1991, where he wrote his thesis under Robert C. Merton, the 1997 Nobel Laureate in Economics.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We believe Mr.&#160;Zimmer&#8217;s qualifications to serve on our Board of Directors include his over 30&#160;years of experience in the asset management industry.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;letter-spacing:0.25pt;">Tom Hulst</font><font style="letter-spacing:0.25pt;"> has served as one of our directors since 2018. Mr.&#160;Hulst is the Chairman and CEO of the Ivy group of companies, a co-investment vehicle for Global Atlantic Financial Group which is focused on closed block life and pension risk transfer reinsurance. He is also the President and Founder of ReThink, a Bermuda based consulting firm, a non-executive director for several insurers, and a Vice Chairman of ABIC, the Association of Bermuda International Companies. From 2005 to 2015, Mr.&#160;Hulst was part of the founding management team of Ariel Reinsurance Company, serving as CEO from 2008&#8722;2015, through the sale of the business to Goldman Sachs in 2012 and subsequent spin-out of the Global Atlantic Financial Group. Prior to serving with Ariel Re, Mr.&#160;Hulst held progressively senior roles within the General Re Group from 1990&#8722;2005. Mr.&#160;Hulst graduated cum laude from the University of Michigan and received his M.B.A from the J.L Kellogg School of Management at Northwestern.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We believe Mr.&#160;Hulst&#8217;s qualifications to serve on our Board of Directors include his over 30&#160;years of experience in the insurance and financial services sectors.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;letter-spacing:0.25pt;">William Mercer</font><font style="letter-spacing:0.25pt;"> is currently a director nominee and will become a member of our Board of Directors upon the completion of this offering. Mr.&#160;Mercer recently joined Stout Risius Ross, LLC (&#8220;Stout&#8221;), a global advisory firm, following the successful sale of DebtX Analytics, Inc. (&#8220;DebtX Analytics&#8221;) to Stout in November&#160;2024. Prior to the sale, Mr.&#160;Mercer served as the Chief Executive Officer of DebtX Analytics, a financial advisory firm, from December&#160;2022 to November&#160;2024. From May&#160;2007 to December&#160;2022, Mr.&#160;Mercer served in a number of different capacities at The Debt Exchange, Inc., a technology-enabled loan sales and trading business, including initially as the Managing Director, Trading and then as Executive Vice President, Valuation and Analytics, where he was responsible for the strategic and operational oversight of the Loan Valuations and Analytics department. From December 2003 to April&#160;2007, Mr.&#160;Mercer held positions of increasing responsibility at Sun Life Assurance Company of Canada (&#8220;Sun Life&#8221;), an insurance company in Canada. Mr.&#160;Mercer started his career at PaineWebber &amp; Co. (now UBS) before transitioning into the insurance industry in April&#160;1999 at Sun Life where he worked until February 2002. Prior to his return to Sun Life in December 2003, Mr.&#160;Mercer worked at John Hancock Life </font>
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          <font style="letter-spacing:0.25pt;">Insurance Company (U.S.A.), an insurance company based in Boston, as an Investment Officer. Mr.&#160;Mercer graduated from Harvard University in 1991 and is a CFA Charterholder.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We believe Mr.&#160;Mercer&#8217;s qualifications to serve on our Board of Directors include his over 20&#160;years of experience in the financial services industry.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;letter-spacing:0.25pt;">Robert C. Merton, Ph.D.</font><font style="letter-spacing:0.25pt;"> is currently a director nominee and will become a member of our Board of Directors upon the completion of this offering. Dr.&#160;Merton currently serves as the School of Management Distinguished Professor of Finance at MIT Sloan School of Management, a position he has held since 2010. He also currently serves as the John and Natty McArthur University Professor Emeritus at Harvard University, a position he has held since 2010. Dr.&#160;Merton is also currently a resident scientist at Dimensional Holdings, Inc., a position he has held since 2010, where he created Target Retirement Solution, a global integrated retirement-funding solution system. From 1998 to 2010, Dr.&#160;Merton was a Professor at Harvard Business School. Dr.&#160;Merton also served as the J.C. Penney Professor of Management at MIT&#8217;s Sloan School of Management from 1970 to 1988. Throughout his career, Dr.&#160;Merton has received numerous accolades, including the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for a new method to determine the value of derivatives, the inaugural Financial Engineer of the Year Award from the International Association for Quantitative Finance, and the Nicholas Molodovsky Award from the CFA Institute. Dr.&#160;Merton received Risk Magazine&#8217;s Lifetime Achievement Award for contributions to the field of risk management and the 2014 Lifetime Achievement Award from the Financial Intermediation Research Society. Dr.&#160;Merton received a Bachelor of Science in engineering mathematics from Columbia University, a Master of Science in applied mathematics from California Institute of Technology, a Ph.D. in economics from MIT, and honorary degrees from 18 universities.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We believe Dr.&#160;Merton&#8217;s qualifications to serve on our Board of Directors include his extensive leadership experience in finance and academia.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;letter-spacing:0.25pt;">Mitchell Pressman</font><font style="letter-spacing:0.25pt;"> is currently a director nominee and will become a member of our Board of Directors upon the completion of this offering. Mr. Pressman currently serves as Chief Financial Officer of the Investment Manager, a position he has held since January 2013. From February 2006 to December 2012, he was the Chief Financial Officer, a position that he also held from 2001 to 2003, and a Partner at Ivory Investment Management, L.P. (&#8220;Ivory Investment&#8221;), a long-short equity firm. In 2003, he joined Triage Management, LP (&#8220;Triage&#8221;), a distressed and special situation hedge fund, where he served as the Chief Financial Officer until he re-joined Ivory Investment in February 2006. Prior to Triage, Mr. Pressman worked at GPU Inc. from 1996 to 2000, where he served in financial roles, including as a divisional Finance Director. From 1993 to 1996, he served as a financial consultant for Arthur Andersen LLP, an accounting firm. Mr. Pressman started his career as an auditor and consultant with PricewaterhouseCoopers. Mr. Pressman graduated magna cum laude from the University of Miami with a B.B.A in accounting and finance in 1988 and received a Master&#8217;s degree in accounting from the University of Texas at Austin in 1989.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We believe Mr. Pressman&#8217;s qualifications to serve on our Board of Directors include his over 30 years experience in the investment and financial services industry.</font>
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          <font style="font-style:italic;letter-spacing:0.25pt;">John (Jack) L. Sennott, Jr.</font><font style="letter-spacing:0.25pt;"> is currently a director nominee and will become a member of our Board of Directors upon the completion of this offering. Mr.&#160;Sennott currently serves on the board of directors of ALPS Corporation, a lawyer&#8217;s professional liability insurance company, a position he has held since May&#160;2013. From July&#160;2019 to September&#160;2022, Mr.&#160;Sennott served as the Chairman, Chief Executive Officer, and President of CapSpecialty, Inc. (&#8220;CapSpecialty&#8221;), a specialty insurance provider, and contributed to significant growth and operational success at CapSpecialty. Before joining CapSpecialty, from April&#160;2013 to June&#160;2019, Mr.&#160;Sennott was the Senior Vice President and Chief Financial Officer at Alleghany Corporation (&#8220;Alleghany&#8221;), the parent company of CapSpecialty and a Fortune 500 investment holding company with interests in insurance, reinsurance, and industrial businesses. From October&#160;2008 to April&#160;2012, Mr.&#160;Sennott served as the Executive Vice President and Chief Corporate Strategy Officer at Allied World Assurance Company Holdings, Ltd., a global specialty insurance and reinsurance firm. Mr.&#160;Sennott also currently serves on the boards of directors of Hartford Stage and the Simsbury </font>
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          <font style="letter-spacing:0.25pt;">Meadows Performing Arts Center, Connecticut-based nonprofit organizations that focus on the performing arts in Connecticut. Mr.&#160;Sennott graduated from the University of Massachusetts, Amherst with a B.B.A. in Accounting in 1987.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We believe Mr.&#160;Sennott&#8217;s qualifications to serve on our Board of Directors include his extensive business and leadership experience in the insurance industry.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our executive officers are elected by, and serve at the discretion of, our Board of Directors. There are no family relationships between any of our executive officers or directors.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Board of directors</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Board of Directors is responsible for the oversight of management of the Company. Upon the consummation of this offering, our Board of Directors will consist of seven members.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Director independence and controlled company exemption</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Following the completion of this offering, ZFSG will continue to beneficially own more than 50% of the voting power of our common stock. As a result, we will be considered a &#8220;controlled company&#8221; under the NYSE listing rules, which means that more than 50% of the power to vote our securities is held by an individual, a group, or another company. On this basis, we will be eligible to avail ourselves of the &#8220;controlled company&#8221; exemption under the corporate governance rules of the NYSE and therefore, we are not required to have a majority of &#8220;independent directors&#8221; on our board of directors or to have a compensation committee and a nominating and corporate governance committee composed entirely of independent directors. The &#8220;controlled company&#8221; exemption does not modify the independence requirements for the audit committee, and we intend to comply with the requirements of the Sarbanes-Oxley Act and the NYSE, which require that our audit committee be composed of at least three members, at least one of whom will be independent upon the listing of our common stock, a majority of whom will be independent within 90&#160;days of listing, and each of whom will be independent within one year of listing. Our Board of Directors has determined that Tom Hulst, Robert&#160;C. Merton, John (Jack) L. Sennott, Jr., and William Mercer are independent within the meaning of the NYSE listing rules.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Committees of the board of directors</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Upon the consummation of this offering, we will have one standing committee of the Board of Directors: the Audit Committee.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Audit committee</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">Our Audit Committee will consist of Tom Hulst, who will serve as the Chair of the Audit Committee, Robert C. Merton, John (Jack) L. Sennott, Jr., and William Mercer. Our Board of Directors has determined that each of Tom Hulst, Robert&#160;C. Merton, John (Jack) L. Sennott, Jr., and William Mercer qualifies as an independent director under the NYSE listing rules and Rule&#160;10A-3 under the Exchange Act. Our Board of Directors has determined that John (Jack) L. Sennott, Jr. qualifies as an &#8220;audit committee financial expert&#8221; as such term is defined in Item&#160;407(d)(5) of Regulation&#160;S-K, and possesses financial sophistication as defined under the NYSE listing rules. The Audit Committee assists our Board of Directors in fulfilling its oversight responsibilities relating to, among other responsibilities:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">the quality and integrity of our financial statements and our financial reporting process;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">internal and external auditing and the independent registered public accounting firm&#8217;s qualifications and independence;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the performance of our internal audit function after it has been established and independent registered public accounting firm;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the integrity of our systems of internal accounting and financial controls; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">117</font>
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:215pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; line-height:13pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">establishing procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">In so doing, the Audit Committee is responsible for maintaining free and open communication between the committee, our independent registered public accounting firm and our management. In this role, the Audit Committee is empowered to investigate any matter brought to its attention with full access to all books, records, facilities, and personnel of our Company and has the power to retain outside counsel or other experts for this purpose.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Audit Committee has direct responsibility for the appointment, compensation, retention and oversight of our independent registered public accounting firm. The Audit Committee meets in executive session with the independent registered public accounting firm at least quarterly.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Code of business conduct and ethics</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Upon completion of this offering, we will have a Code of Business Conduct and Ethics (the &#8220;Code of Conduct&#8221;) applicable to our directors, officers, and employees that complies with the requirements of applicable rules and regulations of the SEC and the NYSE. This code is designed to deter wrongdoing and to promote, among other matters:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">full, fair, accurate, timely and understandable disclosure in reports and documents that we file with, or submit to, the SEC and in other public communications made by us;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">compliance with applicable governmental laws, rules, and regulations; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">prompt internal reporting to an appropriate person or persons identified in the Code of Conduct of violations of the Code of Conduct and accountability for adherence to the Code of Conduct.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Upon completion of this offering, our Code of Conduct will be available on the investor relations portion of our website.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We intend to post on our website all disclosures that are required by law or the NYSE rules concerning any amendments to, or waivers from, any provision of the Code of Conduct.</font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">118</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tEADC">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
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        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Executive and director compensation</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">This section discusses the material components of the executive compensation program for our executive officers who are named in the &#8220;2024 Summary Compensation Table&#8221; below. As an emerging growth company, we comply with the executive compensation disclosure rules applicable to &#8220;smaller reporting companies,&#8221; as such term is defined in the rules promulgated under the Securities Act, which require compensation disclosure for our principal executive officer, our two most highly compensated executive officers other than our principal executive officer. These officers are referred to as our &#8220;named executive officers.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In 2024, our named executive officers and their positions were as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">Justin Cohen, Chief Executive Officer;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:0pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:0pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">Chris Schenk, President and Chief Underwriting Officer; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:0pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:0pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">Neelam Patel, Chief Financial Officer.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">This discussion may contain forward-looking statements that are based on our current plans, considerations, expectations, and determinations regarding future compensation programs. Actual compensation programs that we adopt following the completion of this offering may differ materially from the currently planned programs summarized in this discussion.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">2024 Summary compensation table</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The following table sets forth information concerning the compensation of our named executive officers for the year ended December&#160;31, 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.75pt 0pt; width:133.17pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Name and principal position </font>
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.75pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">Year</font>
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.75pt 0pt;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.225pt;">Salary </font>
                <br >
                <font style="letter-spacing:0.225pt;">($)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.75pt 0pt;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.225pt;">Bonus</font><font style=" position:relative; bottom:3.75pt;line-height:7pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
                <br >
                <font style="letter-spacing:0.225pt;">($)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.75pt 0pt;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.225pt;">Option </font>
                <br >
                <font style="letter-spacing:0.225pt;">awards</font><font style=" position:relative; bottom:3.75pt;line-height:7pt;font-size:5.5pt;letter-spacing:0.175pt;">(2)</font>
                <br >
                <font style="letter-spacing:0.225pt;">($)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.75pt 0pt;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.225pt;">All other</font>
                <br >
                <font style="letter-spacing:0.225pt;">compensation</font><font style=" position:relative; bottom:3.75pt;line-height:7pt;font-size:5.5pt;letter-spacing:0.175pt;">(3)</font><font style="letter-spacing:0.225pt;"> </font>
                <br >
                <font style="letter-spacing:0.225pt;">($)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:9pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:9pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.75pt 0pt;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.225pt;">Total</font>
                <br >
                <font style="letter-spacing:0.225pt;">($)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.25pt 0pt 0.5pt 0pt; width:133.17pt;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt; text-align:justify;">
                <font style="letter-spacing:0.25pt;">Justin Cohen</font><font style="font-style:italic;letter-spacing:0.25pt;"> </font>
                <br >
                <font style="font-style:italic;letter-spacing:0.25pt;">Chief Executive Officer</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:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">2024</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:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">64,904</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:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</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:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">3,400,408</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:31.35pt;width:0pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:9pt;">&#8203;</td>
            <td style="padding:0pt; width:9pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">3,465,312</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:133.17pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt; text-align:justify;font-style:italic;">
                <font style="font-style:normal;letter-spacing:0.25pt;">Chris Schenk</font><font style="letter-spacing:0.25pt;"> </font>
                <br >
                <font style="letter-spacing:0.25pt;">President and Chief Underwriting Officer</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:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">2024</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:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">470,000</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:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">282,000</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:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">266,250</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:31.35pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">17,250</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:9pt;">&#8203;</td>
            <td style="padding:0pt; width:9pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">1,035,500</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:2.167pt 0pt 8pt 0pt; width:133.17pt;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt; text-align:justify;">
                <font style="letter-spacing:0.25pt;">Neelam Patel</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">&#65279;(4)</font>
                <br >
                <font style="font-style:italic;letter-spacing:0.25pt;">Chief Financial Officer</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:2.167pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:19.5pt; text-align:right; white-space:nowrap;">2024</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:2.167pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:30.75pt; text-align:right; white-space:nowrap;">107,805</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:2.167pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:30.75pt; text-align:right; white-space:nowrap;">575,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:2.167pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:37.5pt; text-align:right; white-space:nowrap;">200,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:31.35pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:2.167pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:26.25pt; text-align:right; white-space:nowrap;">9,135</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:9pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:9pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:2.167pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:37.5pt; text-align:right; white-space:nowrap;">891,940</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:6pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Amounts shown represent each named executive officer&#8217;s annual bonus earned with respect to fiscal year 2024. Refer to &#8220;&#8212;2024 Annual Bonuses&#8221; below for additional information regarding the Company&#8217;s annual bonuses. In addition, for Ms.&#160;Patel, amount includes a signing bonus in the amount of $75,000 which was subject to repayment by Ms.&#160;Patel in the event of her voluntary departure during the first 180&#160;days following her start date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:5.5pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(2)</font><font style="letter-spacing:0.188pt;"> Amounts reflect the full grant date fair value of option awards granted during 2024 computed in accordance with ASC Topic 718, Compensation&#8212;</font>&#8203;<font style="letter-spacing:0.188pt;">Stock Compensation, or ASC Topic 718, rather than the amounts paid to or realized by the named individual. We provide information regarding the assumptions used to calculate the value of option awards in Note 16 to the audited financial statements included in this prospectus.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font></div>
        <div style="margin-top:5.5pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(3)</font><font style="letter-spacing:0.188pt;"> Amounts shown represent matching contributions under the Company&#8217;s 401(k) retirement plan.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:5.5pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(4)</font><font style="letter-spacing:0.188pt;"> Ms.&#160;Patel&#8217;s employment with our company as Chief Financial Officer commenced on September&#160;16, 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Narrative to summary compensation table</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">2024 Annual base salaries</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The named executive officers receive a base salary to compensate them for services rendered to our company. The base salary payable to each named executive officer is intended to provide a fixed component of compensation and, except with respect to Mr.&#160;Cohen, was set at a level reflecting the executive&#8217;s skillset, experience, role, and responsibilities. The 2024 annual base salaries for our named executive officers were as follows: </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">119</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <table style="width:456pt;margin-top:0pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:350.48pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Name </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;text-align:center;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 Annual base salary </font>
                <br >
                <font style="letter-spacing:0.225pt;">($) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:350.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Justin Cohen </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:51.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">65,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:350.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Chris Schenk </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:51.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">470,000</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 4pt 0pt; width:350.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Neelam Patel </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:51.82pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:30.75pt; text-align:right; white-space:nowrap;">400,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:7.2pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Mr.&#160;Cohen&#8217;s base salary for 2024 was set at a nominal level with the intent that his 2024 compensation would be primarily delivered in the form of equity incentive compensation (as discussed below).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">2024 Annual bonuses</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">For the fiscal year ended December&#160;31, 2024, Mr.&#160;Schenk and Ms.&#160;Patel were eligible for an annual cash bonus, as determined by the Board. Mr.&#160;Schenk&#8217;s target bonus opportunity was equal to 60% of his annual base salary and Ms.&#160;Patel&#8217;s target bonus opportunity was equal to $500,000. Mr.&#160;Cohen was not eligible for an annual cash bonus for the fiscal year ended 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Equity compensation</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Our equity-based incentive awards are designed to align our interests and those of our equityholders with those of our employees, including our executive officers. The board of directors or an authorized committee thereof is responsible for approving equity grants.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Prior to this offering, we have granted options and restricted stock&#160;units to our employees pursuant to our Equity Incentive Plan, effective as of February&#160;5, 2019 and most recently amended and restated effective as of December&#160;8, 2024 (the &#8220;2019 Plan&#8221;).&#160;Following this offering, we expect to grant equity awards under the terms of our 2025 Incentive Award Plan (the &#8220;2025 Plan&#8221;). The terms of our equity plans are described under the subsection titled &#8220;&#8212;Equity Incentive Plans&#8221;&#160;below.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The following table sets forth the options granted to our named executive officers during 2024 under our 2019 Plan. These options have exercise prices that are not less than the per unit fair market value of our&#160;units on the date of grant, as determined by the board of directors. These options vest as described in the Outstanding Equity Awards at 2024 Fiscal Year-End table.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:361.14pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Name </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;text-align:center;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 Options granted </font>
                <br >
                <font style="letter-spacing:0.225pt;">(#) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:361.14pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Justin Cohen </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:33.06pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">27,097,710</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:361.14pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Chris Schenk </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:33.06pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">10,125,000</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 4pt 0pt; width:361.14pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Neelam Patel </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:33.06pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:42pt; text-align:right; white-space:nowrap;">1,000,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:7.2pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The 2024 option award to Mr. Cohen represented approximately 6.62% of the company&#8217;s outstanding common units as of the date of grant and was granted to him as a one-time extraordinary award in respect of the services he has provided to our company since his commencement of employment. The 2024 option award formalizes and replaces ZFSG&#8217;s agreement to issue to Mr. Cohen stock-based awards in the form of 16,277,800 options to purchase Members&#8217; units of the Company held by ZFSG subject to certain vesting conditions (as described below in the section entitled &#8220;&#8212;Certain relationships and related party transactions&#8212;CEO options&#8221;). The 2024 option award to Mr. Cohen contains certain restrictions on exercisability: no portion of the options may be exercised prior to the completion of this offering, and until the second anniversary of the completion of this offering, no portion of the options may be exercised unless the Board of Directors, in consultation with ZFSG, determines that such exercise would not cause ZFSG to cease to own at least 80% of the aggregate number of issued and outstanding units of our company as of the proposed exercise date. Options granted under the 2019 plan generally have a 10-year term, subject to customary post-termination exercise provisions under which the option will expire three to twelve months after termination of employment (depending on the circumstances of such termination). However, Mr. Cohen&#8217;s 2024 option award does not include such provisions for early expiration following termination of his employment, and, to the extent the option is vested as of the date of his termination (or vesting is </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">120</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">accelerated upon certain qualifying terminations of employment, pursuant to the terms of the award agreement), it will remain exercisable until the expiration of the 10-year term.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Outstanding equity awards at 2024 fiscal year-end</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The following table summarizes the number of outstanding option awards for each named executive officer as of December&#160;31, 2024. None of our named executive officers held restricted stock&#160;units as of December&#160;31, 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:113.99pt;text-align:left;">&#8203;</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="padding:0pt;padding-left:-2.87pt;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:37.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.417pt 0pt; width:0pt;text-align:center;" colspan="28">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">Option awards</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:113.99pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.225pt;">Name </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">Grant date </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Number of </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">securities </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">underlying </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">unexercised </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">options (#) </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">exercisable </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Number of </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">securities </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">underlying</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">unexercised</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">options (#) </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">unexercisable </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Equity</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">incentive</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">plan awards: </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">number of</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">securities</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">underlying</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">unexercised</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">unearned</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">options</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">(#) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Option </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">exercise </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">price</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">per unit </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">($) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Option </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">expiration </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">date </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.25pt 0pt 3.5pt 0pt; width:113.99pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Justin Cohen </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:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">12/8/2024</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:14.57pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:2.19pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">27,097,710<font style="position:absolute;"><font style="font-weight:bold;font-size:8.6pt;"></font><font style=" position:relative; bottom:3.25pt;font-size:6.5pt;">(2)</font> </font></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:11.9pt;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:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:5.78pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.88</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:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">12/8/2034</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:113.99pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Chris Schenk </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">1/1/2022</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:14.57pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">62,500<font style="position:absolute;"><font style=" position:relative; bottom:3.25pt;font-size:6.5pt;">(3)</font> </font></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:2.19pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">93,750<font style="position:absolute;"><font style=" position:relative; bottom:3.25pt;font-size:6.5pt;">(3)</font> </font></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:11.9pt;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:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:5.78pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">1/1/2032</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <td style="padding:0pt 0pt 0.5pt 0pt; width:113.99pt;text-align:left;">&#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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">1/1/2022</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:14.57pt;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:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:2.19pt;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:42pt; text-align:right; white-space:nowrap;">&#8203;</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:11.9pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">468,750<font style="position:absolute;"><font style=" position:relative; bottom:3.25pt;font-size:6.5pt;">(4)</font> </font></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:5.78pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">1/1/2032</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <td style="padding:0pt 0pt 0.5pt 0pt; width:113.99pt;text-align:left;">&#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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">1/1/2024</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:14.57pt;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:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:2.19pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">4,125,000<font style="position:absolute;"><font style=" position:relative; bottom:3.25pt;font-size:6.5pt;">(5)</font> </font></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:11.9pt;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:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:5.78pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">1/1/2034</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt 0pt 0.5pt 0pt; width:113.99pt;text-align:left;">&#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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">1/1/2024</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:14.57pt;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:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:2.19pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">3,000,000<font style="position:absolute;"><font style=" position:relative; bottom:3.25pt;font-size:6.5pt;">(6)</font> </font></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:11.9pt;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:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:5.78pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">2.00</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">1/1/2034</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt 0pt 0.5pt 0pt; width:113.99pt;text-align:left;">&#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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">1/1/2024</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:14.57pt;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:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:2.19pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">3,000,000<font style="position:absolute;"><font style=" position:relative; bottom:3.25pt;font-size:6.5pt;">(7)</font> </font></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:11.9pt;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:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:5.78pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">3.00</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">1/1/2034</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 4pt 0pt; width:113.99pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Neelam Patel </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:37.5pt; text-align:right; white-space:nowrap;">12/8/2024</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:14.57pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.19pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:42pt; text-align:right; white-space:nowrap;">1,000,000<font style="position:absolute;"><font style=" position:relative; bottom:3.25pt;font-size:6.5pt;">(8)</font> </font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:11.9pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:5.78pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:37.5pt; text-align:right; white-space:nowrap;">12/8/2034</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:7.8pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> All awards were granted under our 2019 Plan.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:5.8pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(2)</font><font style="letter-spacing:0.188pt;"> Represents an option to purchase 27,097,710 units of our company. The option was vested as to 60% of the underlying units upon grant. An additional 20% of the underlying units will vest on the first anniversary of the completion of this offering (or, in the event this offering does not occur on or prior to December 31, 2025, on the second anniversary of the grant date), and the remaining 20% of the underlying units will vest on the second anniversary of the completion of this offering (or, in the event this offering does not occur on or prior to December 31, 2025, on the third anniversary of the grant date), in each case, subject to Mr. Cohen&#8217;s continuous service through the applicable vesting date, provided that, any unvested portion of the option award shall accelerate if Mr. Cohen is terminated by the Company without &#8220;cause&#8221; or due to death or &#8220;disability&#8221; &#8203;(each as defined in the option award agreement).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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        <div style="margin-top:5.7pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(3)</font><font style="letter-spacing:0.188pt;"> Represents an option to purchase 156,250&#160;units of our company. The option vests in five equal annual installments beginning on January&#160;1, 2023, subject to Mr.&#160;Schenk&#8217;s continuous service through the applicable vesting date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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        <div style="margin-top:5.7pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(4)</font><font style="letter-spacing:0.188pt;"> Represents an option to purchase 468,750&#160;units of our company. The option will become eligible to vest as to 50% of the underlying&#160;units on January&#160;1, 2026 based on the satisfaction of performance criteria, as determined by the board of directors. The remaining 50% of the underlying&#160;units will become eligible to vest on January&#160;1, 2027 based on the satisfaction of performance criteria, as determined by the board of directors. Vesting of the option is further subject to Mr.&#160;Schenk&#8217;s continuous service through the applicable vesting date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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        <div style="margin-top:5.7pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(5)</font><font style="letter-spacing:0.188pt;"> Represents an option to purchase 4,125,000&#160;units of our company. The option vests in five equal annual installments beginning on January&#160;1,&#160;2025, subject to Mr.&#160;Schenk&#8217;s continuous service through the applicable vesting date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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        <div style="margin-top:5.69pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(6)</font><font style="letter-spacing:0.188pt;"> Represents an option to purchase 3,000,000&#160;units of our company. The option vests in five equal annual installments beginning on January&#160;1,&#160;2025, subject to Mr.&#160;Schenk&#8217;s continuous service through the applicable vesting date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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        <div style="margin-top:5.7pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(7)</font><font style="letter-spacing:0.188pt;"> Represents an option to purchase 3,000,000&#160;units of our company. The option vests in five equal annual installments beginning on January&#160;1,&#160;2025, subject to Mr.&#160;Schenk&#8217;s continuous service through the applicable vesting date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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        <div style="margin-top:5.7pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(8)</font><font style="letter-spacing:0.188pt;"> Represents an option to purchase 1,000,000 units of our company. The option vests in five equal annual installments beginning on December&#160;8, 2025, subject to Ms. Patel&#8217;s continuous service through the applicable vesting date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Executive compensation arrangements</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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            <font style="letter-spacing:0.25pt;">The Company has entered into employment arrangements with each of Mr.&#160;Schenk and Ms.&#160;Patel, the material terms and conditions of which are described below. The Company is not currently a party to an employment agreement with Mr.&#160;Cohen. However, the Company intends to enter into an employment agreement with Mr.&#160;Cohen prior to the completion of this offering, and the employment agreement is filed as an exhibit to the registration statement of which this prospectus forms a part.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">121</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <div style="width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
            <font style="letter-spacing:0.25pt;">Justin Cohen</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">We will enter into an employment agreement (the &#8220;Cohen Employment Agreement&#8221;) with Mr.&#160;Cohen to be effective upon the effectiveness of this registration statement of which this prospectus forms a part, pursuant to which he will continue to serve as our Chief Executive Officer. The Cohen Employment Agreement provides that Mr.&#160;Cohen will continue to be entitled to an annual base salary of $70,000 and a discretionary annual bonus.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">If Mr.&#160;Cohen is terminated by us without &#8220;cause&#8221; &#8203;(as defined in the Cohen Employment Agreement), then, subject to his continued compliance with restrictive covenants to which he is subject and his timely execution and non-revocation of a release of claims in our favor, he is entitled to receive severance equal to 12&#160;months of base salary continuation.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">The Cohen Employment Agreement also contains a non-competition restriction that lasts for 12&#160;months post- termination; provided, that the Company may reduce the length of such non-competition restriction in connection with a corresponding reduction to the base salary continuation provided as severance (but may not reduce it below 3&#160;months), a non-solicitation restriction that lasts for 24&#160;months post-termination, and standard confidentiality restrictions and provisions related to intellectual property protection.</font>
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          <font style="letter-spacing:0.25pt;">Chris Schenk</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We have entered into a second amended and restated employment agreement (as amended and restated, the &#8220;Schenk Employment Agreement&#8221;) with Mr.&#160;Schenk pursuant to which he serves as our President and Chief Underwriting Officer. The Schenk Employment Agreement provides that, effective as of April 1, 2025, Mr.&#160;Schenk is entitled to an annual base salary of $550,000 and an annual target bonus opportunity of 100% of his annual base salary.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">If Mr.&#160;Schenk is terminated by us without &#8220;cause&#8221; &#8203;(as defined in the Schenk Employment Agreement), then, subject to his continued compliance with restrictive covenants to which he is subject and his timely execution and non-revocation of a release of claims in our favor, he is entitled to receive severance payments and benefits consisting of (i)&#160;12&#160;months of base salary continuation; (ii)&#160;any earned but unpaid bonus with respect to the calendar year prior to the year of termination; and (iii)&#160;a pro&#160;rata portion of his target bonus for the year of termination.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Schenk Employment Agreement also contains a non-competition restriction that lasts for 12&#160;months post-termination; provided, that the Company may reduce the length of such non-competition restriction in connection with a corresponding reduction to the base salary continuation provided as severance (but may not reduce it below 3&#160;months), a non-solicitation restriction that lasts for 18&#160;months post-termination, and standard confidentiality restrictions and provisions related to intellectual property protection.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Neelam Patel</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We have entered into an employment agreement (the &#8220;Patel Employment Agreement&#8221;) with Ms.&#160;Patel pursuant to which she serves as our Chief Financial Officer. In addition to providing for an annual target bonus opportunity of $500,000, the Patel Employment Agreement provides for an option award with respect to 1,000,000&#160;units in the Company (which was granted to her in 2024) and a one-time signing bonus of $75,000, which was subject to repayment by Ms.&#160;Patel in the event of her voluntary departure during the first 180 days following her start date.</font>
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          <font style="letter-spacing:0.25pt;">If Ms.&#160;Patel is terminated by us without &#8220;cause&#8221; &#8203;(as defined in the Patel Employment Agreement), then, subject to her continued compliance with restrictive covenants to which she is subject and her timely execution and non-revocation of a release of claims in our favor, Ms.&#160;Patel is entitled to receive severance payments and benefits consisting of (i)&#160;6 months of base salary continuation; (ii)&#160;any earned but unpaid bonus with respect to the calendar year prior to the year of termination; (iii)&#160;a pro&#160;rata portion of her target bonus for the year of termination; and (iv)&#160;6&#160;months of subsidized COBRA coverage. In the event of Ms.&#160;Patel&#8217;s death prior to the end of her employment </font>
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          <font style="letter-spacing:0.25pt;">122</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">term (which is automatically extended for successive one year periods following completion of the initial two-year term unless 60&#160;days&#8217; notice is given), Ms.&#160;Patel&#8217;s estate will receive the payments set forth in (ii)&#160;and (iii)&#160;above, subject to the estate&#8217;s execution and non-revocation of a release of claims in our favor.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Patel Employment Agreement also contains a non-competition restriction that lasts for 6&#160;months post-termination; provided, that the Company may reduce the length of such non-competition restriction in connection with a corresponding reduction to the base salary continuation provided as severance (but may not reduce it below 3&#160;months), a non-solicitation restriction that lasts for 24&#160;months post-termination, and standard confidentiality restrictions and provisions related to intellectual property protection.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Other elements of compensation</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Retirement plans</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We currently maintain a 401(k) retirement savings plan for our employees, including our named executive officers, who satisfy certain eligibility requirements. Our named executive officers are eligible to participate in the 401(k) plan on the same terms as other full-time employees. The Internal Revenue Code allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the 401(k) plan. Currently, we match 100% of contributions made by participants in the 401(k) plan up to 5% of eligible compensation. We believe that providing a vehicle for tax-deferred retirement savings though our 401(k) plan, and making matching contributions, adds to the overall desirability of our executive compensation package and further incentivizes our employees, including our named executive officers, in accordance with our compensation policies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Employee benefits</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">During their employment, our named executive officers are eligible to participate in our employee benefit plans and programs, including medical and dental benefits, to the same extent as our other full-time employees, subject to the terms and eligibility requirements of those plans.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Clawback policy</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We will adopt a compensation recovery policy to be effective upon the closing of this offering that is compliant with the New York Stock Exchange, as required by the Dodd-Frank Act and applicable regulations thereunder.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Equity incentive plans</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">2025 Incentive award plan</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">In connection with this offering, we intend to adopt the 2025 Plan, under which we may grant cash and equity incentive awards to eligible service providers in order to attract, motivate, and retain the talent for which we compete. The material terms of the 2025 Plan are summarized below.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;letter-spacing:0.25pt;">Eligibility and administration.</font><font style="letter-spacing:0.25pt;"> Our employees, consultants, and directors, and employees and consultants of our subsidiaries will be eligible to receive awards under the 2025 Plan. The 2025 Plan will be administered by our board of directors with respect to awards to non-employee directors and by our compensation committee with respect to other participants, each of which may delegate its duties and responsibilities to committees of our directors and/or officers (referred to collectively as the plan administrator below), subject to certain limitations that may be imposed under Section&#160;16 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, stock exchange rules, and/or other applicable laws. The plan administrator will have the authority to make all determinations and interpretations under, prescribe all forms for use with, and adopt rules for the administration of, the 2025 Plan, subject to its express terms and conditions. The plan administrator will also set the terms and conditions of all awards under the 2025 Plan, including any vesting and vesting acceleration conditions.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="font-style:italic;letter-spacing:0.25pt;">Limitation on awards and shares available.</font><font style="letter-spacing:0.25pt;"> An aggregate of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common stock will initially be available for issuance under the 2025 Plan. No more than &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock may be issued upon the </font>
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          <font style="letter-spacing:0.25pt;">123</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">exercise of incentive stock options. Shares issued under the 2025 Plan may be authorized but unissued shares, or shares purchased in the open market.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">If an award under the 2025 Plan is forfeited, expires, lapses, or is terminated, exchanged, surrendered, repurchased, cancelled without having been fully exercised, or settled for cash, any shares subject to such award may, to the extent of such forfeiture, expiration, or cash settlement, be used again for new grants under the 2025 Plan. Awards granted under the 2025 Plan upon the assumption of, or in substitution for, awards authorized or outstanding under a qualifying equity plan maintained by an entity with which we enter into a merger or similar corporate transaction will not reduce the shares available for grant under the 2025 Plan, but may count against the maximum number of shares that may be issued upon the exercise of incentive stock options, or ISOs.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;letter-spacing:0.25pt;">Awards.</font><font style="letter-spacing:0.25pt;"> The 2025 Plan provides for the grant of stock options, including ISOs and nonqualified stock options, or NSOs, stock appreciation rights, or SARs, restricted stock, dividend equivalents, restricted stock&#160;units, or RSUs, and other stock or cash based awards. Certain awards under the 2025 Plan may constitute or provide for payment of &#8220;nonqualified deferred compensation&#8221; under Section&#160;409A of the Code. All awards under the 2025 Plan will be set forth in award agreements, which will detail the terms and conditions of awards, including any applicable vesting and payment terms and post-termination exercise limitations. A brief description of each award type follows. </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="font-style:italic;letter-spacing:0.25pt;">Stock options and SARs</font><font style="letter-spacing:0.25pt;">. Stock options provide for the purchase of shares of our common stock in the future. ISOs, by contrast to NSOs, may provide tax deferral beyond exercise and favorable capital gains tax treatment to their holders if certain holding period and other requirements of the Code are satisfied. SARs entitle their holder, upon exercise, to receive from us an amount equal to the appreciation of the shares subject to the award between the grant date and the exercise date. The plan administrator will determine the number of shares covered by each option and SAR, the exercise price of each option and SAR and the conditions and limitations applicable to the exercise of each option and SAR. The exercise price of a stock option or SAR will not be less than 100% of the fair market value of the underlying share on the grant date, unless otherwise determined by the plan administrator and except with respect to certain substitute awards granted in connection with a corporate transaction. Unless otherwise determined by the plan administrator, the term of a stock option or SAR may not be longer than ten&#160;years. Notwithstanding the foregoing, ISOs granted to certain significant stockholders will have an exercise price no less than 110% of the fair market value of the underlying share on the grant date and a term no longer than five&#160;years.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="font-style:italic;letter-spacing:0.25pt;">Restricted stock and RSUs</font><font style="letter-spacing:0.25pt;">. Restricted stock is an award of nontransferable shares of our common stock that remain forfeitable unless and until specified conditions are met and which may be subject to a purchase price. RSUs are contractual promises to deliver shares of our common stock in the future, which may also remain forfeitable unless and until specified conditions are met and may be accompanied by the right to receive the equivalent value of dividends paid on shares of our common stock prior to the delivery of the underlying shares. The plan administrator may provide that the delivery of the shares underlying RSUs will be deferred on a mandatory basis or at the election of the participant. The terms and conditions applicable to restricted stock and RSUs will be determined by the plan administrator, subject to the conditions and limitations contained in the 2025 Plan.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="font-style:italic;letter-spacing:0.25pt;">Other stock or cash based awards</font><font style="letter-spacing:0.25pt;">. Other stock or cash based awards are awards of cash, fully vested shares of our common stock and other awards valued wholly or partially by referring to, or otherwise based on, shares of our common stock or other property. Other stock or cash based awards may be granted to participants and may also be available as a payment form in the settlement of other awards, as standalone payments and as payment in lieu of compensation to which a participant is otherwise entitled. The plan administrator will determine the terms and conditions of other stock or cash based awards, which may include any purchase price, performance goal, transfer restrictions, and vesting conditions.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;letter-spacing:0.25pt;">Performance criteria.</font><font style="letter-spacing:0.25pt;"> The plan administrator may select performance criteria for an award to establish performance goals for a performance period. Performance criteria under the 2025 Plan may include, but are not limited to, the following: net earnings or losses (either before or after one or more of interest, taxes, depreciation, amortization, and non-cash equity-based compensation expense); gross or net sales or revenue or sales or revenue </font>
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          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">124</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
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        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">growth; net income (either before or after taxes) or adjusted net income; profits (including but not limited to gross profits, net profits, profit growth, net operation profit, or economic profit), profit return ratios or operating margin; budget or operating earnings (either before or after taxes or before or after allocation of corporate overhead and bonus); cash flow (including operating cash flow and free cash flow or cash flow return on capital); return on assets; return on capital or invested capital; cost of capital; return on stockholders&#8217; equity; total stockholder return; return on sales; costs, reductions in costs, and cost control measures; expenses; working capital; earnings or loss per share; adjusted earnings or loss per share; price per share or dividends per share (or appreciation in, or maintenance of, such price or dividends); regulatory achievements or compliance; implementation, completion, or attainment of objectives relating to research, development, regulatory, commercial, or strategic milestones or developments; market share; economic value or economic value added models; division, group, or corporate financial goals; customer satisfaction/growth; customer service; employee satisfaction; recruitment and maintenance of personnel; human resources management; supervision of litigation and other legal matters; strategic partnerships and transactions; financial ratios (including those measuring liquidity, activity, profitability, or leverage); debt levels or reductions; sales-related goals; financing and other capital raising transactions; cash on hand; acquisition activity; investment sourcing activity; and marketing initiatives, any of which may be measured in absolute terms or as compared to any incremental increase or decrease. Such performance goals also may be based solely by reference to the company&#8217;s performance or the performance of a subsidiary, division, business segment, or business unit of the company or a subsidiary, or based upon performance relative to performance of other companies or upon comparisons of any of the indicators of performance relative to performance of other companies. When determining performance goals, the plan administrator may provide for exclusion of the impact of an event or occurrence which the plan administrator determines should appropriately be excluded, including, without limitation, non-recurring charges or events, acquisitions or divestitures, changes in the corporate or capital structure, events unrelated to the business or outside of the control of management, foreign exchange considerations, and legal, regulatory, tax, or accounting changes.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="font-style:italic;letter-spacing:0.25pt;">Certain transactions.</font><font style="letter-spacing:0.25pt;"> In connection with certain corporate transactions and events affecting our common stock, including a change in control, or change in any applicable laws or accounting principles, the plan administrator has broad discretion to take action under the 2025 Plan to prevent the dilution or enlargement of intended benefits, facilitate the transaction or event or give effect to the change in applicable laws or accounting principles. This includes canceling awards for cash or property, accelerating the vesting of awards, providing for the assumption or substitution of awards by a successor entity, adjusting the number and type of shares subject to outstanding awards and/or with respect to which awards may be granted under the 2025 Plan, and replacing or terminating awards under the 2025 Plan. In addition, in the event of certain non-reciprocal transactions with our stockholders, the plan administrator will make equitable adjustments to awards outstanding under the 2025 Plan as it deems appropriate to reflect the transaction. Individual award agreements may provide for additional accelerated vesting and payment provisions.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="font-style:italic;letter-spacing:0.25pt;">Provisions of the 2025 Plan&#160;relating to director compensation.</font><font style="letter-spacing:0.25pt;"> The 2025 Plan provides that the plan administrator may establish compensation for non-employee directors from time to time subject to the 2025 Plan&#8217;s limitations. In connection with this offering, we intend to approve and implement a compensation program for our non-employee directors. Our board of directors or its authorized committee may modify the non-employee director compensation program from time to time in the exercise of its business judgment, taking into account such factors, circumstances and considerations as it shall deem relevant from time to time, provided that the sum of any cash compensation or other compensation and the grant date fair value of any equity awards granted under the 2025 Plan as compensation for services as a non-employee director during any fiscal year may not exceed $1,000,000 in the fiscal year of the non-employee director&#8217;s initial service and $750,000 in any other fiscal year. The plan administrator may make exceptions to this limit for individual non-employee directors in extraordinary circumstances, as the plan administrator may determine in its discretion, subject to the limitations in the 2025 Plan.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-style:italic;letter-spacing:0.25pt;">Foreign participants, claw-back provisions, transferability, and participant payments.</font><font style="letter-spacing:0.25pt;"> The plan administrator may modify awards granted to participants who are foreign nationals or employed outside the United States or establish </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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        </div>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">125</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">subplans or procedures to address differences in laws, rules, regulations, or customs of such foreign jurisdictions. All awards will be subject to any company claw-back policy as set forth in such claw-back policy or the applicable award agreement. Except as the plan administrator may determine or provide in an award agreement, awards under the 2025 Plan are generally non-transferrable, except by will or the laws of descent and distribution, or, subject to the plan administrator&#8217;s consent, pursuant to a domestic relations order, and are generally exercisable only by the participant. With regard to tax withholding obligations arising in connection with awards under the 2025 Plan and exercise price obligations arising in connection with the exercise of stock options under the 2025 Plan, the plan administrator may, in its discretion, accept cash, wire transfer, or check, shares of our common stock that meet specified conditions, a promissory note, a &#8220;market sell order,&#8221; such other consideration as the plan administrator deems suitable or any combination of the foregoing.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-style:italic;letter-spacing:0.25pt;">Plan&#160;amendment and termination.</font><font style="letter-spacing:0.25pt;"> Our board of directors may amend or terminate the 2025 Plan at any time; however, no amendment, other than an amendment that increases the number of shares available under the 2025 Plan, may materially and adversely affect an award outstanding under the 2025 Plan without the consent of the affected participant and stockholder approval will be obtained for any amendment to the extent necessary to comply with applicable laws. Further, the plan administrator may, without the approval of our stockholders, amend any outstanding stock option or SAR to reduce its price per share. The 2025 Plan will remain in effect until the tenth anniversary of its effective date, unless earlier terminated by our board of directors. No awards may be granted under the 2025 Plan after its termination.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">2019 Plan</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Our board of managers has approved our 2019 Plan, under which we may grant options, restricted&#160;units, and other unit-based awards to employees, directors, and consultants of our company or its subsidiaries. We have reserved a total of 50,000,000&#160;units for issuance under the 2019 Plan.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Following the effectiveness of the 2025 Plan, we will not make any further grants under the 2019 Plan. However, the 2019 Plan will continue to govern the terms and conditions of the outstanding awards granted under it. Units subject to awards granted under the 2019 Plan that are forfeited, lapse unexercised, or are settled in cash and which following the effective date of the 2025 Plan are not issued under the 2019 Plan will be available for issuance under the 2025 Plan. As of December&#160;31, 2024, a total of 46,785,154 units were subject to outstanding options granted under the 2019 Plan and a total of 33,400 restricted&#160;units were outstanding under the 2019 Plan.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-style:italic;letter-spacing:0.25pt;">Eligibility and administration.</font><font style="letter-spacing:0.25pt;"> Our employees, officers, and directors, along with consultants to the Company, are eligible to receive awards under the 2019 Plan. Our board of managers or a committee thereof is authorized to administer the 2019 Plan. Subject to the express terms and conditions of the 2019 Plan, the plan administrator has the authority to make all determinations and interpretations under the plan, prescribe all forms for use with the plan, and adopt, amend, and repeal rules, guidance, and practices for the administration of the 2019 Plan. Our board may delegate to one or more designated individuals or committees of our board. The plan administrator also sets the terms and conditions of all awards under the plan, including any vesting and vesting acceleration conditions.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-style:italic;letter-spacing:0.25pt;">Awards.</font><font style="letter-spacing:0.25pt;"> The 2019 Plan provides for the grant of options, restricted&#160;units and other unit-based awards. Options granted under the 2019 Plan may only be exercised using a &#8220;net exercise&#8221; arrangement that reduces the number of&#160;units issued to the optionee by the largest whole number of&#160;units with fair market value equal to the aggregate exercise price and, unless otherwise determined by the plan administrator, the required tax withholding that arises on exercise.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="font-style:italic;letter-spacing:0.25pt;">Certain transactions.</font><font style="letter-spacing:0.25pt;"> The plan administrator has broad discretion to adjust the provisions of the 2019 Plan and the terms and conditions of existing and future awards, including with respect to the aggregate number and kind of&#160;units or other equity securities subject to the 2019 Plan and awards granted pursuant to the 2019 Plan and the purchase or exercise price of awards granted pursuant to the 2019 Plan, in order to prevent substantial dilution or enlargement of the rights of participants under the 2019 Plan in the event of certain transactions and events </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">126</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">affecting our equity securities, such as a reorganization, merger, consolidation, combination, repurchase, recapitalization, liquidation, dissolution, or sale, transfer, exchange, or other disposition of assets of the Company, or sale or exchange of the Company&#8217;s&#160;units or other securities of the Company, issuance of warrants, or other rights to purchase&#160;units of the Company or other securities of the Company. The plan administrator may also provide for the assumption, substitution, acceleration, replacement, or cash-out of awards in the event of the transactions mentioned above.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-style:italic;letter-spacing:0.25pt;">Amendment and termination.</font><font style="letter-spacing:0.25pt;"> Our board of managers may suspend or terminate the 2019 Plan at any time and from time to time. Furthermore, we must generally obtain member approval to the extent required by applicable law, rule, or regulation.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">2024 Director compensation table</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Mr.&#160;Zimmer did not receive any compensation from us for 2024 for his service as a director.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Mr.&#160;Hulst receives annual cash compensation in the amount of $65,000 (plus reimbursement of expenses) for his service on our Board of Directors.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The table below shows all compensation to our non-employee directors for the year ended December&#160;31, 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
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            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:233.63pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Name </font>
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            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fees earned </font>
                <br >
                <font style="letter-spacing:0.225pt;">or paid in cash</font>
                <br >
                <font style="letter-spacing:0.225pt;">($) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Option </font>
                <br >
                <font style="letter-spacing:0.225pt;">awards</font>
                <br >
                <font style="letter-spacing:0.225pt;">($)</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">All other </font>
                <br >
                <font style="letter-spacing:0.225pt;">compensation </font>
                <br >
                <font style="letter-spacing:0.225pt;">($)</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(2)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Total</font>
                <br >
                <font style="letter-spacing:0.225pt;">($) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
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          <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.25pt 0pt 1.833pt 0pt; width:233.63pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Tom Hulst </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:24.38pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.833pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.833pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:26.25pt; text-align:right; white-space:nowrap;">65,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.833pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.833pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:26.25pt; text-align:right; white-space:nowrap;">30,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:27.99pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.833pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.833pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:21.75pt; text-align:right; white-space:nowrap;">5,362</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.833pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.833pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:30.75pt; text-align:right; white-space:nowrap;">100,362</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:5.99pt; width:456pt; line-height:8.5pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Amounts reflect the full grant date fair value of an option award granted during 2024 computed in accordance with ASC Topic 718, Compensation&#8212;</font>&#8203;<font style="letter-spacing:0.188pt;">Stock Compensation, or ASC Topic 718, rather than the amounts paid to or realized by the named individual. We provide information regarding the assumptions used to calculate the value of option awards in Note 16 to the audited financial statements included in this prospectus. As of December&#160;31, 2024, Mr. Hulst held an option to purchase 150,000 units of our company, which option vests in three equal annual installments beginning on December 8, 2025, subject to Mr. Hulst&#8217;s continuous service through the applicable vesting date. As of December 31, 2024, Mr. Hulst did not hold any stock awards.</font></div>
        <div style="margin-top:7.91pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(2)</font><font style="letter-spacing:0.188pt;"> Consists of travel expenses paid by the Company.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:11.11pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Post-IPO director compensation program</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">In connection with this offering each of William Mercer, Robert&#160;C. Merton, and Jack&#160;L. Sennott will be granted a number of RSUs determined by dividing $50,000 by the initial public offering price per share of common stock sold in the IPO. The RSUs will vest in equal installments on each of the first three anniversaries of the date of grant, subject to the non-employee director&#8217;s continued service through each vesting date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Effective upon the effectiveness of the registration statement of which this prospectus forms a part, we adopted and our members approved a compensation program for our non-employee directors under which each non-employee director will receive the following amounts for their services on our board of directors:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">An annual cash retainer fee of $100,000, and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:4.81pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">Upon the director&#8217;s initial election or appointment to our board of directors that occurs after our initial public offering, a number of restricted stock&#160;units determined by dividing $50,000 by the average closing price of our common stock over the 20 consecutive trading days ending on the date of such initial election or appointment (the &#8220;Initial Awards&#8221;).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Director fees under the program will be earned on a quarterly basis based on a calendar quarter and shall be paid in cash by the Company in arrears not later than the fifteenth day following the end of each calendar quarter; provided that the amount of each payment will be prorated for any portion of a quarter that a director is not serving on our board and no fee will be payable in respect of any period prior to the effective date of the registration statement of which this prospectus is a part.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">The Initial Awards will vest in equal installments on each of the first three anniversaries of the date of grant, subject to the non-employee director&#8217;s continued service through each vesting date.</font>
          </div>

      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">127</font>
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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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tCRAR">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Certain relationships and related party transactions</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In addition to the director and executive officer compensation arrangements discussed above under &#8220;Management&#8221; and &#8220;Executive and director compensation&#8221; the following is a description of transactions since January&#160;1, 2022, to which we have been a party in which the amount involved exceeded or will exceed $120,000 and in which any of our directors, executive officers, beneficial owners of more than 5% of our common stock, or their immediate family members or entities affiliated with them, had or will have a direct or indirect material interest.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Relationship with ZFSG</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">As described in more detail below, we have a strategic relationship with ZFSG, which has control over our&#160;units of members&#8217; equity and whose affiliate, the Investment Manager, acts as the investment manager for a number of our investment portfolios. In particular, Stuart J. Zimmer, the Chair of our Board of Directors, is the Chief Executive Officer and founder of ZFSG and the Investment Manager, and Mitchell Pressman, a member of our Board of Directors, is the Chief Financial Officer of ZFSG and the Investment Manager. In addition, Justin Cohen, our Chief Executive Officer and a member of our board of directors, is an employee of the Investment Manager and serves as, or is expected to serve, a member of or observer on the boards of managers of certain ZFSG affiliates, including the board of directors of ZIS, and will receive customary compensation in connection therewith. Mr.&#160;Cohen previously served as a director of Carrick Specialty Holdings LLC, prior to its sale by ZFSG on December&#160;27, 2023, as described further below.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Historical shared overhead</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Employee services</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">From time to time, employees of ZFSG subsidiaries have provided services to us in connection with the development of our business and we have not historically had formal arrangements relating to such services outside of the Management &amp; Cost Sharing Agreement, effective September&#160;30, 2023, with ZIS, a wholly owned subsidiary of ZFSG (the &#8220;MCSA&#8221;). We intend to enter into a Shared Services Agreement with ZFSG prior to this offering relating to certain services and other matters as described below under &#8220;&#8212;Shared Services Agreement.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Use of New York City office space</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Investment Manager has provided us and our employees with ad-hoc access to and use of its office spaces in New York City at no cost. Following this offering, use of such facilities will be subject to the terms of the Shared Services Agreement described below under &#8220;&#8212;Shared Services Agreement.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Management &amp; Cost Sharing Agreement</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Pursuant to the MCSA, ZIS makes available to us certain personnel and services of ZIS. We agree in the MCSA to contribute to the operating costs and expenses of ZIS in proportion and to the extent to which we and our respective subsidiaries make use of the services therein, as invoiced to us by ZIS. We also agree that assets may be transferred between us and ZIS upon the payment of the fair market value for such assets, as determined by us. The MCSA can be terminated for any reason upon ninety days&#8217; notice or, in the event of a breach of the MCSA, at the end of a written 30-day notice and cure period if the breach has not been cured. The MCSA can also be terminated immediately in the event of a regulatory requirement by the Delaware Insurance Commissioner. In the MCSA, ZIS provides certain indemnities to us and our employees and affiliates. In the year ended December&#160;31, 2024, $0.8 million was paid to ZIS pursuant to the MCSA. During 2024, certain corporate and shared service functions were provided by ZIS and the Investment Manager. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated on a pro&#160;rata basis based on measures considered to be a reasonable reflection of the historical utilization levels of these services. For each of the years ended December&#160;31, 2024 and 2023, we recorded $0.8 million and $0.5&#160;million, respectively, of such allocated expense recognized in compensation and benefits expenses in the consolidated statements of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">128</font>
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Shared Services Agreement</font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Prior to this offering, we intend to enter into a Shared Services Agreement with ZFSG (the &#8220;Shared Services Agreement&#8221;) pursuant to which ZFSG will provide us with certain services, including but not limited to, human resources, tax, legal and corporate secretary, transaction advisory, information technology, internal audit, investment accounting, investor relations and actuarial services. The Shared Services Agreement will provide that ZFSG will be reimbursed on a quarterly basis for such services on a &#8220;cost plus&#8221; basis, including pursuant to allocation methodologies to be specified therein. We will also reimburse ZFSG for its allocable share of any reasonable, documented out-of-pocket expenses that are actually incurred by ZFSG in the course of performing the services under the Shared Services Agreement. The Shared Services Agreement will also permit us to make use from time to time of its office space and facilities at 9 West 57th Street, New York, New York. The term of this Services Agreement shall be for a period of five years, and will automatically renew for two-year periods thereafter unless either party provides the other party with 90 days&#8217; written notice before expiration of its intention not to renew. If either party is in material breach of the Shared Services Agreement, the other party may terminate at the end of a written 30-day period if such breach has not been cured. Notwithstanding the foregoing, the Shared Services Agreement shall be automatically terminated if ZFSG ceases to be our affiliate unless ZFSG provides prior written notice waiving such automatic termination.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Employee matters</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Dual employment arrangements</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Certain of our employees are or were also employees of ZFSG affiliates. Although these individuals dedicate substantially all of their time to our business and activities, they are or were dual employees of both ZFSG affiliates and of ours, and as a result, may continue to engage in employment activities for ZFSG affiliates. Each of Justin Cohen, our Chief Executive Officer, and David Rosenzweig, our former Chief Financial Officer are or were also employees of the Investment Manager. Mr.&#160;Cohen entered into an employment agreement with the Investment Manager on February&#160;4, 2020, which is expected to be terminated on or prior to this offering. Justin Cohen is expected to receive a termination payment from the Investment Manager of $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; in connection with such termination, subject to his execution and non-revocation of a release of claims, Justin Cohen has received compensation from the Investment Manager in his role as an employee of the Investment Manager. Such compensation was determined not to be allocable to services Mr. Cohen provided to Ategrity for the year ended December 31, 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Consulting agreements</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">On December&#160;28, 2022, ZFSG entered into a consulting agreement with our President, Chris Schenk, pursuant to which Mr.&#160;Schenk agreed to provide certain consulting services to ZFSG for matters unrelated to the Company. In the year ended December&#160;31, 2023, ZFSG paid Mr.&#160;Schenk $519,000 in full and complete payment for such services.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">On March&#160;3, 2022, ZFSG entered into a consulting agreement with an entity owned by our former Chief Executive Officer, Michael Miller, pursuant to which such entity agreed to provide certain consulting services to ZFSG for matters unrelated to the Company. In the year ended December&#160;31, 2022, ZFSG paid such entity $1,092,000 in full and complete payment for such services.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">ZFSG is expected to enter into a consulting agreement with our Chief Executive Officer, Justin Cohen, related to services Mr. Cohen has provided to a subsidiary of ZFSG unrelated to the Company. Pursuant to the consulting agreement, Mr. Cohen will receive consulting fees in connection with such services. No payments have been received for such consulting services prior to the date hereof.</font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">CEO Options</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">As part of Mr.&#160;Cohen&#8217;s compensation as Chief Executive Officer, and solely for the services provided by him in such capacity, ZFSG agreed to issue to Mr.&#160;Cohen stock-based awards in the form of 16,277,800 options to </font>
        </div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">129</font>
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">purchase Members&#8217; units of the Company held by ZFSG subject to certain vesting conditions. The terms of the CEO Options were agreed in February&#160;2022, which terms included a contractual term of 10&#160;years and a four-year vesting period. On December 8, 2024, this agreement was replaced by the 2024 option awards described in the section entitled &#8220;&#8201;&#8212;&#8201;Executive and director Compensation&#8201;&#8212;&#8201;Equity compensation.&#8221;</font>
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          <font style="letter-spacing:0.25pt;">Health insurance</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Starting on October&#160;1, 2024, our employees participate in a self-insured healthcare plan sponsored by ZIS. ZIS provides insurance to our employees pursuant to such plan and other ancillary benefits. Ategrity Specialty made contributions of $1.6 million toward the employer portion of insurance premiums for the benefit of its employees in the year ended December&#160;31, 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Scottsdale, Arizona office sublease</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We lease approximately 23,490 square feet of office space in Scottsdale, Arizona from an unrelated third party pursuant to a lease that expires in 2028. On July&#160;1, 2022, we entered into a Sublease Agreement with ZFSG whereby ZFSG subleases such office space from us. Per the terms of the Sublease Agreement, we continue to utilize a portion of the leased premises. The base rent under the sublease is equal to the rent we pay under the headlease, and the sublease terminates on the same date as the headlease. We received and recorded sublease fees from ZFSG of $0.7 million, $0.7&#160;million, and $0.3&#160;million in each of the&#160;years ended December&#160;31, 2024, 2023, and 2022, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Capital structure</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">LLC Agreement</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Our unitholders entered into the Amended and Restated Limited Liability Company Agreement, dated April&#160;1, 2018 (the &#8220;LLC Agreement&#8221;), which governs our operations. The LLC Agreement will be terminated in connection with the Corporate Conversion. Only certain limited indemnification, exculpation, and confidentiality provisions of the LLC Agreement will survive such termination thereof. The LLC Agreement provides that our Board of Managers have the power and discretion to manage and control our business and affairs and contains certain customary indemnification provisions.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Capital contributions and withdrawals</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In September&#160;2022, ZFSG made a non-cash contribution to us of $75.0&#160;million in the form of an in-kind contribution of an interest in the Utility Limited Partnership and received 95,724,314 of our&#160;units for such contribution.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In October&#160;2023, ZFSG made a cash contribution of $35.0&#160;million to us and received 44,164,038 of our&#160;units for such contribution.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In October&#160;2024, ZFSG made an in-kind contribution of $22.2&#160;million in principal amount of U.S. Treasury Notes with a fair market value of $20.1&#160;million to us and received (i)&#160;23,022,550 of our&#160;units, (ii)&#160;11,511,275 warrants to purchase our&#160;units with an exercise price of $3.00 per unit (&#8220;Tranche 1 Warrants&#8221;), and (iii)&#160;4,000,000 warrants to purchase our&#160;units with an exercise price of $2.00 per unit (&#8220;Tranche 2 Warrants&#8221; and, together with the Tranche 1 Warrants, the &#8220;Warrants&#8221;) for such contribution. Such underlying&#160;units and exercise prices of the Warrants are subject to customary anti-dilution adjustments set forth in each warrant certificate relating thereto. ZFSG is entitled to exercise the Warrants for a term of ten&#160;years starting from October&#160;2024 by paying the exercise price in cash or on a cashless basis.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In January 2025, ZFSG made an in-kind contribution of $20.0 million in principal amount of U.S. Treasury Notes with a fair market value of $20.0 million to us and received 21,436,227 of our units.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">In April 2025, ZFSG made a cash contribution of $0.7&#160;million and received 699,900 of our units in connection with the repurchase on April 4, 2025, of 699,900 units from certain unitholders for an aggregate purchase price of $0.7&#160;million.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">130</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">The Utility General Partner withdrew $6.9 million, $3.1&#160;million, and $3.9&#160;million from its capital account at the Utility Limited Partnership in each of the&#160;years ended December&#160;31, 2024, 2023, and 2022, respectively. Such withdrawals were made out of the Utility General Partner&#8217;s earnings from the Utility Limited Partnership.</font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Tax Allocation Agreement</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We have historically been included in the consolidated federal income tax return of ZFSG. On April&#160;1, 2018, we, Ategrity Specialty and Ategrity Ltd entered into a Tax Allocation Agreement with ZFSG (the &#8220;Tax Agreement&#8221;) which governs the allocation of consolidated tax liability among the parties to the agreement, the reimbursement of ZFSG for payments of such liabilities, the compensation of affiliated companies of ZFSG for the use of its tax attributes and the allocation of refunds or subsequent adjustments to tax liabilities. We and our subsidiaries received a net amount of $0.9 million, $3.7&#160;million, and $0.5&#160;million in tax sharing payments in cash to ZFSG pursuant to the Tax Agreement, in the&#160;years ended December&#160;31, 2024, 2023, and 2022, respectively. Amounts receivable from (payable to) ZFSG pursuant to the Tax Agreement were $(26.5) million, ($8.9 million), and $4.3&#160;million in the&#160;years ended December&#160;31, 2024, 2023, and 2022, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Investment management</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Utility &amp; Infrastructure Investments</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Utility Limited Partnership Agreement</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">On April&#160;1, 2018, we entered into the Amended and Restated Limited Partnership Agreement (the &#8220;Utility Limited Partnership Agreement&#8221;) of the Utility Limited Partnership. The Utility Limited Partnership operates as a feeder fund in a &#8220;master-feeder&#8221; structure, in which the Utility Limited Partnership invests substantially all of its assets in the Absolute Return Utility &amp; Infrastructure Fund. The Utility General Partner is responsible for the investment decisions of the Utility Limited Partnership. The Investment Manager, an affiliate of ZFSG, is the investment manager of the Absolute Return Utility &amp; Infrastructure Fund and the Utility Limited Partnership.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Utility General Partner, an affiliate of ZFSG, is the general partner of the Utility Limited Partnership and is responsible for the investment decisions of the Utility Limited Partnership, including the appointment of the investment manager of the Utility Limited Partnership. The Utility General Partner owned less than 0.2% of the Utility Limited Partnership as of December&#160;31, 2024.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Under the terms of the Utility Limited Partnership Agreement, the Utility General Partner is entitled to an incentive fee allocation equal to 20% of the Utility Limited Partnership&#8217;s net profits (the &#8220;Incentive Fee&#8221;). Such Incentive Fee is subject to a cap in any given year of the excess of 20% of the Utility Limited Partnership&#8217;s net profits less the sum of all of the Utility Limited Partnership&#8217;s prior year net losses that were not subsequently offset by prior net year profits, as adjusted for withdrawals. The Incentive Fee for the Utility Limited Partnership was $6.8&#160;million, $0.1&#160;million, and $2.8&#160;million for the&#160;years ended December&#160;31, 2024, 2023, and 2022, respectively. </font>
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          <font style="letter-spacing:0.25pt;">Under the terms of the Utility Limited Partnership Agreement, the Utility Limited Partnership is responsible for paying certain fund expenses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Pursuant to the Utility Limited Partnership Agreement, the Utility Limited Partnership has a quarterly liquidity option at the end of the quarter upon 45&#160;days written notice:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">to the extent required to pay insurance claims, but only to the extent other funds are not available for such purpose;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">to the extent required to pay for reasonable operating expenses as may be determined by the board of directors but only to the extent other funds are not available for such purpose;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">in the event we receive a notification from A.M. Best that such withdrawal is required to maintain our financial strength rating of at least A-, or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">131</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">in the event we are required to diversify assets pursuant to a law, order, or regulation. The Utility General Partner may withdraw all or a portion of its capital account at any time.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Utility Limited Partnership IMA</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Utility Limited Partnership entered into an Investment Management Agreement, dated April&#160;1, 2018 (the &#8220;Utility Limited Partnership IMA&#8221;) with the Investment Manager, pursuant to which the Utility General Partner appointed the Investment Manager to manage its assets and granted the Investment Manager the full and exclusive authority and discretion to effect investment transactions through the portfolio, subject to the Investment Guidelines set forth therein. The Investment Manager is paid a quarterly fixed fee of 50 basis points (i.e., 0.5%) per quarter of the balance of each limited partner&#8217;s capital account (the &#8220;Fixed Fee&#8221;). The Fixed Fee for the Utility Limited Partnership was $5.2 million, $4.9&#160;million, and $4.2&#160;million for the&#160;years ended December&#160;31, 2024, 2023, and 2022, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The Utility Limited Partnership IMA will remain in effect until April&#160;1, 2026, subject to automatic renewal for additional successive three-year periods and may be terminated by any party thereto upon sixty (60) days&#8217; prior written notice to the end of the initial term or the end of any automatic renewal date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Pursuant to the Utility Limited Partnership IMA, the Utility Limited Partnership will exculpate, indemnify, and hold harmless the Investment Manager and certain of its affiliates, except to the extent arising from losses caused by such indemnified party&#8217;s gross negligence or willful malfeasance.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">MidCap Limited Partnership Agreement</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">On January&#160;1, 2025, we entered into the Amended and Restated Limited Partnership Agreement (the &#8220;MidCap Limited Partnership Agreement&#8221;) of the MidCap Limited Partnership. The MidCap Limited Partnership operates as a feeder fund in a &#8220;master-feeder&#8221; structure, in which the MidCap Limited Partnership invests substantially all of its assets in the Absolute Return MidCap Fund.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">MidCap General Partner, an affiliate of ZFSG, is the general partner of the MidCap Limited Partnership and is responsible for the investment decisions of the MidCap Limited Partnership, including the appointment of the investment manager of the MidCap Limited Partnership. The Investment Manager, an affiliate of ZFSG, is the investment manager of the Absolute Return MidCap Fund and the MidCap Limited Partnership.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Under the terms of the MidCap Limited Partnership Agreement, the MidCap General Partner is entitled to an incentive fee allocation equal to 20% of the MidCap Limited Partnership&#8217;s net profits (the &#8220;Incentive Fee&#8221;). Such Incentive Fee is subject to a cap in any given year of the excess of 20% of the MidCap Limited Partnership&#8217;s net profits less the sum of all of the MidCap Limited Partnership&#8217;s prior year net losses that were not subsequently offset by prior net year profits, as adjusted for withdrawals. Such Incentive Fee increases to 30% of the MidCap Limited Partnership&#8217;s net profits above a 15% annualized return hurdle.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Under the terms of the MidCap Limited Partnership Agreement, the MidCap Limited Partnership is responsible for paying certain fund expenses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Pursuant to the MidCap Limited Partnership Agreement, we are permitted to redeem 25% of our capital in the MidCap Limited Partnership at the end of a quarter upon 75&#160;days&#8217; notice. After such redemption, we may withdraw the remainder of our capital in equal installments for successive calendar quarters upon at least 75&#160;days&#8217; notice. A withdrawal made prior to the last business day of the third full calendar quarter occurring on or after the day immediately preceding the date on which our capital contribution was made will be subject to a withdrawal reduction of 3.75% of the gross withdrawal proceeds attributable to such capital.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The MidCap General Partner may withdraw all or a portion of its capital account at any time.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">MidCap Limited Partnership IMA</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The MidCap Limited Partnership entered into an Investment Management Agreement, dated April&#160;1, 2020 (the &#8220;MidCap Limited Partnership IMA&#8221;) with the Investment Manager, pursuant to which the MidCap General Partner </font>
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          <font style="letter-spacing:0.25pt;">132</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">appointed the Investment Manager to manage its assets and granted the Investment Manager the full and exclusive authority and discretion to effect investment transactions through the portfolio, subject to the Investment Guidelines set forth therein. The Investment Manager is paid a quarterly fixed fee computed at an annual rate of 2.0% (i.e., 0.5% per quarter) of the balance of the capital account of each feeder fund (the &#8220;Fixed Fee&#8221;).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The MidCap Limited Partnership IMA has a one-year term ending on December&#160;31 of each calendar year, is subject to automatic renewal for additional successive one-year periods and may be terminated by any party thereto upon sixty (60) days&#8217; prior written notice to the end of any automatic renewal date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Pursuant to the MidCap Limited Partnership IMA, the MidCap Limited Partnership will exculpate, indemnify, and hold harmless the Investment Manager and certain of its affiliates, except to the extent arising from losses caused by such indemnified party&#8217;s gross negligence or willful malfeasance.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Fixed income investment management agreements</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
            <font style="letter-spacing:0.25pt;">Ategrity Ltd IMAs</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Ategrity Ltd entered into an Amended &amp; Restated Investment Management Agreement, dated October&#160;1, 2024 and an Investment Management Agreement, dated December 1, 2024 (as amended, the &#8220;Ategrity Ltd IMAs&#8221;) with the Investment Manager, pursuant to which Ategrity Ltd appointed the Investment Manager to manage portfolios of assets and granted the Investment Manager the full and exclusive authority and discretion to effect investment transactions through the portfolios, subject to the Investment Guidelines set forth in each Ategrity Ltd IMA. The Ategrity Ltd IMAs will remain in effect until December&#160;31, 2027, subject in each case to automatic renewal for additional successive three year periods, and may be terminated by any party thereto upon 60&#160;days&#8217; written notice prior to the end of the applicable term. Ategrity Ltd may change the Investment Guidelines at any time or withdraw any or all of the assets in the portfolio upon five business days&#8217; prior written notice for certain specified uses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Each Ategrity Ltd IMA provides that the Investment Manager will be paid, on a quarterly basis, a fee equal to 5 basis points (0.05%) per quarter of the adjusted net asset value. For the initial term of the Ategrity Ltd IMA, this fee is reduced to 1.25 basis points (0.0125%) per quarter. Ategrity Ltd is responsible for payment of certain of the Investment Manager&#8217;s expenses, costs, and external fees as outlined in Ategrity Ltd IMAs. The fee incurred pursuant to the Ategrity Ltd IMA was $0.1 million for the year ended December 31, 2024, and Ategrity Ltd reimbursed expenses of the Investment Manager of $0, for the year ended December 31, 2024.</font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Pursuant to each Ategrity Ltd IMA, Ategrity Ltd will exculpate, indemnify, and hold harmless the Investment Manager and certain of its affiliates, except to the extent arising from losses caused by such indemnified party&#8217;s gross negligence or willful malfeasance. The Investment Manager agrees to indemnify and hold harmless Ategrity&#160;Ltd and certain of its affiliates as a direct result of the Investment Manager&#8217;s gross negligence, willful malfeasance, or reckless disregard of its obligations and duties.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">HoldCo IMA</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We have entered into an Amended &amp; Restated Investment Management Agreement, dated October&#160;1, 2024 (as amended, the &#8220;HoldCo IMA&#8221;) with the Investment Manager, pursuant to which we appointed the Investment Manager to manage a portfolio of assets and granted the Investment Manager the full and exclusive authority and discretion to effect investment transactions through the portfolio, subject to the Investment Guidelines set forth therein. The HoldCo IMA will remain in effect until December&#160;31, 2027, subject to automatic renewal for additional successive three year periods, and may be terminated by any party thereto upon 60&#160;days&#8217; written notice prior to the end of the applicable term. We may change the Investment Guidelines at any time or withdraw any or all of the assets in the portfolio upon five (5)&#160;business days&#8217; prior written notice for certain specified uses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The HoldCo IMA provides that the Investment Manager will be paid, on a quarterly basis, a fee equal to 5 basis points (0.05%) per quarter of the adjusted net asset value. For the initial term of the Ategrity Ltd IMA, this fee is reduced to 1.25 basis points (0.0125%) per quarter. We are responsible for payment of certain of the Investment </font>
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          <font style="letter-spacing:0.25pt;">133</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">Manager&#8217;s expenses, costs, and external fees as outlined in the HoldCo IMA. The fee incurred pursuant to the HoldCo IMA was $26,000, $0, and $0 for the&#160;years ended December&#160;31, 2024, 2023, and 2022, respectively, and we reimbursed expenses of the Investment Manager of $0, $0, and $0 for the&#160;years ended December&#160;31, 2024, 2023, and 2022, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Pursuant to the HoldCo IMA, we will exculpate, indemnify, and hold harmless the Investment Manager and certain of its affiliates, except to the extent arising from losses caused by such indemnified party&#8217;s gross negligence or willful malfeasance.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Related Party Loan</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">On March 31, 2025, Ategrity Specialty Holdings LLC and Ategrity Ltd redeemed $94&#160;million in the aggregate from our investments in the Utility Limited Partnership (which had previously invested such funds in the Absolute Return Utility &amp; Infrastructure Fund managed by the Investment Manager) and on March&#160;31, 2025, Ategrity Specialty Holdings LLC and Ategrity Ltd, as lenders, executed the ZIS Loan with ZIS, an employee medical benefits company that is wholly owned by ZFSG, as the borrower, with an effective date of April&#160;1, 2025 and the Guaranty. The ZIS Loan is secured by the shares ZFSG holds in ZIS. ZIS used the proceeds from the loan to purchase $94&#160;million of Feeder Fund interests (calculated based on the March&#160;31, 2025 net asset value of the Absolute Return Utility &amp; Infrastructure Fund). The ZIS Loan is also secured by &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; our shares of common stock that are held by ZFSG. The ZIS Loan accrues interest at a rate of 5.5%, payable annually in cash. The ZIS Loan matures on April&#160;30, 2032. ZIS has the option to prepay the ZIS Loan at any time, in whole or in part, without penalty or premium. The ZIS Loan is guaranteed by ZFSG and is secured by the shares of ZIS held by ZFSG. The ZIS Loan is subject to customary negative and affirmative covenants, including without limitation, a negative pledge on the collateral for the ZIS Loan. ZFSG&#8217;s guarantee of the ZIS Loan is expressly subordinated to any and all debts, liabilities and other obligations owing to the lenders to the Investment Manager&#8217;s credit facility by its terms. The ZIS Loan agreement will be filed as an exhibit to the registration statement of which this prospectus forms a part.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
            <font style="letter-spacing:0.3pt;">Advisory Fee</font>
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          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">On March 31, 2025, ZFSG paid us an advisory fee equal to $940,000 pursuant to an advisory fee letter between ZFSG and Ategrity Specialty Holdings LLC relating to certain advisory services provided to ZFSG by Ategrity Specialty Holdings LLC.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Technology Transactions</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We entered into certain technology transactions (the &#8220;Technology Transactions&#8221;) effective January&#160;1, 2023, with ZFSG and ZTG.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Technology Transactions agreement</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">As part of the Technology Transactions, we obtained a license to continue using certain software and technologies as part of our operations for one year at a cost of $750,000 per annum, with a right to renew the license for additional one-year periods. We agreed to provide services relating to the assets to ZTG for an initial one-year term with the actual internal and external costs incurred by us in performing the services to be paid by ZTG.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We entered into a Technology Transactions Agreement effective January&#160;1, 2023, and the related schedules, whereby (i)&#160;we agreed to sell, assign, grant, convey, and transfer certain software to ZTG for a fee of $13,501,290, (ii)&#160;ZTG granted to us a worldwide right and license under all applicable intellectual property rights to use such software for a fee of $750,000 payable in equal quarterly installments of $187,500, with a right to renew the license for additional one-year periods, and (iii)&#160;we agreed to work with third-party vendors to develop proposals to provide supporting infrastructure, support services, ongoing maintenance, and continued development of such software for the benefit of ZTG. In the event that ZTG chooses to approve any proposals developed at our request, ZTG agreed to bear all third-party costs for such development. Where ZTG has not paid such costs directly to the applicable third-party vendor(s), ZTG shall pay such costs as fees to us. We made payments to ZTG pursuant to the </font>
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          <font style="letter-spacing:0.25pt;">134</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">foregoing arrangements of $0.8 million and $0.6&#160;million in the&#160;years ended December&#160;31, 2024 and 2023, respectively, and ZTG made payments to us pursuant to the foregoing arrangements of $4.0 million and $2.3&#160;million in the&#160;years ended December&#160;31, 2024 and 2023, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">AtegrityOne Transaction</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">We entered into a transaction with ZTG, effective April&#160;1, 2025, to acquire certain technology assets developed by or on behalf of ZTG for Ategrity Specialty after the date of the Technology Transactions, including the rights to the AtegrityOne software, for the purchase price of $3.2 million, which was paid following a redemption on March 31, 2025, of our interests in the Absolute Return Utility &amp; Infrastructure Fund in such amount (the &#8220;AtegrityOne Transaction&#8221;). The AtegrityOne Transaction confirms our ownership of, and enables us to further develop, the AtegrityOne software, which is a core technology linked to our underwriting plan and strategy.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Promissory note</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">As part of Technology Transactions, in consideration for the assets acquired by ZTG, ZFSG issued a promissory note to Ategrity Specialty bearing interest at 7.42% per annum with a maturity date of December&#160;31, 2029 (the &#8220;ZFSG Promissory Note&#8221;).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024, the balance of the ZFSG Promissory Note was $13.5 million. ZFSG paid interest on the promissory note of $1.0 million and $0.75&#160;million in the&#160;years ended December&#160;31, 2024 and 2023, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Carrick Re</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We have entered into certain reinsurance transactions with Carrick Re Limited (&#8220;Carrick Re&#8221;), a subsidiary of Carrick Specialty Holdings LLC, which prior to its sale on December&#160;27, 2023, was a majority owned subsidiary of ZFSG. For additional information with respect to these transactions, see Note 11 to our consolidated financial statements included elsewhere herein. The terms of such arrangements are described in more detail below.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Loss portfolio transfer agreement</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">On December&#160;30, 2021, each of Ategrity Specialty and Ategrity Ltd entered into a Brokerage Property Loss Portfolio Transfer Contract (the &#8220;Ategrity Specialty LPT&#8221; and the &#8220;Ategrity Ltd LPT&#8221;, respectively, and together, the &#8220;LPTs&#8221;) with Carrick Re, pursuant to which Carrick Re accepts from Ategrity Specialty and Ategrity Ltd, respectively, certain net losses relating to certain policies properly classified as Brokerage Property business with claims or losses occurring on or prior to September&#160;30, 2021.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In consideration of the acceptance by Carrick Re of Ategrity Specialty LPT and the Ategrity Ltd LPT, we paid to Carrick Re a total premium of $1.4&#160;million after withholding a portion of the premium equal to $46.7&#160;million. We made combined net payments to Carrick Re of $33,000, $(2.5) million and $9.4&#160;million pursuant to Ategrity Specialty LPT and the Ategrity Ltd LPT in the&#160;years ended December&#160;31, 2024, 2023, and 2022, respectively. As of December&#160;31, 2023 and 2022, the reinsurance recoverable for ceded loss and loss adjustment expense reserves under Ategrity Specialty LPT was $0.9&#160;million and $2.4&#160;million, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Professional Services Agreement</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">On December&#160;30, 2021, Ategrity Specialty and Ategrity Ltd entered into an agreement with Carrick Limited (the &#8220;Professional Services Agreement&#8221;), pursuant to which Carrick Limited provides certain ceded reinsurance administration services for certain facultative reinsurance certificates covering business also reinsured under the LPTs (the &#8220;Certificates&#8221;).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Carrick Limited may terminate the Professional Services Agreement on sixty (60) days prior written notice following termination or expiration of the LPTs. In addition, the Professional Services Agreement may be terminated at any time by the mutual agreement of the parties. In addition, any party may terminate the Professional Services Agreement upon written notice in the event of a material breach related to the Professional </font>
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          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.25pt;">135</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Services Agreement that has not been cured by the non-terminating party within thirty (30) days from receiving such notice. Additionally, the Services Agreement will automatically terminate upon the termination of the LPTs triggered by a specified reinsurer credit event.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In consideration of Carrick Limited&#8217;s performance of services pursuant to the Professional Services Agreement, Ategrity Specialty and Ategrity Ltd collectively pay Carrick Limited 50% of all collections from the Certificates collected during the term of the Services Agreement. Ategrity Specialty and Ategrity Ltd have collectively paid Carrick Limited $0.1 million, $0.4&#160;million, and $0.3&#160;million pursuant to the Professional Services Agreement in the&#160;years ended December&#160;31, 2024, 2023, and 2022, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Stockholders&#8217; agreement</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In connection with the consummation of the offering, we intend to enter into a stockholders&#8217; agreement with ZFSG (the &#8220;Stockholders&#8217; Agreement&#8221;). Pursuant to such Stockholders&#8217; Agreement, ZFSG will have the right to designate a specified number of directors to be nominated for election to our Board of Directors, based on ZFSG and its affiliates&#8217; ownership percentages below, calculated using the total shares of our common stock outstanding at such time:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:384pt;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.225pt;">Percentage </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.833pt 0pt;text-align:right;" colspan="4">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.225pt;">Director </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">Nominees</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.25pt 0pt 3.5pt 0pt; width:384pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">40% or greater </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:54.4pt;width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">4 </td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:384pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">&lt;40% but </font><font style="font-family:Times New Roman, Times, serif;">&ge;</font><font style="letter-spacing:0.25pt;"> 30% </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:54.4pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">3 </td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:384pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">&lt;30% but </font><font style="font-family:Times New Roman, Times, serif;">&ge;</font><font style="letter-spacing:0.25pt;"> 20% </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:54.4pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">2 </td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:384pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">&lt;20% but </font><font style="font-family:Times New Roman, Times, serif;">&ge;</font><font style="letter-spacing:0.25pt;"> 10% </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:54.4pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">1 </td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 4pt 0pt; width:384pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Less than 10% </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:54.4pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
            </tr>
          </table>


          <div style="margin-top:7.5pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">ZFSG will have the exclusive right to fill vacancies for its designees whether as a result of the resignation, death, or removal of such director. Upon any increase in the number of directors on the board, ZFSG will have the right to designate a proportional number of persons for nomination and election to our Board of Directors (rounded up to the nearest whole, even number) as prior to such increase. Pursuant to the terms of the Stockholders&#8217; Agreement and the bylaws, ZFSG will also have the right, for so long as ZFSG and its affiliates own at least 25% of the shares outstanding, to nominate the Chair and Vice Chair of the Board of Directors from the directors elected. ZFSG will have the right to appoint one director from the directors elected on each committee of the Board of Directors to the extent not prohibited by applicable law or stock exchange regulations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">The Stockholders&#8217; Agreement will also contain provisions that will require us to register, subsequent to the IPO, under the federal securities laws the offer and sale of shares of our common stock held by ZFSG and certain of its affiliates, including shares underlying warrants held by ZFSG, upon demand thereof. The agreement will also grant ZFSG the opportunity to include its shares, including shares underlying warrants held by ZFSG, in any registration statement filed by us in connection with a subsequent public offering of our equity securities (customarily known as &#8220;piggyback rights&#8221;). These registration rights will be subject to certain conditions and limitations. We will generally be obligated to pay all registration expenses in connection with these registration obligations, regardless of whether a registration statement is filed or becomes effective. The Stockholders&#8217; Agreement will also contain customary indemnification and contribution provisions with respect to the registration rights contained therein.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Indemnification agreements</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:5pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In connection with the consummation of the offering, we intend to enter into separate indemnification agreements with each of our directors and executive officers. Each indemnification agreement is expected to provide, among other things, for indemnification to the fullest extent permitted by law and our articles of incorporation and bylaws against (i)&#160;any and all expenses and liabilities, including judgments, fines, penalties, interest, and amounts paid in settlement of any claim with our approval and counsel fees and disbursements, (ii)&#160;any liability </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">136</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">pursuant to a loan guarantee, or otherwise, for any of our indebtedness, and (iii)&#160;any liabilities incurred as a result of acting on behalf of us (as a fiduciary or otherwise) in connection with an employee benefit plan. The indemnification agreements will provide for the advancement or payment of expenses to the indemnitee and for reimbursement to us if it is found that such indemnitee is not entitled to such indemnification under applicable law and our articles of incorporation and bylaws. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, or persons controlling us pursuant to the foregoing provisions, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:5pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We believe that these indemnification agreements, as well as our maintaining directors&#8217; and officers&#8217; liability insurance, help us to attract and retain qualified persons as directors and officers.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Directed Share Program</font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">At our request, the underwriters have reserved for sale, at the initial public offering price, up to &#8199;&#8199;&#8199;&#8199;% of the shares offered by this prospectus, excluding the additional shares that the underwriters have an option to purchase, for sale to certain of our employees, certain of our directors and certain other parties. J.P. Morgan Securities LLC will administer our directed share program as described in under &#8220;Underwriting&#8212;Directed Share Program&#8221;. Shares purchased in such directed share program will be subject to the 180-day lock-up restriction described under &#8220;Underwriting.&#8221; We agreed to indemnify J.P.&#160;Morgan Securities LLC in connection with the directed share program, including for the failure of any participant to pay for its shares. Other than the underwriting discount described on the front cover of this prospectus, the underwriters will not be entitled to any commission with respect to shares of stock sold pursuant to the directed share program.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Policy concerning related party transactions</font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Prior to the consummation of this offering, our Board of Directors will adopt a written policy for the review of any transaction, arrangement, or relationship in which we are a participant, the amount involved exceeds $120,000 and one of our executive officers, directors, or beneficial owners (including, and in the aggregate with, their immediate family members) of more than 5% of our common stock is implicated, each of whom we refer to as a &#8220;related person,&#8221; has a direct or indirect material interest.</font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">If a related person proposes to enter into such a transaction, arrangement, or relationship, which we refer to as a &#8220;related person transaction,&#8221; the related person must report the proposed related person transaction to our Chief Financial Officer (or his or her designee). The policy calls for the proposed related person transaction to be reviewed and, if deemed appropriate, approved by the audit committee. In approving or rejecting such proposed transactions, the audit committee is expected to take into consideration the relevant facts and circumstances available and deemed relevant to the audit committee, including the material terms of the transaction, risks, benefits, costs, availability of other comparable services or products, and, if applicable, the impact on director&#8217;s independence.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Whenever practicable, the reporting, review, and approval will occur prior to entering into the transaction. If advance review and approval is not practicable, the audit committee will review and may, in its discretion, ratify the related person transaction retroactively. All of the transactions described in this section occurred prior to the adoption of this policy.</font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Certain types of transactions are deemed pre-approved pursuant to our written policies concerning related party transactions. In particular, for operational and administrative ease, certain transactions with ZFSG and its affiliates that fit within the defined parameters below for transactions that are consistent with our investment strategies and investment management relationships will be pre-approved by the Audit Committee pursuant to such policies and will not require additional approval by the Audit Committee as a result. As described below, these exceptions include specific arrangements under which we may engage ZFSG or its affiliates in an investment management or advisory capacity without prior Audit Committee review or approval. The following transactions, among others, are expressly included as pre-approved transactions and do not require the consent or review of the Audit Committee:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">137</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:100pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:18pt; line-height:13pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:13pt; text-align:left; margin-left:26pt;">
          <font style="letter-spacing:0.25pt;">Any investment or upsize of an existing investment by us in any investment fund or other investment vehicle whose investment activities are managed or advised, directly or indirectly, by an entity whose general partner or managing member is owned, directly or indirectly, by ZFSG or by one or more of ZFSG&#8217;s subsidiaries (each, as &#8220;Zimmer Vehicle&#8221;); provided, that such investment is an existing investment or is a new investment that provides us with a most favored nations clause or the same or better terms, taken as a whole with respect to such Zimmer Vehicle, as those applicable to other investors in the same Zimmer Vehicle who invested an amount in such fund equal to or less than that invested by us (without consideration of any terms (&#8220;Designated Terms&#8221;) that are offered to employees of ZFSG and their relatives (&#8220;Designated Investors&#8221;)); and provided further that such investment or investments by us represent no more than 80% of the outstanding or expected equity interests of such Zimmer Vehicle which percentage, with respect to any Zimmer Vehicle with a master-feeder structure, shall be calculated at the master fund level;</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:18pt; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:26pt;">
          <font style="letter-spacing:0.25pt;">Any upsizing of an existing investment by us or Ategrity Ltd in the ZIS Loan, so long as the percent increase in size does not exceed the growth rate of our total invested assets in any period;</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:18pt; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:26pt;">
          <font style="letter-spacing:0.25pt;">Entering into any investment management agreement (&#8220;IMA&#8221;) with ZFSG so long as (i)&#160;such agreement is on terms in the aggregate (including expense reimbursement and indemnities) materially consistent with IMAs existing on the date hereof or otherwise no less favorable to us than customary market terms (excluding the fees charged under the IMA); and (ii) either (a)&#160;for fixed income IMAs, the rates on assets under management (&#8220;AUM&#8221;) under such agreement do not exceed 75 basis points per annum; or (b)&#160;for all other products, (1)&#160;management fees earned by ZFSG shall not exceed 2% of assets or commitment, as applicable, and (2)&#160;carried interest or performance fees earned by ZFSG for any such investment shall not exceed 20% of the profits; provided that the carried interest or performance fee may step up to 30% if performance exceeds a specified performance hurdle;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:18pt; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:26pt;">
          <font style="letter-spacing:0.25pt;">Amending an IMA currently in effect or entering into a new IMA, in each case, for the purpose of adding new investment guidelines or terms as directed by our Chief Executive Officer on terms not more economically favorable in the aggregate to ZFSG than those in the IMA which is currently in effect, unless, such IMA or amendment imposes any new fee or increases the rate at which fees are charged (except as otherwise permitted under the bullet below);</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:18pt; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:26pt;">
          <font style="letter-spacing:0.25pt;">Any increase in the fee rates on AUM charged to us with respect to any Zimmer Vehicle or IMA as long as such increase would not cause the fee rate on AUM charged to us with respect to such Zimmer Vehicle or IMA to increase over any one-year period by more than the greater of (x)&#160;5% and (y)&#160;the then-current Consumer Price Index for All Urban Consumers;</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:18pt; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:26pt;">
          <font style="letter-spacing:0.25pt;">Any transfer of our equity securities among ZFSG and its affiliates;</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:18pt; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:26pt;">
          <font style="letter-spacing:0.25pt;">The performance in accordance with its terms of any agreement validly entered into with the ZFSG and in existence as of the date of this offering;</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:18pt; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:26pt;">
          <font style="letter-spacing:0.25pt;">The performance by employees of ZFSG of any services for us that are designated as &#8220;dual hatted&#8221; services pursuant to any arrangements then in place for the purpose of governing such arrangements; and</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:18pt; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:26pt;">
          <font style="letter-spacing:0.25pt;">Any autorenewal of the term of any investment in a Zimmer Vehicle or IMA. </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-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">138</font>
          <br >
        </div>
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      <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tPRST">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-bottom:104.43pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Principal stockholders</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
            <font style="letter-spacing:0.25pt;">The following table sets forth certain information with respect to the beneficial ownership of our common stock as of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 2025, and as adjusted to reflect the sale of the shares of common stock we will issue and sell in this offering for:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style=" float:left; line-height:13pt; margin-top:7.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:7.2pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">each of our named executive officers for the year ended December&#160;31, 2024;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:7.19pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">each of our directors and director nominees;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:7.19pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">all of our directors and executive officers as a group; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:7.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.2pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">each person, or group of persons, known by us to be the beneficial owner of more than 5% of the outstanding shares of our common stock.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">We have determined beneficial ownership in accordance with the rules of the SEC. Except as otherwise noted below, we believe, based on the information furnished to us, that the persons and entities named in the table below have sole voting and investment power with respect to all shares of our common stock that they beneficially own, subject to applicable community property laws.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The information with respect to beneficial ownership after giving effect to the reclassification and the offering assumes that we complete the reclassification, and that:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:7.19pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
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          <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">the initial public offering price will be $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; per share, which is the midpoint of the range we show on the cover of this prospectus;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:7.19pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">we will issue and sell in the offering &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common stock; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:7.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:7.2pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#160;shares of our common stock will be outstanding immediately prior to the offering and &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common stock will be outstanding following the offering.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Percentage of beneficial ownership in the following table is based on shares of our common stock outstanding immediately prior to the completion of this offering and shares of our common stock outstanding upon completion of this offering, assuming no exercise of the underwriters&#8217; option to purchase additional shares of our common stock from us to cover over-allotments, or shares of our common stock, assuming the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments. In addition, the following table does not reflect any shares of our common stock that may be purchased in this offering pursuant to our Directed Share Program as described under &#8220;Underwriting&#8212;Directed Share Program.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
            <font style="letter-spacing:0.25pt;">In computing the number of shares of common stock beneficially owned by a person and the&#160;percentage ownership of that person, we deemed outstanding all shares of common stock subject to options, warrants, or other convertible securities held by that person that are currently exercisable or exercisable within 60&#160;days of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 2025. We, however, did not deem these shares of common stock outstanding for the purpose of computing the&#160;percentage ownership of any other person.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">139</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:151pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Except as otherwise noted below, the address of each beneficial owner listed in the table is c/o&#160;Ategrity Specialty Holdings LLC, 9 West 57th Street, 33rd Floor, New York NY 10019.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:228.99pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="7">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Shares of </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">common stock </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">beneficially </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">owned before </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">this offering </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="7">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Shares of </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">common stock </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">beneficially </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">owned after </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">this offering </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="7">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Shares of </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">common stock </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">beneficially </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">owned after </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">this offering </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">assuming full </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">exercise of </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">overallotment </font>
                  <br >
                  <font style="letter-spacing:0.225pt;">option </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.417pt 0pt; width:228.99pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.225pt;">Name of beneficial owner </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.417pt 0pt; width:38pt;">
                <div style="white-space:nowrap; text-align:right;">
                  <font style="letter-spacing:0.225pt;">Number</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.417pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:right;">
                  <font style="letter-spacing:0.225pt;">%</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.417pt 0pt; width:30pt;">
                <div style="white-space:nowrap; text-align:right;">
                  <font style="letter-spacing:0.225pt;">Number</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.417pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:right;">
                  <font style="letter-spacing:0.225pt;">%</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.417pt 0pt; width:30pt;">
                <div style="white-space:nowrap; text-align:right;">
                  <font style="letter-spacing:0.225pt;">Number</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.417pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:right;">
                  <font style="letter-spacing:0.225pt;">%</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:2.25pt 0pt 0.5pt 0pt; width:228.99pt;white-space:normal;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.25pt;">Named Executive Officers, Directors, and Director Nominees: </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:38pt;">&#8203;</td>
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              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:228.99pt;text-align:left;">
                <div style="margin-left:10pt;">
                  <font style="letter-spacing:0.25pt;">Stuart J. Zimmer</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</font>
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              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:38pt;">
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
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                <font style="position:relative;">&#8203;</font><font style="position:absolute;">%</font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
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                <font style="position:relative;">&#8203;</font><font style="position:absolute;">%</font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">
                <font style="position:relative;">&#8203;</font><font style="position:absolute;">%</font>
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            <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:228.99pt;text-align:left;">
                <div style="margin-left:10pt;">
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:38pt;">
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              </td>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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              <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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">*</td>
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              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:30pt;">
                <div style="text-align:left;" />
              </td>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:228.99pt;text-align:left;">
                <div style="margin-left:10pt;font-size:7.5pt;">
                  <font style="font-size:10pt;letter-spacing:0.25pt;">Justin Cohen</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">3)</font><font style="font-size:10pt;">&#8203;</font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:38pt;">
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              </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">
                <font style="position:relative;">&#8203;</font><font style="position:absolute;">%</font>
              </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:30pt;">
                <div style="text-align:left;" />
              </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">
                <font style="position:relative;">&#8203;</font><font style="position:absolute;">%</font>
              </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:1.5pt 0pt 3.5pt 0pt; width:30pt;">
                <div style="text-align:left;" />
              </td>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">
                <font style="position:relative;">&#8203;</font><font style="position:absolute;">%</font>
              </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
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                <div style="margin-left:10pt;">
                  <font style="letter-spacing:0.25pt;">Neelam Patel </font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:38pt;">&#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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; width:30pt;">&#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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; width:30pt;">&#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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:228.99pt;text-align:left;">
                <div style="margin-left:10pt;font-size:7.5pt;">
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:38pt;">
                <div style="text-align:left;" />
              </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">*</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:1.5pt 0pt 3.5pt 0pt; width:30pt;">
                <div style="text-align:left;" />
              </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">*</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:1.5pt 0pt 3.5pt 0pt; width:30pt;">
                <div style="text-align:left;" />
              </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">*</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:228.99pt;text-align:left;">
                <div style="margin-left:10pt;">
                  <font style="letter-spacing:0.25pt;">William Mercer </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:38pt;">&#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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; width:30pt;">&#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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; width:30pt;">&#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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:228.99pt;text-align:left;">
                <div style="margin-left:10pt;">
                  <font style="letter-spacing:0.25pt;">Robert C. Merton</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:38pt;">&#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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; width:30pt;">&#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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; width:30pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:228.99pt;text-align:left;">
                <div style="margin-left:10pt;">
                  <font style="letter-spacing:0.25pt;">Mitchell Pressman</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(5)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:38pt;">
                <div style="text-align:left;" />
              </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>
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              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">*</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
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                <div style="text-align:left;" />
              </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">*</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:30pt;">
                <div style="text-align:left;" />
              </td>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">*</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:228.99pt;text-align:left;">
                <div style="margin-left:10pt;">
                  <font style="letter-spacing:0.25pt;">John (Jack) L. Sennott, Jr. </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:38pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:0.75pt solid #000000; ;padding:2.167pt 0pt 4pt 0pt; width:228.99pt;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.25pt;">All Executive Officers, Directors, and Director Nominees </font>
                  <br >
                  <font style="letter-spacing:0.25pt;">as a group </font>
                  <br >
                  <font style="letter-spacing:0.25pt;">(9 persons) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="border-bottom:0.75pt solid #000000; ;padding:2.167pt 0pt 4pt 0pt; width:38pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.25pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
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              <td style="padding:2.167pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="border-bottom:0.75pt solid #000000; ;padding:2.167pt 0pt 4pt 0pt; width:30pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.25pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:2.167pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="border-bottom:0.75pt solid #000000; ;padding:2.167pt 0pt 4pt 0pt; width:30pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.25pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</font>
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              </td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:2.167pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
              <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:2pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">* Less than 1%.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>

          <div style="margin-top:5.5pt; width:456pt; line-height:9pt;font-size:7.5pt;">
            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Consists of (i) &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock held of record by ZFSG, for which Mr. Zimmer acts as sole managing member, (ii) &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock beneficially owned by an immediate family member of Mr. Zimmer that Mr. Zimmer may be deemed to beneficially own and (iii) &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock held of record by certain trusts and estate planning vehicles of Mr. Zimmer that Mr. Zimmer may be deemed to beneficially own. </font>
          </div>


          <div style="margin-top:5.5pt; width:456pt; line-height:7pt;font-size:7.5pt;">
            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(2)</font><font style="letter-spacing:0.188pt;"> Consists of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock held of record by Mr. Hulst.</font>
          </div>


          <div style="margin-top:5.5pt; width:456pt; line-height:9pt;font-size:7.5pt;">
            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(</font><font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">3)</font><font style="letter-spacing:0.188pt;"> Consists of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock underlying options held by Mr. Cohen that are exercisable following the closing of offering; provided until the second anniversary of the completion of this offering, no portion of the options may be exercised unless the Board of Directors, in consultation with ZFSG, determines that such exercise would not cause ZFSG to cease to own at least 80% of the aggregate number of issued and outstanding units of our company as of the proposed exercise date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
          </div>


          <div style="margin-top:5.5pt; width:456pt; line-height:7pt;font-size:7.5pt;">
            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(</font><font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">4)</font><font style="letter-spacing:0.188pt;"> Consists of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock underlying options held by Mr. Schenk that are currently exercisable.</font>
          </div>


          <div style="margin-top:5.5pt; width:456pt; line-height:7pt;font-size:7.5pt;">
            <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(5)</font><font style="letter-spacing:0.188pt;"> Consists of &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock held of record by Mr.&#160;Pressman.</font>
          </div>

      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">140</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOCS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Description of capital stock</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">The following is a description of the material terms of our articles of incorporation and our bylaws that will be in effect upon the consummation of this offering. The following description is intended as a summary only and is qualified in its entirety by reference to our articles of incorporation and our bylaws, the forms of which will be filed with the SEC as exhibits to the registration statement of which this prospectus is a part, and the applicable provisions of Nevada Revised Statutes (the &#8220;NRS&#8221;).</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">General</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Upon the consummation of this offering, our authorized capital stock will consist of:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">500,000,000 shares of common stock, par value $0.001 per share; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:-0.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:-0.2pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">100,000,000 shares of preferred stock, par value $0.001 per share.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Immediately following the consummation of this offering, there will be:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:13pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
            <font style="letter-spacing:0.25pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
            <font style="letter-spacing:0.25pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock issued and outstanding; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style=" float:left; line-height:13pt; margin-top:-0.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:-0.2pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">no shares of preferred stock outstanding.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Common stock</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We will have one class of common stock. All holders of our common stock will be entitled to the same rights and privileges, as described below:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Voting rights</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Each holder of our common stock will be entitled to one vote for each share on all matters submitted to a vote of the holders of our common stock, including the election of directors. Holders of our common stock will not have cumulative voting rights in the election of directors.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Directors standing for election at an annual meeting of stockholders will be elected by a plurality of the votes cast in the election of directors at the annual meeting, which voting power is present either in person or represented by properly authorized proxy.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Rights to dividends or other distributions</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Subject to the prior rights of holders of any then outstanding shares of our preferred stock, holders of our common stock will be entitled to receive ratably any dividends or other distributions that may be declared from time to time by our Board of Directors out of funds legally available therefor.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Liquidation rights</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Subject to the prior rights of our creditors and the satisfaction of any liquidation preference granted to the holders of any then outstanding shares of our preferred stock, in the event of our liquidation, dissolution, or winding up, holders of our common stock will be entitled to share ratably in all assets legally available for distribution to stockholders.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Preemptive rights</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Holders of our common stock will not be entitled to preemptive or other similar subscription rights.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Preferred stock</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Our Board of Directors will have the authority to issue from time to time, without action by our stockholders, preferred stock in one or more series and to fix the rights, preferences, privileges, and restrictions thereof, including voting, dividend, conversion, exchange, redemption, and liquidation rights. The rights with respect to a series of preferred stock may be greater than the rights attached to our common stock.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">141</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">It is not possible to state the actual effect of the issuance of any shares of our preferred stock on the rights of holders of our common stock until our Board of Directors determines the specific rights attached to that preferred stock. The effect of issuing preferred stock could include, among other things, one or more of the following:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6.5pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">restricting dividends or other distributions on our common stock;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:7.99pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:7.99pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">diluting the voting power of our common stock or providing that holders of preferred stock have the right to vote on matters as a separate class;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:7.99pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:7.99pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">impairing the liquidation rights of our common stock; or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:7.98pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:7.98pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">delaying, discouraging, or preventing a change of control of us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Warrants</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
            <font style="letter-spacing:0.25pt;">Immediately following the consummation of this offering, there will be outstanding (i) warrants to purchase &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common stock at an exercise price of approximately $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; per share (&#8220;Tranche 1 Warrants&#8221;), and (ii) warrants to purchase &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common stock at an exercise price of approximately $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; per share (&#8220;Tranche 2 Warrants&#8221; and, together with the Tranche 1 Warrants, the &#8220;Warrants&#8221;). Warrants can be exercised for a term of ten years starting from October 2024 by paying the exercise price in cash or on a cashless basis.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Anti-takeover effects of certain provisions of Nevada law, our articles of incorporation, and bylaws</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Our articles of incorporation and our bylaws will contain provisions that are intended to enhance the likelihood of continuity and stability in the composition of our Board of Directors and that could make it more difficult to acquire control of our company by means of a tender offer, open market purchases, a proxy contest, or otherwise. These provisions may discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our Board of Directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they also give our Board of Directors the power to discourage acquisitions that some stockholders may favor or may consider in their best interests. A summary of these provisions is set forth below. We also intend to enter into the Stockholders&#8217; Agreement with ZFSG as the initial stockholder in connection with the consummation of this offering, the material terms of which are described under &#8220;Certain relationships and related party transactions&#8212;Stockholders&#8217; Agreement.&#8221; The Stockholders&#8217; Agreement will provide ZFSG with certain board, committee and chair nomination rights.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Classified board of directors</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Our articles of incorporation will provide that once ZFSG and its affiliates cease to beneficially own more than 50% of the voting power of our capital stock, our board of directors will be divided into three classes, with the classes as nearly equal in number as possible and each class serving three-year staggered terms.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Quorum</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
            <font style="letter-spacing:0.25pt;">Our bylaws will provide that a majority of the members of the Board of Directors shall constitute a quorum; provided that, for so long as ZFSG and its affiliates beneficially own more than 50% of the voting power of our capital stock, the Chair of the Board of Directors (or in the Chair&#8217;s absence, the Vice Chair) must be present to constitute a quorum (unless all such individuals have recused themselves from such board action).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Our bylaws will provide that stockholders representing a majority of the voting power of our capital stock, represented in person or by proxy (regardless of whether the proxy has authority to vote on any matter), are necessary to constitute a quorum for the transaction of business at any meeting.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">142</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Number of directors fixed by board only</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Our articles of incorporation and bylaws will provide that, for so long as ZFSG and its affiliates beneficially own more than 50% of the voting power of our capital stock, the number of directors on our board may be fixed by resolution adopted by our Board of Directors or by holders of at least a majority of our outstanding common stock; thereafter, the number of directors on our board will be fixed exclusively pursuant to resolution adopted by our Board of Directors; provided our bylaws will require the Chair of our Board of Directors (or in the Chair&#8217;s absence, the Vice Chair) to approve any change to the size of the Board of Directors for so long as ZFSG and its affiliates own at least 25% of the shares of our common stock then outstanding.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Vacancies filled by board</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Our articles of incorporation and bylaws will provide that, any vacancy in our Board of Directors, whether from an increase in the size of the board or otherwise, may be filled by a majority of the directors then in office, even if less than a quorum, or by a sole remaining director; provided, for so long as ZFSG and its affiliates beneficially own more than 50% of the voting power of our capital stock, any vacancy in our Board of Directors whether from an increase in the size of the board or otherwise may be filled by holders of at least a majority of our outstanding common stock.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Chief Executive Officer</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Our bylaws will provide that for so long as ZFSG and its affiliates own at least 25% of the shares of our common stock then outstanding, the approval of the Chair of our Board of Directors (or, in the Chair&#8217;s absence, the Vice Chair) will be required in connection with hiring or terminating our Chief Executive Officer.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">No action by stockholders without a meeting</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The NRS permits stockholder action by written consent unless the corporation&#8217;s articles of incorporation or bylaws provide otherwise. Our articles of incorporation and bylaws will provide that stockholder action can be taken only at an annual or special meeting of stockholders and cannot be taken by written consent in lieu of a meeting once ZFSG and its affiliates cease to beneficially own more than 50% of the voting power of our capital stock.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Calling of special meetings of stockholders</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Our articles of incorporation and bylaws will provide that special meetings of our stockholders for any purpose or purposes may be called at any time only (1)&#160;by the Chair of our Board of Directors, (2)&#160;pursuant to a resolution adopted by a majority of our Board of Directors, or (3)&#160;until the date that ZFSG and its affiliates cease to beneficially own more than 50% of the voting power of our capital stock, at the request of holders of at least a majority of our outstanding common stock. Except as described above, stockholders will not have the authority to call a special meeting of stockholders.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Advance notice of stockholder nominations and proposals</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Our bylaws will establish advance notice procedures for stockholder proposals (other than proposals brought by ZFSG) to be brought before an annual meeting of stockholders, including proposed nominations of candidates for election to our Board of Directors. Stockholders at an annual meeting will only be able to consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our Board of Directors, or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has delivered timely written notice in proper form to our secretary of the stockholder&#8217;s intention to bring such business before the meeting. These provisions could have the effect of delaying stockholder actions until the next stockholder meeting (i.e., by precluding the conduct of certain business at the current annual meeting if the proper procedures are not followed) that are favored by the holders of a majority of our outstanding voting securities or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">143</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Exclusive forum</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Our articles of incorporation and bylaws will provide that, unless we consent to the selection of an alternative forum, the Eighth Judicial District Court of the State of Nevada, sitting in Clark County (or if such court does not have jurisdiction, another state or the federal courts (as appropriate) located within the State of Nevada) shall, to the fullest extent permitted by law, be the sole and exclusive forum for any actions, suits or proceedings, whether civil, administrative or investigative (i) brought in our name or right or on our behalf, (ii)&#160;asserting a claim for breach of any fiduciary duty owed by any of our current or former directors, officers, employees or agents to us or our stockholders, (iii)&#160;that is an internal action (as defined in Nevada Revised Statutes (&#8220;NRS&#8221;) 78.046), including any action or claim arising under or pursuant to NRS Chapters 78 or 92A or any provision of our articles of incorporation or our bylaws, or as to which the NRS confers jurisdiction on the District Court of the State of Nevada, (iv) to interpret, apply, enforce or determine the validity of our articles of incorporation and bylaws or any agreement entered into pursuant to NRS 78.365 to which we are a party or a stated beneficiary or (v) asserting a claim governed by the internal affairs doctrine. Section&#160;27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision in our articles of incorporation and bylaws will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Our articles of incorporation and bylaws will also provide that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States of America will be the exclusive forum for the resolution of any complaint asserting a cause or causes of action against us or any defendant arising under the Securities Act. Although we believe this provision benefits us by providing increased consistency in the application of Nevada law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers or make such lawsuits more costly for stockholders; however, our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder. Furthermore, if a court were to find the choice of forum provisions in our articles of incorporation or bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could materially adversely affect our business, results of operations and financial condition. For example, Section&#160;22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. Accordingly, there is uncertainty as to whether a court would enforce such a forum selection provision as written in connection with claims arising under the Securities Act.</font>
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          <font style="letter-spacing:0.25pt;">&#8220;Blank check&#8221; preferred stock</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We believe that the availability of authorized shares of preferred stock under our articles of incorporation will provide us with flexibility in addressing corporate issues that may arise. Having these authorized shares available for issuance will allow us to issue shares of preferred stock without the expense and delay of a special stockholders&#8217; meeting. The authorized shares of preferred stock will be available for issuance without action by our stockholders unless action is required by applicable law or the rules of any stock exchange on which our securities may be listed.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our Board of Directors will have the power, subject to applicable law, to authorize the issuance of shares of preferred stock that could, depending on the terms of the series, impede the completion of a merger, tender offer, or other takeover attempt. For instance, subject to applicable law, a series of preferred stock may impede a business combination by including class voting rights which would enable the holder or holders of such series to block a proposed transaction. Our Board of Directors will make any determination to issue shares of preferred stock based on its judgment as to our company&#8217;s and our stockholders&#8217; interests. Our Board of Directors, in so acting, could issue preferred stock having terms which could discourage an acquisition attempt or other transaction that some, or a majority, of the stockholders may believe to be in their interests or in which stockholders would have received a premium for their stock over the then prevailing market price of the stock.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Supermajority provisions</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">The NRS generally provides that the affirmative vote of a majority of the voting power of the outstanding shares entitled to vote is required to amend a corporation&#8217;s articles of incorporation, unless the corporation&#8217;s articles of incorporation require a greater&#160;percentage. Our articles of incorporation will not require a greater&#160;percentage until such time as ZFSG and its affiliates cease to beneficially own more than 50% of the voting power of our capital stock. From and after such time as ZFSG and its affiliates cease to beneficially own more than 50% of the voting power of our capital stock, a 66</font><font style=" position:relative; bottom:2.66pt;font-size:7pt;letter-spacing:0.175pt;">2</font><font style="letter-spacing:0.25pt;">&#8725;</font><font style="font-size:7pt;letter-spacing:0.175pt;">3</font><font style="letter-spacing:0.25pt;">% stockholder vote is required for the amendment, repeal, or modification of certain provisions of our articles of incorporation relating to the anti-takeover provisions described herein. Pursuant to the terms of our bylaws from and after such time as ZFSG and its affiliates cease to beneficially own more than 50% of the voting power of our capital stock, a 66</font><font style=" position:relative; bottom:2.66pt;font-size:7pt;letter-spacing:0.175pt;">2</font><font style="letter-spacing:0.25pt;">&#8725;</font><font style="font-size:7pt;letter-spacing:0.175pt;">3</font><font style="letter-spacing:0.25pt;">% stockholder vote is also required for the amendment, repeal, or modification of any provisions of our bylaws (provided our bylaws may be amended at any time by action of our Board of Directors).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Constituency Considerations</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">NRS 78.139 provides that directors may resist a change or potential change in control of the corporation if the board of directors determines that the change or potential change is opposed to or not in the best interest of the corporation upon consideration of any relevant facts, circumstances, contingencies or constituencies pursuant to NRS 78.138(4).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Combinations with Interested Stockholders</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Nevada&#8217;s &#8220;combinations with interested stockholders&#8221; statutes (NRS 78.411 through 78.444) provide that specified types of business &#8220;combinations&#8221; between certain Nevada corporations and any person deemed to be an &#8220;interested stockholder&#8221; of the corporation are prohibited for two years after such person first becomes an &#8220;interested stockholder&#8221; unless the corporation&#8217;s board of directors approves the combination (or the transaction by which such person becomes an &#8220;interested stockholder&#8221;) in advance, or unless the combination is approved by the board of directors and 60% of the corporation&#8217;s voting power not beneficially owned by the interested stockholder, its affiliates and associates. Furthermore, in the absence of prior approval certain restrictions may apply even after such two-year period. For purposes of these statutes, an &#8220;interested stockholder&#8221; is any person who is (1) the beneficial owner, directly or indirectly, of 10% or more of the voting power of the outstanding voting shares of the corporation, or (2) an affiliate or associate of the corporation and at any time within the two previous years was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then-outstanding shares of the corporation. The definition of the term &#8220;combination&#8221; is sufficiently broad to cover most significant transactions between a corporation and an &#8220;interested stockholder&#8221;.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">These statutes generally apply to Nevada corporations with 200 or more stockholders of record (a &#8220;resident domestic corporation&#8221;) and the statutes will not apply to any person that first became a holder of 10% or more of the voting power of the then-outstanding shares of the corporation at the time the corporation became a resident domestic corporation solely as a result of it becoming a resident domestic corporation. However, a Nevada corporation may elect in its articles of incorporation not to be governed by these particular laws, but if such election is not made in the corporation&#8217;s original articles of incorporation, the amendment (1) must be approved by the affirmative vote of the holders of stock representing a majority of the outstanding voting power of the corporation not beneficially owned by interested stockholders or their affiliates and associates, and (2) is not effective until 18 months after the vote approving the amendment and does not apply to any combination with a person who first became an interested stockholder on or before the effective date of the amendment.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our articles of incorporation will not opt out of NRS 78.411 through 78.444.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Acquisitions of Controlling Interests</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Nevada law also protects the corporation and its stockholders from persons acquiring a &#8220;controlling interest&#8221; in a corporation. These provisions are found in NRS 78.378 through 78.3793. Pursuant to NRS 78.379, any person who acquires a controlling interest in a corporation may not exercise voting rights with respect to any &#8220;control </font>
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          <font style="letter-spacing:0.25pt;">shares&#8221; unless such voting rights are conferred by a majority vote of the disinterested stockholders of the issuing corporation at a special meeting of such stockholders held at the request and at the expense of the acquiring person. NRS 78.3785 provides that a &#8220;controlling interest&#8221; means the ownership of outstanding voting shares of an issuing corporation sufficient to enable the acquiring person, individually or in association with others, directly or indirectly, to exercise (i) one fifth or more but less than one third, (ii) one third or more but less than a majority or (iii) a majority or more of the voting power of the issuing corporation in the election of directors, and once an acquirer crosses one of these thresholds, shares which it acquired in the transaction taking it over the threshold and within the 90 days immediately preceding the date when the acquiring person acquired or offered to acquire a controlling interest become &#8220;control shares&#8221; to which the voting restrictions described above apply. In the event that the control shares are accorded full voting rights, and the acquiring person acquires control shares with a majority or more of all the voting power, any stockholder, other than the acquiring person, who does not vote in favor of authorizing voting rights for the control shares is entitled to dissenter&#8217;s rights under NRS Chapter 92A.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">NRS 78.3788 provides that these statutes apply as of a particular date only to a corporation that has 200 or more stockholders of record, at least 100 of whom have addresses in Nevada appearing on the corporation&#8217;s stock ledger at all times during the 90 days immediately preceding that date, and which does business in Nevada directly or indirectly or through an affiliated corporation. NRS 78.378(2) provides that the corporation, by virtue of its articles of incorporation, bylaws or resolutions adopted by directors, may impose stricter requirements if it so desires. A corporation is entitled to opt out of these acquisition of controlling interest statutes by making an election in its articles of incorporation or bylaws, provided that the opt-out is in effect on the 10th day following the acquisition of a controlling interest by the acquiring person.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We intend to opt out of these statutes in our bylaws with respect to acquisitions of shares by ZFSG and its affiliates.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Corporate opportunities; conflicts of interest</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our articles of incorporation will provide that we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any business opportunity of ZFSG and its affiliates and certain related persons or any director who is not our employee. We do not renounce any interest in any corporate opportunity offered to any such director or officer if such opportunity is expressly offered to such person solely in his or her capacity as our director or officer.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Our articles of incorporation will provide that ZFSG and its affiliates and certain related persons will have no duty to refrain from (i)&#160;engaging in a corporate opportunity in the same or similar lines of business in which we or our affiliates now engage or propose to engage, or (ii)&#160;otherwise competing with us or our affiliates. In the event that ZFSG and its affiliates or such related person acquires knowledge of a potential transaction or other business opportunity that may be a corporate opportunity, such person will have no duty to communicate or offer such transaction or business opportunity to us or our affiliates and they may take any such opportunity for themselves or offer it to another person or entity unless such knowledge was acquired solely in such person&#8217;s capacity as our director or officer.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Limitations on liability and indemnification of directors and officers</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">To the fullest extent permitted by NRS Chapter 78, our directors and officers are not liable to us or any of our stockholders or creditors for monetary damages for breaches of fiduciary duties as a director or officer. Under Nevada law, unless otherwise provided in the articles of incorporation or pursuant to certain statutory exceptions, a director or officer is not individually liable for damages as a result of an act or failure to act in his or her capacity as a director or officer unless a statutory presumption established under NRS 78.138(3) (that such person, in deciding upon matters of business, acted in good faith, on an informed basis and with a view to the interests of the corporation) has been rebutted, and it is proven both that the act or failure to act constituted a breach of a fiduciary duty as a director or officer and that such breach involved intentional misconduct, fraud or a knowing violation of law.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">Our articles of incorporation will include a provision that eliminates the individual liability of our directors and officers to the fullest extent permitted under Nevada law.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In addition, our articles of incorporation and bylaws will provide that we will indemnify our directors and officers to the fullest extent permitted by law. We will also be expressly required to advance certain expenses to our directors and officers and carry directors&#8217; and officers&#8217; insurance providing indemnification for our directors and officers for certain liabilities, provided that such advancement is made upon receipt of an undertaking by the director or officer to repay the amounts advanced if it should be ultimately determined that the director or officer is not entitled to indemnification.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">Prior to consummation of this offering, we intend to enter into separate indemnification agreements with each of our directors and executive officers. See &#8220;Certain relationships and related party transactions&#8212;Indemnification agreements.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We believe that these provisions of our articles of incorporation and Nevada law, indemnification agreements, as well as our maintaining directors&#8217; and officers&#8217; liability insurance, help to attract and retain qualified persons as directors and officers.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Listing</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We have applied to list our common stock on the NYSE under the symbol &#8220;ASIC.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Transfer agent and registrar</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The transfer agent and registrar for the common stock is Equiniti Trust Company, LLC. The transfer agent and registrar&#8217;s address is 55 Challenger Road, Ridgefield Park, New Jersey 07660. </font>
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          <font style="letter-spacing:0.4pt;">Shares eligible for future sale</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Sales or the availability for sale of substantial amounts of our common stock in the public market may adversely affect the market price of our common stock. Prior to this offering, there has been no public market for our common stock, and we cannot assure you that a significant public market for our common stock will develop or be sustained after this offering. Future sales of significant amounts of our common stock in the public market after this offering could adversely affect the prevailing market price of our common stock and could impair our future ability to raise capital through the sale of our equity securities.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Resale of restricted shares and lock-up agreements</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">Upon completion of this offering, we will have &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of common stock outstanding. Of these shares, all of the shares of our common stock sold in this offering will be freely tradable without restriction under the Securities Act, except shares purchased by our affiliates (as that term is defined in Rule&#160;144 under the Securities Act).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">The remaining &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common stock held by existing stockholders will be &#8220;restricted securities&#8221; within the meaning of Rule&#160;144 and may not be sold in the absence of registration under the Securities Act unless an exemption from registration is available, including the exemptions contained in Rule&#160;144. As a result of the contractual restrictions described below and subject to the provisions of Rule&#160;144, the shares of our common stock that are &#8220;restricted securities&#8221; will be available for sale in the public market as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">shares of common stock will be eligible for sale upon completion of the offering; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">shares of common stock will be eligible for sale upon expiration of the lock-up agreements, described below, beginning 180&#160;days after the date of this prospectus.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">S-8 registration statement</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We intend to file a registration statement or statements on Form S-8 under the Securities Act covering shares of common stock reserved for issuance under our new omnibus incentive plan and pursuant to all outstanding option grants made prior to this offering. These registration statements are expected to be filed as soon as practicable after the closing date of this offering. Shares issued upon the exercise of stock options after the effective date of the applicable Form S-8 registration statement will be eligible for resale in the public market without restriction, subject to Rule&#160;144 limitations applicable to affiliates and the lock-up agreements described above.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Lock-up agreements</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We, our directors and executive officers, and holders of substantially all of our outstanding capital stock have signed lock-up agreements under which they have agreed not to offer, sell, contract to sell, pledge, or otherwise dispose of, or to enter into any hedging transactions with respect to, any shares of our common stock or any securities convertible into or exercisable or exchangeable for shares of our common stock for a period of 180&#160;days commencing on the date of this prospectus, subject to certain exceptions. See &#8220;Underwriting.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Rule&#160;144</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-style:italic;letter-spacing:0.25pt;">Sales by non-affiliates</font><font style="letter-spacing:0.25pt;">.&nbsp;&nbsp;&nbsp;In general, under Rule&#160;144, a holder of shares of restricted common stock who is not and has not been one of our affiliates at any time during the three&#160;months preceding the proposed sale can resell the shares as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">If we have been a reporting company under the Exchange Act for at least 90&#160;days immediately before the sale, then:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">beginning six&#160;months after the shares were acquired from us or any of our affiliates, the holder can resell the shares, subject to the condition that current public information about us must be available (as described below), but without any other restrictions; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </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-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">148</font>
          <br >
        </div>
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      <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; line-height:13pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">beginning one year after the shares were acquired from us or any of our affiliates, the holder can resell the shares without any restrictions.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">If we have not been a public reporting company under the Exchange Act for at least 90&#160;days immediately before the sale, then the holder may not resell the shares until at least one year has elapsed since the shares were acquired from us or any of our affiliates, and may resell the shares without restrictions after that time.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-style:italic;letter-spacing:0.25pt;">Sales by affiliates.</font><font style="letter-spacing:0.25pt;">&nbsp;&nbsp;&nbsp;In general, under Rule&#160;144, a holder of shares of restricted common stock who is one of our affiliates at the time of the sale or any time during the three&#160;months preceding the sale can resell shares, subject to the restrictions described below.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; line-height:13pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">If we have been a public reporting company under the Exchange Act for at least 90&#160;days immediately before the sale, then at least six&#160;months must have elapsed since the shares were acquired from us or one of our affiliates; in all other cases, at least one year must have elapsed since the shares were acquired from us or one of our affiliates.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">The number of shares sold by such person within any three-month period cannot exceed the greater of:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:18pt; line-height:13pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:26pt;">
          <font style="letter-spacing:0.25pt;">1% of the total number of shares of our common stock then outstanding (approximately shares immediately after this offering); or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:18pt; line-height:13pt; margin-top:5.71pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.71pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:26pt;">
          <font style="letter-spacing:0.25pt;">the average weekly trading volume of our common stock during the four calendar weeks preceding the date on which notice on Form 144 with respect to the sale is filed with the SEC (or, if Form 144 is not required to be filed, the four calendar weeks preceding the date the selling broker receives the sell order).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">Conditions relating to the manner of sale, notice requirements (filing of Form 144 with the SEC) and the availability of public information about us must also be satisfied.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="font-style:italic;letter-spacing:0.25pt;">Current public information.</font><font style="letter-spacing:0.25pt;">&nbsp;&nbsp;&nbsp;For sales by affiliates and non-affiliates, the satisfaction of the current public information requirement depends on whether we are a public reporting company under the Exchange Act.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">If we have been a public reporting company for at least 90&#160;days immediately before the sale, then the current public information requirement is satisfied if we have filed all periodic reports (other than Form 8-K) required to be filed under the Exchange Act during the 12&#160;months immediately before the sale (or such shorter period as we have been required to file those reports).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">If we have not been a public reporting company for at least 90&#160;days immediately before the sale, then the requirement is satisfied if specified types of basic information about us (including our business, management, and our financial condition and results of operations) are publicly available.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">No assurance can be given as to (1)&#160;the likelihood of an active market for our common stock developing, (2)&#160;the liquidity of any such market, (3)&#160;the ability of stockholders to sell the shares, or (4)&#160;the prices that stockholders may obtain for any of the shares. No prediction can be made as to the effect, if any, that future sales of shares or the availability of shares for future sale will have on the market price prevailing from time to time. Sales of substantial amounts of our common stock, or the perception that such sales could occur, may adversely affect prevailing market prices of our common stock. See &#8220;Risk factors.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Rule&#160;701</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Any of our employees, officers, or directors who acquired shares of our common stock under a written compensatory plan or contract may be entitled to sell them in reliance on Rule&#160;701. Rule&#160;701 permits affiliates to sell their Rule&#160;701 shares of common stock under Rule&#160;144 without complying with the holding period requirements of Rule&#160;144. Rule&#160;701 further provides that non-affiliates may sell these shares of common stock in reliance on Rule&#160;144 without complying with the holding period, public information, volume limitation or notice provisions of Rule&#160;144. All holders of Rule&#160;701 shares of our common stock are required to wait until 90&#160;days after the date of this prospectus before selling such shares of common stock. However, the shares of our common stock issued under Rule&#160;701 that are subject to lock-up agreements will only become eligible for sale when the 180-day lock-up agreements expire.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">149</font>
          <br >
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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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-bottom:556pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;font-weight:bold;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Registration rights</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
          <font style="letter-spacing:0.25pt;">ZFSG is entitled to certain rights with respect to the registration of the shares of our common stock they hold under the Securities Act. For a description of these registration rights, see &#8220;Certain relationships and related party transactions&#8212;Stockholders&#8217; Agreement.&#8221; If these shares of our common stock are registered, they will be freely tradable without restriction under the Securities Act unless acquired or owned by us or one of our affiliates.</font>
        </div>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
          <font style="letter-spacing:0.25pt;">150</font>
          <br >
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      <hr >
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tMUFI">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Material U.S. federal income tax considerations to non-U.S. holders</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The following discussion is a summary of material U.S. federal income tax considerations to Non-U.S. Holders (as defined below) of the purchase, ownership, and disposition of our common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or non-U.S. tax laws are not discussed. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the &#8220;IRC&#8221;), Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service (the &#8220;IRS&#8221;), in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the purchase, ownership, and disposition of our common stock.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">This discussion is limited to Non-U.S. Holders that hold our common stock as a &#8220;capital asset&#8221; within the meaning of Section&#160;1221 of the IRC (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder&#8217;s particular circumstances, including the impact of the Medicare contribution tax on net investment income and any alternative minimum tax. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">U.S. expatriates and former citizens or long-term residents of the United States;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">persons holding our common stock as part of a hedge, straddle, or other risk reduction strategy or as part of a conversion transaction or other integrated investment;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">banks, insurance companies, and other financial institutions;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">brokers, dealers, or traders in securities;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">&#8220;controlled foreign corporations,&#8221; &#8220;passive foreign investment companies,&#8221; and corporations that accumulate earnings to avoid U.S. federal income tax;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">tax-exempt organizations or governmental organizations;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">persons deemed to sell our common stock under the constructive sale provisions of the IRC;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">persons who hold or receive our common stock pursuant to the exercise of any employee stock option or otherwise as compensation;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">tax-qualified retirement plans;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.25pt;">&#8226;</font>
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          <font style="letter-spacing:0.25pt;">&#8220;qualified foreign pension funds&#8221; as defined in Section&#160;897(l)(2) of the IRC and entities all of the interests of which are held by qualified foreign pension funds; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">persons subject to special tax accounting rules as a result of any item of gross income with respect to the stock being taken into account in an applicable financial statement.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly, partnerships holding our common stock and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">151</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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          <font style="letter-spacing:0.25pt;">TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP, AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Definition of a Non-U.S. Holder</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">For purposes of this discussion, a &#8220;Non-U.S. Holder&#8221; is any beneficial owner of our common stock that is neither a &#8220;U.S. person&#8221; nor an entity treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6.5pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">an individual who is a citizen or resident of the United States;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6.5pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized under the laws of the United States, any state thereof, or the District of Columbia;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6.5pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">an estate, the income of which is subject to U.S. federal income tax regardless of its source; or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:6.5pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">a trust that (1)&#160;is subject to the primary supervision of a U.S. court and the control of one or more &#8220;United States persons&#8221; &#8203;(within the meaning of Section&#160;7701(a)(30) of the IRC), or (2)&#160;has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Distributions</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">As described in the section entitled &#8220;Dividend policy,&#8221; we do not anticipate declaring or paying dividends or otherwise making distributions to holders of our common stock in the foreseeable future. However, if we do make distributions of cash or property on our common stock (other than certain distributions of our stock), such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and first be applied against and reduce a Non-U.S. Holder&#8217;s adjusted tax basis in its common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below under &#8220;&#8212;Sale or Other Taxable Disposition.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Subject to the discussion below on effectively connected income, dividends paid to a Non-U.S. Holder will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business within the United States.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Any such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at the regular rates. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected dividends, as adjusted for certain items. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">152</font>
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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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Sale or other taxable disposition</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Subject to the discussions below under &#8220;&#8212;Information reporting and backup withholding&#8221; and &#8220;&#8212;Additional withholding tax on payments made to foreign accounts,&#8221; a Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our common stock unless:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:5.71pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.71pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the gain is effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is attributable);</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the Non-U.S. Holder is an individual present in the United States for 183&#160;days or more during the taxable year of the disposition and certain other requirements are met; or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">our common stock constitutes a U.S. real property interest (&#8220;USRPI&#8221;) by reason of our status as a U.S. real property holding corporation (&#8220;USRPHC&#8221;) for U.S. federal income tax purposes.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular rates. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">A Non-U.S. Holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on gain realized upon the sale or other taxable disposition of our common stock, which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition of our common stock by a Non-U.S. Holder will not be subject to U.S. federal income tax if our common stock is &#8220;regularly traded,&#8221; as defined by applicable Treasury Regulations, on an established securities market and such Non-U.S. Holder owned, actually and constructively, 5% or less of our common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder&#8217;s holding period; however, no assurance can be provided that our common stock will be &#8220;regularly traded&#8221; on an established securities market at all times relevant for purposes of this rule.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Information reporting and backup withholding</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Payments of dividends on our common stock will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the holder is a United States person and the holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E, or W-8ECI, or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any distributions on our common stock paid to the Non-U.S. Holder, regardless of whether such distributions constitute dividends or whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our common stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such holder is a United States person or the holder otherwise establishes an exemption. Proceeds of a disposition of our common stock conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">153</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:195pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder&#8217;s U.S. federal income tax liability, provided the required information is timely furnished to the IRS.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Additional withholding tax on payments made to foreign accounts</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Withholding taxes may be imposed under Sections&#160;1471 to 1474 of the IRC (such Sections commonly referred to as the Foreign Account Tax Compliance Act, or &#8220;FATCA&#8221;) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of, our common stock paid to a &#8220;foreign financial institution&#8221; or a &#8220;non-financial foreign entity&#8221; &#8203;(each as defined in the IRC), unless (1)&#160;the foreign financial institution undertakes certain diligence and reporting obligations, (2)&#160;the non-financial foreign entity either certifies it does not have any &#8220;substantial United States owners&#8221; &#8203;(as defined in the IRC) or furnishes identifying information regarding each substantial United States owner, or (3)&#160;the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1)&#160;above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain &#8220;specified United States persons&#8221; or &#8220;United States owned foreign entities&#8221; &#8203;(each as defined in the IRC), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on our common stock. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock on or after January&#160;1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">154</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tUND">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Underwriting</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We are offering the shares of common stock described in this prospectus through a number of underwriters. J.P.&#160;Morgan Securities LLC and Barclays Capital Inc. are acting as joint book-running managers of the offering and as representatives of the underwriters. We have entered into an underwriting agreement with the underwriters. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter has severally agreed to purchase, at the initial public offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus, the number of shares of common stock listed next to its name in the following table:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:377.83pt;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.225pt;">Name </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:2.5pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
                <div style="white-space:nowrap; text-align:right;">
                  <font style="letter-spacing:0.225pt;">Number of shares</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.25pt 0pt 3.5pt 0pt; width:377.83pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">J.P. Morgan Securities LLC </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:37.67pt;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:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:377.83pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Barclays Capital Inc. </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:37.67pt;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:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:377.83pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Citigroup Global Markets Inc. </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:37.67pt;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:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:377.83pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">TD Securities (USA) LLC </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:37.67pt;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:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:377.83pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Wells Fargo Securities, LLC </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:37.67pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:1.25pt 0pt 3.25pt 0pt; width:377.83pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Total </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:37.67pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
            </tr>
            <tr style="height:3.5pt;line-height:3.5pt;">
              <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="8">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:7.2pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The underwriters are committed to purchase all the common shares offered by us if they purchase any shares. The underwriting agreement also provides that if an underwriter defaults, the purchase commitments of non-defaulting underwriters may also be increased or the offering may be terminated.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The underwriters propose to offer the common shares directly to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;per share. Any such dealers may resell shares to certain other brokers or dealers at a discount of up to $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;per share from the initial public offering price. After the initial offering of the shares to the public, if all of the common shares are not sold at the initial public offering price, the underwriters may change the offering price and the other selling terms. Sales of any shares made outside of the United States may be made by affiliates of the underwriters.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">The underwriters have an option to buy up to &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; additional shares of common stock from us to cover sales of shares by the underwriters which exceed the number of shares specified in the table above. The underwriters have 30 days from the date of this prospectus to exercise this option to purchase additional shares. If any shares are purchased with this option to purchase additional shares, the underwriters will purchase shares in approximately the same proportion as shown in the table above. If any additional shares of common stock are purchased, the underwriters will offer the additional shares on the same terms as those on which the shares are being offered.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The underwriting fee is equal to the initial public offering price per share of common stock less the amount paid by the underwriters to us per share of common stock. The underwriting fee is $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;per share. The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters assuming both no exercise and full exercise of the underwriters&#8217; option to purchase additional shares.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:323.77pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">No exercise of</font>
                <br >
                <font style="letter-spacing:0.225pt;">option to </font>
                <br >
                <font style="letter-spacing:0.225pt;">purchase </font>
                <br >
                <font style="letter-spacing:0.225pt;">additional </font>
                <br >
                <font style="letter-spacing:0.225pt;">shares </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Full exercise of </font>
                <br >
                <font style="letter-spacing:0.225pt;">option to </font>
                <br >
                <font style="letter-spacing:0.225pt;">purchase </font>
                <br >
                <font style="letter-spacing:0.225pt;">additional </font>
                <br >
                <font style="letter-spacing:0.225pt;">shares </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:323.77pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Per Share </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:8.65pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</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:12.38pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;"> </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 4pt 0pt; width:323.77pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.65pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:12.38pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:7.3pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We estimate that the total expenses of this offering, including registration, filing and listing fees, printing fees, and legal and accounting expenses, but excluding the underwriting discounts and commissions, will be </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">155</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">approximately $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;. We have agreed to reimburse the underwriters for certain of their out-of-pocket expenses in an amount not to exceed $45,000.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">A prospectus in electronic format may be made available on the web sites maintained by one or more underwriters, or selling group members, if any, participating in this offering, or by their affiliates. In those cases, prospective investors may view offering terms online and, depending upon the particular underwriter or selling group member, prospective investors may be allowed to place orders online. The underwriters may agree to allocate a number of shares to underwriters and selling group members for sale to online brokerage account holders. Any such allocation for online distributions will be allocated by the representatives to underwriters and selling group members that may make online distributions on the same basis as other allocations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We have agreed that we will not (i)&#160;offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, or submit to, or file with, the SEC a registration statement under the Securities Act relating to, any shares of our common stock or securities convertible into or exercisable or exchangeable for any shares of our common stock, or publicly disclose the intention to make any offer, sale, pledge, loan, disposition, or filing, or (ii)&#160;enter into any swap or other arrangement that transfers all or a portion of the economic consequences associated with the ownership of any shares of common stock or any such other securities (regardless of whether any of these transactions are to be settled by the delivery of shares of common stock or such other securities, in cash or otherwise), in each case without the prior written consent of J.P. Morgan Securities LLC and Barclays Capital Inc. for a period of 180&#160;days after the date of this prospectus (such period, the&#160;&#8220;restricted period&#8221;).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The restrictions on our actions, as described above, do not apply to certain transactions, including (i)&#160;the shares of our common stock to be issued and sold in this offering, (ii)&#160;the issuance of shares of common stock or securities convertible into or exercisable for shares of our common stock pursuant to the conversion or exchange of convertible or exchangeable securities or the exercise of warrants or options (including net exercise) or the settlement of restricted stock&#160;units (&#8220;RSUs&#8221;) (including net settlement), in each case outstanding on the date of the underwriting agreement and described in this prospectus; (iii)&#160;grants of stock options, stock awards, restricted stock, RSUs, or other equity awards and the issuance of shares of our common stock or securities convertible into or exercisable or exchangeable for shares of our common stock (whether upon the exercise of stock options or otherwise) to our employees, officers, directors, advisors, or consultants pursuant to the terms of an equity compensation plan in effect as of the closing of this offering and described in this prospectus, provided that such recipients enter into a lock-up agreement with the underwriters; (iv)&#160;the issuance of up to 5% of the outstanding shares of our common stock, or securities convertible into, exercisable for, or which are otherwise exchangeable for, shares of our common stock, immediately following the completion of this offering, in connection with acquisitions, joint ventures, commercial or other strategic transactions, provided that such recipients enter into a lock-up agreement with the underwriters or (v)&#160;our filing of any registration statement on Form S-8 relating to securities granted or to be granted pursuant to any plan in effect on the date of the underwriting agreement and described in this prospectus or any assumed benefit plan pursuant to an acquisition or other strategic transaction; or (vi) the facilitation of the establishment of a trading plan on behalf of a stockholder, officer or director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of our common stock; provided that (a) such plans do not provide for the transfer of shares of our common stock during the restricted period and (b) no filing by any party under the Exchange Act or other public announcement shall be required or made voluntarily in connection with such trading plan (other than any required disclosure on Form 10-Q or Form 10-K, as applicable, of the entrance into any trading plan during the relevant fiscal quarter, provided that such disclosure includes a statement to the effect that no transfers may be made pursuant to such trading plan during the restricted period).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Our directors and executive officers and holders of substantially all of our outstanding capital stock (such persons, the &#8220;lock-up parties&#8221;) have entered into lock-up agreements with the underwriters prior to the commencement of this offering pursuant to which each lock-up party, with limited exceptions, for restricted period, may not (and may not cause any of their direct or indirect affiliates to), without the prior written consent of </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">156</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">J.P.&#160;Morgan Securities LLC and Barclays Capital Inc., (i)&#160;offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any shares of our common stock or any securities convertible into or exercisable or exchangeable for our common stock (including, without limitation, common stock or such other securities which may be deemed to be beneficially owned by such lock-up parties in accordance with the rules and regulations of the SEC and securities which may be issued upon exercise of a stock option or warrant (collectively with the common stock, the &#8220;lock-up securities&#8221;)), (ii)&#160;enter into any hedging, swap, or other agreement or transaction that transfers, in whole or in part, any of the economic consequences of ownership of the lock-up securities, whether any such transaction described in clause (i)&#160;or (ii)&#160;above is to be settled by delivery of lock-up securities, in cash or otherwise, (iii)&#160;make any demand for, or exercise any right with respect to, the registration of any lock-up securities, or (iv)&#160;publicly disclose the intention to do any of the foregoing. Such persons or entities have further acknowledged that these undertakings preclude them from engaging in any hedging or other transactions or arrangements (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap, or any other derivative transaction or instrument, however described or defined) designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition or transfer (by any person or entity, whether or not a signatory to such agreement) of any economic consequences of ownership, in whole or in part, directly or indirectly, of any lock-up securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of lock-up securities, in cash or otherwise.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The restrictions described in the immediately preceding paragraph and contained in the lock-up agreements between the underwriters and the lock-up parties do not apply, subject in certain cases to various conditions, to certain transactions, including (a) transfers of lock-up securities: (i) as bona fide gifts, or for bona fide estate planning purposes, including without limitation to charitable organizations or educational institutions, (ii) by will other testamentary document or intestacy, (iii) to any member of the lock-up party&#8217;s immediate family or to any trust or other legal entity for the direct or indirect benefit of the lock-up party or the immediate family of the lock-up party, or if the lock-up party is a trust, to a trustor, trustee or beneficiary of the trust or to the estate of a beneficiary of such trust, (iv) to a corporation, partnership, limited liability company or other entity of which the lock-up party and the immediate family of the lock-up party are the legal and beneficial owner of all of the outstanding equity securities or similar interests, (v) if the lock-up party is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act) of the lock-up party, or to any investment fund or other entity controlling, controlled by, managing, managed by or under common control with (or managed or advised by the same management company or investment advisor (or an affiliate of such management company or investment advisor)) as the lock-up party or affiliates of the lock-up party (including, for the avoidance of doubt, where the lock-up party is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (B) as part of a distribution or transfer to members, shareholders, partners or other equity holders of the lock-up party (including, without limitation, to any entity or entities that directly or indirectly controls the lock-up party); (vi) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (v) above; (vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement, or pursuant to a final order of a court or regulatory agency; (viii) to us from an employee upon death, disability or termination of employment, in each case, of such employee; (ix) as part of a sale or transfer of the lock-up securities acquired in open market transactions after the completion of this offering; (x) to us in connection with the vesting, settlement, or exercise of restricted stock units, options, warrants or other rights to purchase shares of our common stock (including, in each case, by way of &#8220;net&#8221; or &#8220;cashless&#8221; exercise), including for the payment of exercise price and tax and remittance payments due as a result of the vesting, settlement, or exercise of such restricted stock units, options, warrants or rights, provided that any such shares of our common stock received upon such exercise, vesting or settlement shall remain subject to the restrictions in the immediately preceding paragraph, and provided further that any such restricted stock units, options, warrants or rights are held by the undersigned pursuant to an agreement or equity awards granted under a stock incentive plan or other equity award plan, each such agreement or plan which is described in this </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">157</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">prospectus; or (xi) pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by our Board Of Directors and made to all holders of our capital stock involving a change of control, in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding our voting securities (or the surviving entity)); provided that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, all such lock-up securities would remain subject to the restrictions in the immediately preceding paragraph; (b) exercise of the options, settlement of RSUs or other equity awards, or the exercise of warrants granted pursuant to plans or other equity compensation arrangements described in this prospectus, provided that any lock-up securities received upon such exercise, vesting, or settlement would be subject to restrictions similar to those in the immediately preceding paragraph; (c) the conversion of outstanding preferred stock, warrants to acquire preferred stock or convertible securities into shares of our common stock or warrants to acquire shares of our common stock, provided that any common stock or warrant received upon such conversion would be subject to restrictions similar to those in the immediately preceding paragraph; and (d) the establishment by lock-up parties of trading plans under Rule 10b5-1 under the Exchange Act, provided that such plan does not provide for the transfer of lock-up securities during the restricted period. provided that such plan does not provide for the transfer of lock-up securities during the restricted period and to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the lock-up or us regarding the establishment of such plan during the restricted period, such announcement or filing shall include a statement to the effect that no transfer of lock-up securities may be made under such plan during the restricted period.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">J.P. Morgan Securities LLC and Barclays Capital Inc. may release the securities subject to any of the lock-up agreements with the underwriters described above, in whole or in part at any time.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We have applied to have our common stock approved for listing on the NYSE under the symbol &#8220;ASIC &#8220;.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In connection with this offering, the underwriters may engage in stabilizing transactions, which involves making bids for, purchasing, and selling shares of common stock in the open market for the purpose of preventing or retarding a decline in the market price of the common stock while this offering is in progress. These stabilizing transactions may include making short sales of common stock, which involves the sale by the underwriters of a greater number of shares of common stock than they are required to purchase in this offering, and purchasing shares of common stock on the open market to cover positions created by short sales. Short sales may be &#8220;covered&#8221; shorts, which are short positions in an amount not greater than the underwriters&#8217; option to purchase additional shares referred to above, or may be &#8220;naked&#8221; shorts, which are short positions in excess of that amount. The underwriters may close out any covered short position either by exercising their option to purchase additional shares, in whole or in part, or by purchasing shares in the open market. In making this determination, the underwriters will consider, among other things, the price of shares available for purchase in the open market compared to the price at which the underwriters may purchase shares through the option to purchase additional shares. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the common stock in the open market that could adversely affect investors who purchase in this offering. To the extent that the underwriters create a naked short position, they will purchase shares in the open market to cover the position.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The underwriters have advised us that, pursuant to Regulation&#160;M under the Securities Act, they may also engage in other activities that stabilize, maintain, or otherwise affect the price of the common stock, including the imposition of penalty bids. This means that if the representatives of the underwriters purchase common stock in the open market in stabilizing transactions or to cover short sales, the representatives can require the underwriters that sold those shares as part of this offering to repay the underwriting discount received by them.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">These activities may have the effect of raising or maintaining the market price of the common stock or preventing or retarding a decline in the market price of the common stock, and, as a result, the price of the common stock </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">158</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">may be higher than the price that otherwise might exist in the open market. If the underwriters commence these activities, they may discontinue them at any time. The underwriters may carry out these transactions on the , in the over-the-counter market or otherwise.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Prior to this offering, there has been no public market for our common stock. The initial public offering price will be determined by negotiations between us and the representatives of the underwriters. In determining the initial public offering price, we and the representatives of the underwriters expect to consider a number of factors including:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; line-height:13pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the information set forth in this prospectus and otherwise available to the representatives;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.2pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">our prospects and the history and prospects for the industry in which we compete;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.21pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.21pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">an assessment of our management;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.2pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">our prospects for future earnings;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.21pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.21pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the general condition of the securities markets at the time of this offering;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.2pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">the recent market prices of, and demand for, publicly traded common stock of generally comparable companies; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.21pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
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        <div style=" margin-top:5.21pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">other factors deemed relevant by the underwriters and us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Neither we nor the underwriters can assure investors that an active trading market will develop for our common shares, or that the shares will trade in the public market at or above the initial public offering price.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Certain of the underwriters and their affiliates have provided in the past to us and our affiliates and may provide from time to time in the future certain commercial banking, financial advisory, investment banking and other services for us and such affiliates in the ordinary course of their business, for which they have received and may continue to receive customary fees and commissions. In addition, from time to time, certain of the underwriters and their affiliates may effect transactions for their own account or the account of customers, and hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do so in the future.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Directed Share Program</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.25pt;">At our request, the underwriters have reserved for sale, at the initial public offering price, up to &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;% of the shares offered by this prospectus, excluding the additional shares that the underwriters have an option to purchase, for sale to certain of our employees, certain of our directors and certain other parties. Shares purchased in such directed share program will be subject to the 180-day lock-up restriction described above. The number of shares of common stock available for sale to the general public will be reduced to the extent these individuals purchase such reserved shares. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. J.P. Morgan Securities LLC will administer our directed share program. We agreed to indemnify J.P. Morgan Securities LLC in connection with the directed share program, including for the failure of any participant to pay for its shares. Other than the underwriting discount described on the front cover of this prospectus, the underwriters will not be entitled to any commission with respect to shares of stock sold pursuant to the directed share program.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">159</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Selling restrictions</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Notice to prospective investors in the European Economic Area (&#8220;EEA&#8221;)</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">In relation to each Member State of the EEA (each a &#8220;Member State&#8221;), no shares of common stock have been offered or will be offered pursuant to the offering to the public in that Member State prior to the publication of a prospectus in relation to the shares of common stock which has been approved by the competent authority in that Member State or, where appropriate, approved in another Member State and notified to the competent authority in that Member State, all in accordance with the Prospectus Regulation (as defined below), except that shares of common stock may be offered to the public in that Member State at any time:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">(a)&nbsp;&nbsp;&nbsp;to any legal entity which is a qualified investor as defined under Article&#160;2 of the Prospectus Regulation;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">(b)&nbsp;&nbsp;&nbsp;to fewer than 150 natural or legal persons (other than qualified investors as defined under Article&#160;2 of the Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">(c)&nbsp;&nbsp;&nbsp;in any other circumstances falling within Article&#160;1(4) of the Prospectus Regulation,</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">provided that no such offer of shares of common stock shall require us or any underwriter to publish a prospectus pursuant to Article&#160;3 of the Prospectus Regulation or supplement a prospectus pursuant to Article&#160;23 of the Prospectus Regulation and each person who initially acquires any shares of common stock or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with each of the underwriters and the Company that it is a &#8220;qualified investor&#8221; within the meaning of Article&#160;2(e) of the Prospectus Regulation. In the case of any shares of common stock being offered to a financial intermediary as that term is used in the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged, and agreed that the shares of common stock acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares of common stock to the public other than their offer or resale in a Member State to qualified investors as so defined or in circumstances in which the prior consent of the underwriters have been obtained to each such proposed offer or resale.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">For the purposes of this provision, the expression an &#8220;offer to the public&#8221; in relation to any shares of common stock in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of common stock, and the expression &#8220;Prospectus Regulation&#8221; means Regulation (EU) 2017/1129 (as amended).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Notice to prospective investors in the United Kingdom</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">No shares of common stock have been offered or will be offered pursuant to the offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the shares of common stock which has been (i)&#160;approved by the Financial Conduct Authority or (ii)&#160;is to be treated as if it had been approved by the Financial Conduct Authority in accordance with the transitional provisions in Article&#160;74 (transitional provisions) of the Prospectus Amendment etc. (EU Exit) Regulations&#160;2019/1234, except that the shares of common stock may be offered to the public in the United Kingdom at any time:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">(a)&nbsp;&nbsp;&nbsp;to any legal entity which is a qualified investor as defined under Article&#160;2 of the UK Prospectus Regulation (as defined below);</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">(b)&nbsp;&nbsp;&nbsp;to fewer than 150 natural or legal persons (other than qualified investors as defined under Article&#160;2 of the UK Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">(c)&nbsp;&nbsp;&nbsp;in any other circumstances falling within Section&#160;86 of the Financial Services and Markets Act 2000, as amended (the &#8220;FSMA&#8221;),</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
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        </div>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">160</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">provided that no such offer of shares of common stock shall require us and/or any underwriters or any of their affiliates to publish a prospectus pursuant to Section&#160;85 of the FSMA or supplement a prospectus pursuant to Article&#160;23 of the UK Prospectus Regulation.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">For the purposes of this provision, the expression &#8220;offer to the public&#8221; in relation to shares of common stock in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of common stock and the expression &#8220;UK Prospectus Regulation&#8221; means Regulation (EU)&#160;2017/1129 as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In addition, in the United Kingdom, this prospectus is for distribution only to, and is directed only at, and any offer subsequently made may only be directed at persons who are &#8220;qualified investors&#8221; &#8203;(as defined in the UK Prospectus Regulation) (i)&#160;who have professional experience in matters relating to investments falling within Article&#160;19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &#8220;Order&#8221;), (ii)&#160;who are high net worth entities or other persons falling within Article&#160;49(2)(a) to (d)&#160;of the Order, or (iii)&#160;who are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) in connection with the issue or sale of any shares of common stock may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as &#8220;relevant persons&#8221;). This prospectus is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. In the United Kingdom, any investment or investment activity that this document relates to may be made or taken exclusively by relevant persons.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Notice to prospective investors in Canada</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The shares of common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument&#160;31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the shares of common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser&#8217;s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&#8217;s province or territory for particulars of these rights or consult with a legal advisor.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Notice to prospective investors in Australia</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">This prospectus:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; line-height:13pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (Cth) (the &#8220;Corporations Act&#8221;);</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">has not been, and will not be, lodged with the Australian Securities and Investments Commission, as a disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure document for the purposes of the Corporations Act; and</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of investors, available under section 708 of the Corporations Act (&#8220;Exempt Investors&#8221;).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">161</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The shares of common stock may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or to buy the shares of common stock may be issued, and no draft or definitive offering memorandum, advertisement, or other offering material relating to any shares of common stock may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting an application for the shares of common stock, you represent and warrant to us that you are an Exempt Investor. </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">As any offer of shares of common stock under this document will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within 12&#160;months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the shares of common stock you undertake to us that you will not, for a period of 12&#160;months from the date of issue of the shares of common stock, offer, transfer, assign, or otherwise alienate those shares of common stock to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is prepared and lodged with the Australian Securities and Investments Commission.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Notice to prospective investors in Korea</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The shares of common stock have not been and will not be registered under the Financial Investments Services and Capital Markets Act of Korea and the decrees and regulations thereunder (the &#8220;FSCMA&#8221;), and the shares of common stock have been and will be offered in Korea as a private placement under the FSCMA. None of the shares of common stock may be offered, sold, or delivered directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of Korea, including the FSCMA and the Foreign Exchange Transaction Law of Korea and the decrees and regulations thereunder (the &#8220;FETL&#8221;). The shares of common stock have not been listed on any of securities exchanges in the world including, without limitation, the Korea Exchange in Korea. Furthermore, the purchasers of the shares of common stock shall comply with all applicable regulatory requirements (including but not limited to requirements under the FETL) in connection with the purchase of the shares of common stock. By the purchase of the shares of common stock, the relevant holders thereof will be deemed to represent and warrant that if they are in Korea or are a resident of Korea, they purchased the shares of common stock pursuant to the applicable laws and regulations of Korea.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Notice to prospective investors in Brazil</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The offer and sale of the shares of common stock have not been and will not be registered with the Brazilian Securities Commission (Comiss&#227;o de Valores Mobili&#225;rios, or &#8220;CVM&#8221;) and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No. 160, dated 13 July&#160;2022, as amended, or unauthorized distribution under Brazilian laws and regulations. The shares of common stock will be authorized for trading on organized non-Brazilian securities markets and may only be offered to Brazilian Professional Investors (as defined by applicable CVM regulation), who may only acquire the shares of common stock through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of these shares of common stock on regulated securities markets in Brazil is prohibited.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Notice to prospective investors in the United Arab Emirates</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The shares of common stock have not been, and are not being, publicly offered, sold, promoted, or advertised in the United Arab Emirates (including the Dubai International Financial Centre) other than in compliance with the laws of the United Arab Emirates (and the Dubai International Financial Centre) governing the issue, offering and sale of securities. Further, this prospectus does not constitute a public offer of securities in the United Arab Emirates (including the Dubai International Financial Centre) and is not intended to be a public offer. This prospectus has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, Financial Services Regulatory Authority, or the Dubai Financial Services Authority.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">162</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Notice to prospective investors in Hong Kong</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The shares of common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a)&#160;to &#8220;professional investors&#8221; as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the &#8220;SFO&#8221;) of Hong Kong and any rules made thereunder; or (b)&#160;in other circumstances which do not result in the document being a &#8220;prospectus&#8221; as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the &#8220;CO&#8221;) or which do not constitute an offer to the public within the meaning of the CO. No advertisement, invitation, or document relating to the common stock has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares of common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to &#8220;professional investors&#8221; as defined in the SFO and any rules made thereunder. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Notice to prospective investors in Japan</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The shares of common stock have not been and will not be registered pursuant to Article&#160;4, Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none of the common stock nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any &#8220;resident&#8221; of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to or for the benefit of a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations, and ministerial guidelines of Japan in effect at the relevant time.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Notice to prospective investors in Singapore</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of common stock may not be circulated or distributed, nor may the common stock be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i)&#160;to an institutional investor (as defined in Section&#160;4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time (the &#8220;SFA&#8221;)) pursuant to Section&#160;274 of the SFA; (ii)&#160;to a relevant person (as defined in Section&#160;275(2) of the SFA) pursuant to Section&#160;275(1) of the SFA, or any person pursuant to Section&#160;275(1A) of the SFA, and in accordance with the conditions specified in Section&#160;275 of the SFA; or (iii)&#160;otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Where the shares of common stock are subscribed or purchased under Section&#160;275 of the SFA by a relevant person which is:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; line-height:13pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">a corporation (which is not an accredited investor (as defined in Section&#160;4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">securities or securities-based derivatives contract (each term as defined in Section&#160;2(1) of the SFA) of that corporation or the beneficiaries&#8217; rights and interest (howsoever described) in that trust shall not be transferred within six&#160;months after that corporation or that trust has acquired the common stock pursuant to an offer made under Section&#160;275 of the SFA except:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; line-height:13pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">to an institutional investor or to a relevant person defined in Section&#160;275(2) of the SFA, or to any person arising from an offer referred to in Section&#160;275(1A) or Section&#160;276(4)(i)(B) of the SFA;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">163</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:160pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; line-height:13pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">where no consideration is or will be given for the transfer;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">where the transfer is by operation of law;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">as specified in Section&#160;276(7) of the SFA; or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">as specified in Regulation&#160;37A of the Securities and Futures (Offers of Investments) (Securities and Securities based Derivatives Contracts) Regulations&#160;2018.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Singapore SFA Product Classification&#8212;Solely for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the SFA, the company has determined, and hereby notifies all relevant persons (as defined in Section&#160;309A of the SFA) that the shares of common stock are &#8220;prescribed capital markets products&#8221; &#8203;(as defined in the Securities and Futures (Capital Markets Products) Regulations&#160;2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Notice to prospective investors in Switzerland</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">This prospectus does not constitute an offer to the public or a solicitation to purchase or invest in any shares of common stock. No shares of common stock have been offered or will be offered to the public in Switzerland, except that offers of shares of common stock may be made to the public in Switzerland at any time under the following exemptions under the Swiss Financial Services Act (&#8220;FinSA&#8221;):</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">(a)&nbsp;&nbsp;&nbsp;to any person which is a professional client as defined under the FinSA;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">(b)&nbsp;&nbsp;&nbsp;to fewer than 500 persons (other than professional clients as defined under the FinSA), subject to obtaining the prior consent of the joint book-running managers for any such offer; or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">(c)&nbsp;&nbsp;&nbsp;in any other circumstances falling within Article&#160;36 FinSA in connection with Article&#160;44 of the Swiss Financial Services Ordinance,</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">provided that no such offer of shares of common stock shall require the Company or any bank to publish a prospectus pursuant to Article&#160;35 FinSA.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The shares of common stock have not been and will not be listed or admitted to trading on a trading venue in Switzerland.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Neither this document nor any other offering or marketing material relating to the shares of common stock constitutes a prospectus as such term is understood pursuant to the FinSA and neither this document nor any other offering or marketing material relating to the shares of common stock may be publicly distributed or otherwise made publicly available in Switzerland. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">164</font>
          <br >
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    </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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tLEMA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-size:10pt;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:450pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Legal matters</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;font-size:10pt;">
          <font style="letter-spacing:0.25pt;">Certain legal matters relating to this offering will be passed upon for us by Latham &amp; Watkins LLP, New York, NY, and the validity of the shares of common stock offered hereby will be passed upon for us by Brownstein Hyatt Farber Schreck, LLP, Las Vegas, NV. Certain matters will be passed upon for the underwriters by Skadden, Arps, Slate, Meagher &amp; Flom LLP, New&#160;York,&#160;NY.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Experts</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;font-size:10pt;">
          <font style="letter-spacing:0.25pt;">The consolidated financial statements and schedules of Ategrity Specialty Holdings LLC and subsidiaries at December&#160;31, 2024 and 2023, and for each of the two&#160;years in the period ended December&#160;31, 2024, appearing in this Prospectus and Registration Statement have been audited by Ernst &amp; Young LLP, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;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:0.25pt;">165</font>
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tWYCF">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:276pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Where you can find more information</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We have filed with the SEC, a registration statement on Form S-1 under the Securities Act with respect to the common stock offered in this prospectus. This prospectus, filed as part of the registration statement, does not contain all of the information set forth in the registration statement and its exhibits and schedules, portions of which have been omitted as permitted by the rules and regulations of the SEC. You can find further information about us in the registration statement and its exhibits and schedules. Statements in this prospectus about the contents of any contract, agreement, or other document are not necessarily complete and, in each instance, we refer you to the copy of such contract, agreement, or document filed as an exhibit to the registration statement, with each such statement being qualified in all respects by reference to the document to which it refers. Anyone may inspect the registration statement and its exhibits and schedules without charge at the Public Reference Room of the SEC located at 100 F Street, N.E., Washington, DC 20549. You may obtain copies of all or any part of these materials from the SEC upon the payment of certain fees prescribed by the SEC. You may obtain further information about the operation of the SEC&#8217;s Public Reference Room by calling the SEC at 1-800-SEC-0330. You may also inspect these reports and other information without charge at the SEC&#8217;s website (http://www.sec.gov).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Upon the closing of this offering, we will become subject to the informational requirements of the Exchange Act, as amended, and will be required to file periodic current reports, proxy statements, and other information with the SEC. You will be able to inspect and copy these reports, proxy statements, and other information at the SEC&#8217;s public reference facilities at the address noted above. You also will be able to inspect this material without charge at the SEC&#8217;s website. We intend to furnish our stockholders with annual reports containing financial statements audited by an independent accounting firm.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In addition, following the closing of this offering, we will make the information filed with or furnished to the SEC available free of charge through our website (http://www.ategrity.com) as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The information contained on our website is not a part of this prospectus.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">166</font>
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      <hr >
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC2">&#8203;</a><a name="fITFS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
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      <div style="margin-top:6pt;margin-bottom:341pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries</font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Index to Financial Statements</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <table style="width:456pt;height:195pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:424.78pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt;text-align:center;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Page </font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;background-color:#CCEEFF;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:424.78pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">C</font><font style="text-transform:lowercase;letter-spacing:0.25pt;">onsolidated Financial Statements</font>
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            <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:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:424.78pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#fROIR"><font style="letter-spacing:0.25pt;">Report of Independent Registered Public Accounting Firm </font></a>
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            <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 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#fROIR">F-2</a></font> <a href="#fROIR"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:424.78pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#fCBS"><font style="letter-spacing:0.25pt;">Consolidated Balance Sheet </font></a>
              </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 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#fCBS">F-3</a></font> <a href="#fCBS"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:424.78pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#fCSOO"><font style="letter-spacing:0.25pt;">Consolidated Statement of Operations and Comprehensive Income </font></a>
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            <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 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#fCSOO">F-4</a></font> <a href="#fCSOO"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:424.78pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#fCSOC"><font style="letter-spacing:0.25pt;">Consolidated Statement of Changes in Members&#8217; Equity and Non-Controlling Interest </font></a>
              </div>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#fCSOC">F-5</a></font> <a href="#fCSOC"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:424.78pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#fCSOC1"><font style="letter-spacing:0.25pt;">Consolidated Statement of Cash Flows </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#fCSOC1">F-6</a></font> <a href="#fCSOC1"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:424.78pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tNOT3"><font style="letter-spacing:0.25pt;">Notes to Consolidated Financial Statements </font></a>
              </div>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#tNOT3">F-7</a></font> <a href="#tNOT3"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:9.5pt 0pt 1.5pt 0pt; width:424.78pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Financial Statement Schedules</font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <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:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:424.78pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tSCHI"><font style="letter-spacing:0.25pt;">Schedule&#160;I&#8212;Summary of Investments&#8212;Other Than Investment in Related Parties </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#tSCHI">F-45</a></font> <a href="#tSCHI"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:424.78pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tSCHII"><font style="letter-spacing:0.25pt;">Schedule&#160;II&#8212;Condensed Financial Information of Registrant </font></a>
              </div>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#tSCHII">F-46</a></font> <a href="#tSCHII"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:424.78pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tSCHV"><font style="letter-spacing:0.25pt;">Schedule&#160;V&#8212;Valuation and Qualifying Accounts </font></a>
              </div>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#tSCHV">F-49</a></font> <a href="#tSCHV"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:424.78pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tSCHVI"><font style="letter-spacing:0.25pt;">Schedule&#160;VI&#8212;Insurance Operations </font></a>
              </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 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.25pt;"><a href="#tSCHVI">F-50</a></font>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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        </table>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Schedules other than those listed are omitted for the reason that they are not required, are not applicable or that equivalent information has been included in the financial statements or notes thereto or elsewhere herein.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-1</font>
          <br >
        </div>
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      <hr >
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="fROIR">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-bottom:133pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Report of Independent Registered Public Accounting Firm</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:4pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">To the Shareholders and the Board of Directors of Ategrity Specialty Holdings LLC and subsidiaries</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:6pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Opinion on the Financial Statements</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:4pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We have audited the accompanying consolidated balance sheets of Ategrity Specialty Holdings LLC and subsidiaries (the Company) as of December&#160;31, 2024 and 2023, the related consolidated statements of operations and comprehensive income, changes in members&#8217; equity and non-controlling interest and cash flows for each of the two years in the period ended December&#160;31, 2024, and the related notes and financial statement schedules (collectively referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December&#160;31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December&#160;31, 2024, in conformity with U.S. generally accepted accounting principles.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Basis for Opinion</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:4pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">These financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:4pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:4pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">/s/ Ernst &amp; Young LLP</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:4pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">We have served as the Company&#8217;s auditor since 2018. </font> <br ><font style="letter-spacing:0.25pt;">Tysons, Virginia </font> <br ><font style="letter-spacing:0.25pt;">March 04, 2025</font></div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-2</font>
          <br >
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      <hr >
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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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="fCBS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">C</font><font style="text-transform:lowercase;letter-spacing:0.4pt;">onsolidated</font><font style="letter-spacing:0.4pt;"> B</font><font style="text-transform:lowercase;letter-spacing:0.4pt;">alance</font><font style="letter-spacing:0.4pt;"> S</font><font style="text-transform:lowercase;letter-spacing:0.4pt;">heets</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
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        <table style="width:456pt;margin-top:9pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:336.51pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">As of December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.5pt 0pt; width:336.51pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0.25pt 0pt 1.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0.25pt 0pt 1.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:336.51pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0.25pt 0pt 0.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.75pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Assets:</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.5pt 0pt 0.5pt 0pt; width:336.51pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Fixed maturity securities available-for-sale, at fair value (amortized cost of $434,965 in 2024 and $103,789 in 2023) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">438,752</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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">98,200</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Equity securities, at fair value (cost of $0 in 2024 and $1,000 in 2023) </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8212;</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">1,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.5pt 0pt 0.5pt 0pt; width:336.51pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Utility &amp; infrastructure investments, at fair value (cost of $216,075 in 2024 and $221,175 in 2023) </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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">270,242</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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">253,045</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Short-term investments </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">52,612</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:2.5pt 0pt 1.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other invested assets </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">280</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">694</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.75pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total invested assets </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:2.75pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">761,886</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:2.75pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">352,939</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Cash and cash equivalents </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">26,573</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">264,646</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Investment income due and accrued </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">5,642</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">1,098</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.5pt 0pt 0.5pt 0pt; width:336.51pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Premiums receivable, net of allowance for credit losses of $5,907 in 2024 and $2,953 in 2023 </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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">53,500</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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">49,103</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Deferred policy acquisition costs, net of ceding commissions </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">21,552</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">23,245</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Note receivable from affiliate </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">13,501</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">13,501</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Prepaid reinsurance premiums </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">3,905</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">396</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Deferred income tax asset, net </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">9,670</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">7,221</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Reinsurance recoverable, net of allowance for credit losses of $0 in 2024 and $0 in </font>
                <br >
                <font style="letter-spacing:0.25pt;">2023 </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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">133,616</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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">125,671</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Ceded unearned premiums </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">68,205</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">37,852</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:2.5pt 0pt 1.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other assets </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">25,388</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">6,370</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.75pt 0pt 2pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total assets</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.75pt 0pt 1.25pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.75pt 0pt 1.25pt 0pt;border-bottom:3pt double #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">1,123,438</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.75pt 0pt 1.25pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.75pt 0pt 1.25pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">882,042</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Liabilities, members&#8217; equity and non-controlling interest:</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Liabilities: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Reserves for unpaid losses and loss adjustment expenses </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">403,576</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">320,936</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Unearned premiums </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">212,828</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">173,905</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Securities sold, not yet purchased, at fair value (cost of $932 in 2024 and $12,379 </font>
                <br >
                <font style="letter-spacing:0.25pt;">in 2023) </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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">930</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:0.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">12,130</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Payable to reinsurers </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">27,160</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">15,669</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Due to broker </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">9,189</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Accounts payable and accrued expenses </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">38,061</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">17,899</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Funds held under reinsurance treaties </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">2,092</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">4,589</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Income tax payable </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">26,488</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">8,852</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:2.5pt 0pt 1.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other liabilities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">4,307</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">5,865</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.75pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total liabilities </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:2.75pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">724,631</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:2.75pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">559,845</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Members&#8217; equity: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Members&#8217; equity </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">360,741</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">338,634</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Retained earnings (deficit) </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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">34,569</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:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">(12,521<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:2.5pt 0pt 1.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Accumulated other comprehensive income (loss) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">2,997</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">(4,416<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.75pt 0pt 0.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total members&#8217; equity </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:2.75pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:37.5pt; text-align:right; white-space:nowrap;">398,307</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:2.75pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">321,697</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:2.5pt 0pt 1.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Non-controlling interest&#8722;General Partner </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">500</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">500</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:2.75pt 0pt 1.5pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total members&#8217; equity and non-controlling interest </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.75pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.75pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">398,807</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.75pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.75pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">322,197</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.75pt 0pt 2.25pt 0pt; width:336.51pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total liabilities, members&#8217; equity and non-controlling interest</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.75pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.75pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:37.5pt; text-align:right; white-space:nowrap;">1,123,438</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.75pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.75pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">882,042</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:5.5pt;line-height:5.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="14">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">See accompanying Notes to Consolidated Financial Statements. </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-3</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="fCSOO">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:19pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Consolidated Statements of Operations and Comprehensive Income</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:9pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:306.01pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:306.01pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:306.01pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Revenues</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Gross written premiums </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">437,036</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">352,591</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Ceded written premiums </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">(137,830<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">(84,375<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net written premiums </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">299,206</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">268,216</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Change in unearned premiums </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">(8,571<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">(36,752<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net premiums earned </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">290,635</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">231,464</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Fee income </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">918</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">660</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net investment income </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">24,046</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">11,366</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net realized and unrealized gains (losses) on investments </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">28,140</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">(2,269<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other income </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">95</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">95</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total revenues </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">343,834</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">241,316</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Expenses</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Losses and loss adjustment expenses </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">175,234</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">154,107</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Underwriting, acquisition and insurance expenses </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">98,567</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">72,155</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Interest expense </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">2,042</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">2,237</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">1,727</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">196</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.25pt 0pt 2.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">277,570</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">228,695</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Income before income taxes </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">66,264</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">12,621</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Income tax expense </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">12,316</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">2,518</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net income </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">53,948</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">10,103</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.76pt 0pt 1.49pt 0pt; width:306.01pt;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Less: Net income attributable to non-controlling interest&#8722;General </font>
                <br >
                <font style="letter-spacing:0.25pt;">Partner </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.76pt 0pt 1.49pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.76pt 0pt 1.49pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">6,858</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.76pt 0pt 1.49pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.76pt 0pt 1.49pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">55</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net income attributable to members </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">47,090</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">10,048</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Other comprehensive income: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Unrealized gains, net of taxes </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">7,413</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">3,246</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.76pt 0pt 1.49pt 0pt; width:306.01pt;white-space:normal;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Less: Unrealized gains, net of taxes attributable to non-controlling interest </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.76pt 0pt 1.49pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.76pt 0pt 1.49pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.76pt 0pt 1.49pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.76pt 0pt 1.49pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total comprehensive income attributable to members </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">54,503</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">13,294</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.75pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Earnings per member&#8217;s unit:</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Basic </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">0.12</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">0.03</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Diluted </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">0.12</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">0.03</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Weighted-average&#160;units outstanding:</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Basic </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">390,738,224</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">349,938,678</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 4pt 0pt; width:306.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Diluted </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:46.5pt; text-align:right; white-space:nowrap;">390,756,416</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:46.5pt; text-align:right; white-space:nowrap;">349,948,799</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:4pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">See accompanying Notes to Consolidated Financial Statements. </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-4</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="fCSOC">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:253.5pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Consolidated Statements of Changes in Members&#8217; Equity and </font>
          <br >
          <font style="letter-spacing:0.4pt;">Non-Controlling Interest</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:9pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:130.95pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Members&#8217;</font>
                <br >
                <font style="letter-spacing:0.225pt;">Equity </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Retained</font>
                <br >
                <font style="letter-spacing:0.225pt;">Earnings</font>
                <br >
                <font style="letter-spacing:0.225pt;">(Deficit) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Accumulated</font>
                <br >
                <font style="letter-spacing:0.225pt;">Other</font>
                <br >
                <font style="letter-spacing:0.225pt;">Comprehensive</font>
                <br >
                <font style="letter-spacing:0.225pt;">Income (Loss) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Total</font>
                <br >
                <font style="letter-spacing:0.225pt;">Members&#8217;</font>
                <br >
                <font style="letter-spacing:0.225pt;">Equity </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Non-</font>
                <br >
                <font style="letter-spacing:0.225pt;">Controlling</font>
                <br >
                <font style="letter-spacing:0.225pt;">Interest </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Total Members&#8217; </font>
                <br >
                <font style="letter-spacing:0.225pt;">Equity and </font>
                <br >
                <font style="letter-spacing:0.225pt;">Non-Controlling</font>
                <br >
                <font style="letter-spacing:0.225pt;">Interest </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt 0pt 0.5pt 0pt; width:130.95pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 0.5pt 0pt; width:0pt;text-align:center;" colspan="34">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:130.95pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Balance at January&#160;1, 2023</font>
              </div>
            </td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">303,364</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(22,569<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.69pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(7,662<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">273,133</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.53pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">3,584</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">276,717</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:130.95pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Member&#160;units issued </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">35,243</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.69pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">35,243</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.53pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">35,243</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:130.95pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Share-based compensation </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">27</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.69pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">27</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.53pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">27</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:130.95pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Distributions </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.69pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.53pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(3,139<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">(3,139<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:130.95pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net income </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">10,048</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.69pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">10,048</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.53pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">55</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">10,103</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:2.167pt 0pt 1.833pt 0pt; width:130.95pt;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Other comprehensive income, </font>
                <br >
                <font style="letter-spacing:0.25pt;">net of taxes </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.69pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">3,246</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">3,246</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.53pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.84pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">3,246</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:130.95pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Balance at December&#160;31, 2023</font>
              </div>
            </td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">338,634</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(12,521<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.69pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">(4,416<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">321,697</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.53pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">500</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.84pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">322,197</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.75pt 0pt 3.5pt 0pt; width:130.95pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Member&#160;units issued </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">20,100</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.69pt;width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">20,100</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.53pt;width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.84pt;width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">20,100</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:130.95pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Share-based compensation </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">2,007</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.69pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">2,007</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.53pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">2,007</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:130.95pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Distributions </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.69pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.53pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(6,858<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">(6,858<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:130.95pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net income </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">47,090</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.69pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">47,090</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.53pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">6,858</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">53,948</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:2.167pt 0pt 1.75pt 0pt; width:130.95pt;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Other comprehensive income, </font>
                <br >
                <font style="letter-spacing:0.25pt;">net of taxes </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.69pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">7,413</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">7,413</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.53pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.84pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">7,413</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;background-color:#CCEEFF;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.25pt 0pt 2.583pt 0pt; width:130.95pt;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Balance at December&#160;31, </font>
                <br >
                <font style="letter-spacing:0.25pt;">2024</font>
              </div>
            </td>
            <td style="padding:0pt; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">360,741</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">34,569</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.69pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">2,997</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">398,307</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:7.53pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">500</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.25pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.84pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">398,807</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="38">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">See accompanying Notes to Consolidated Financial Statements. </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-5</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="fCSOC1">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-size:10pt;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Consolidated Statements of Cash Flows</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <table style="width:456pt;min-height:595.78pt;margin-top:9pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
          <tr style="line-height:9.76pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt; width:355.52pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt; width:0pt;text-align:center;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">For the Years Ended</font>
                <br >
                <font style="letter-spacing:0.2pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt; width:355.52pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.2pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.2pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.2pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">OPERATING ACTIVITIES</font>
            </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Net income </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:0pt; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">53,948</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:0pt; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">10,103</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">Adjustments to reconcile net income to net cash provided by operating activities: </font>
            </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Amortization of premium/discount on fixed maturity securities, available-for-sale </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(3,807<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">326</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999999pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Net realized and unrealized gains (losses) on investments </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(27,921<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">2,412</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999999pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Net investment income </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(3,102<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(2,979<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999999pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Depreciation and amortization </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">699</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">227</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999999pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Share-based compensation </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">2,007</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">27</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999999pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Expenses allocated from affiliate </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">244</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999999pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">Change in operating assets and liabilities: </font>
            </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999999pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Deferred income taxes </font>
              </div>
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            <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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(4,412<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(6,970<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
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          <tr style="line-height:7.97999999999999pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Investment income due and accrued </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(4,544<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(575<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
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          <tr style="line-height:7.97999999999999pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Premiums receivable, net </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(4,398<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(6,166<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999999pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Deferred policy acquisition costs, net of ceding commissions </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">1,693</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(3,597<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999999pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Note receivable from affiliate </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999999pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Prepaid reinsurance premiums </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(3,509<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(143<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98000000000002pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Income tax receivable </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">4,344</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Reinsurance recoverable </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(7,945<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">1,656</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Ceded unearned premiums </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(30,353<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(1,674<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Other assets </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(19,488<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(857<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Reserves for unpaid losses and loss adjustment expenses </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">82,640</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">44,498</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Unearned premiums </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">38,924</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">38,427</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Payable to reinsurers </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">11,491</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">143</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Accounts payable and accrued expenses </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">30,163</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">5,551</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Funds held under reinsurance treaties </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(2,497<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(6,817<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Income tax payable </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">17,636</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">8,852</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Other liabilities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">(1,614<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">(1,325<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="white-space:nowrap;font-weight:bold;">
                <font style="letter-spacing:0.2pt;">Net cash provided by operating activities</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">125,611</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">85,707</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;background-color:#CCEEFF;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">INVESTING ACTIVITIES</font>
            </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Purchase of fixed maturity securities, available-for-sale </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(389,306<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(136,964<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Proceeds from sale of fixed maturity securities, available-for-sale </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">99,377</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">124,323</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Maturities and redemptions of fixed maturity securities, available-for-sale </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">17,665</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">15,173</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Purchase of equity securities </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(1,000<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Redemptions of Utility &amp; Infrastructure investments </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">414</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">2,725</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Purchase of other assets </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(164<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(66<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Change in Treasury bills, net </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(39,199<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Change in short-term investments, net </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(53,381<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Purchases to cover securities sold, not yet purchased </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">1,257</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(56,974<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Proceeds from sale of securities sold, not yet purchased </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(348<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">67,703</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Proceeds from sale of other invested assets </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">415</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Purchase of other invested assets </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">(408<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.97999999999996pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="white-space:nowrap;font-weight:bold;">
                <font style="letter-spacing:0.2pt;">Net cash (used in) provided by investing activities</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(363,270<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">14,512</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98000000000002pt;background-color:#CCEEFF;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">FINANCING ACTIVITIES</font>
            </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98000000000002pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Issuance of Members&#8217; units </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">35,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Capital distribution </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">(414<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">(2,725<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98000000000002pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="white-space:nowrap;font-weight:bold;">
                <font style="letter-spacing:0.2pt;">Net cash (used in) provided by financing activities</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(414<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">32,275</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98000000000002pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Net change in cash and cash equivalents </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">(238,073<font style="position:absolute;">)</font></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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">132,494</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt; width:355.52pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Cash and cash equivalents, at beginning of period </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">264,646</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">132,152</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Cash and cash equivalents, at end of period </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">26,573</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">264,646</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98000000000002pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">Supplementary cash flow information: </font>
            </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98000000000002pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Cash paid for interest </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:0pt; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">2,124</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:0pt; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">2,192</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98000000000002pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Cash paid for taxes </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</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:0pt; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98000000000002pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">Supplementary non-cash investing and financing activities: </font>
            </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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt; min-width:3pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98000000000002pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Members&#8217; units issued in exchange for U.S. Treasury bills </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:0pt; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">20,100</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:0pt; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7.98000000000002pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:8pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:0pt 0pt 4pt 0pt; width:355.52pt;text-align:left;">
              <div style="margin-left:8pt;">
                <font style="letter-spacing:0.2pt;">Note receivable from affiliate received from the sale of property and equipment, net </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:21.75pt; text-align:right; white-space:nowrap;">13,501</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:4pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">See accompanying Notes to Consolidated Financial Statements. </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;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:0.25pt;">F-6</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tNOT3">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">1. Organization</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Ategrity Specialty Holdings LLC (&#8220;ASHL&#8221;) is an insurance holding company formed in 2017 and commenced operations in 2018. ASHL is registered in Delaware and conducts its operations principally through its wholly owned subsidiaries providing excess and surplus lines insurance and reinsurance products. The Company is majority owned by Zimmer Financial Services Group LLC (&#8220;ZFSG&#8221;), a financial services holding company with operations in the insurance and asset management industries. The following are ASHL&#8217;s operating subsidiaries:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; line-height:13pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">Ategrity Specialty Insurance Company (&#8220;ASIC&#8221;), which is registered in Delaware and organized for the purpose of writing excess and surplus lines insurance on a non-admitted basis in the United States.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">Ategrity Specialty Insurance Limited (&#8220;ASIL&#8221;) was incorporated under the laws of Bermuda (owned through Ategrity Specialty Holdings Limited, an intermediate holding company domiciled in Bermuda) for the sole purpose of providing quota-share insurance to ASIC.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">ASHL and its subsidiaries own approximately 99.8% of ZP Utility Insurance Fund, L.P. (the &#8220;Utility Limited Partnership&#8221;). The Utility Limited Partnership operates as a feeder fund in a &#8220;master-feeder&#8221; structure, in which the Utility Limited Partnership invests substantially all of its assets in ZP Master Utility Fund, Ltd. (the &#8220;Absolute Return Utility &amp; Infrastructure Fund&#8221;), an exempted company incorporated in the Cayman Islands.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">2. Summary of Significant Accounting Policies</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Basis of Presentation</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (&#8220;GAAP&#8221;).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Principles of Consolidation</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The accompanying consolidated financial statements include the accounts of ASHL and its consolidated subsidiaries, as well as the Utility Limited Partnership, a variable interest entity (&#8220;VIE&#8221;) that meets the requirements for consolidation (see Note 3 for further details) (collectively referred to as the &#8220;Company&#8221;). All intercompany accounts and transactions have been eliminated in consolidation.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Estimates and Assumptions</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Management makes estimates and assumptions that include, but are not limited to, reserves for unpaid losses and loss adjustment expenses, fair value of financial assets and liabilities, allowance for credit losses, and income taxes.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Cash and Cash Equivalents</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Company considers all highly liquid investments with an original maturity of three&#160;months or less to be cash equivalents. Cash includes $26.1&#160;million and $10.0&#160;million of cash, primarily held at two major financial institutions, as of December&#160;31, 2024 and 2023, respectively. The cash amount on deposit may exceed the insured limit of the institution and exposes the Company to credit risk. As of December&#160;31, 2024 and 2023, the Company held $0.5&#160;million and $254.7&#160;million, respectively, in cash equivalents which includes money market funds and highly liquid short-term deposits and securities with maturities of 90&#160;days or less at the date of purchase.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-7</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Short-term Investments</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Short-term investments are carried at amortized cost, which approximates fair value. Short-term investments have maturities greater than three&#160;months but less than one year at the date of purchase.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Investments</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Available-for-Sale</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Fixed maturity securities classified as &#8220;available-for-sale&#8221; are carried at fair value with unrealized gains and losses on such securities, net of any deferred taxes, reported as a separate component of accumulated other comprehensive income.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; text-align:justify; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Company does not have any securities classified as &#8220;held-to-maturity.&#8221;</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Interest on fixed-maturity securities is credited to earnings as it accrues. Premiums and discounts are amortized or accreted using the constant yield method over the lives of the related fixed maturities, or to the earliest call date for securities purchased at a premium. This method includes an adjustment for estimated principal prepayments, if any, on asset- and mortgage-backed securities. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the retrospective method.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Realized investment gains or losses are determined on a specific identification basis. Interest income is recognized as earned and dividend income is recognized on the ex-dividend date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Allowance for Credit Losses</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company performs a periodic assessment of its available-for-sale portfolio to determine if there is a decline in the fair value below the amortized cost basis and if it is due to credit-related factors or noncredit-related factors (i.e., changes in market-based interest rates). An allowance for credit losses is recorded for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net investment income. Unrealized losses that are not credit-related are recognized in other comprehensive income. See Note 4 for further discussion of credit losses. The Company also considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost. When assessing whether it intends to sell a fixed-maturity security or if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs, and potential sales of investments to capitalize on favorable pricing.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company reports accrued interest receivable as a component of accrued investment income on its consolidated balance sheets which is presented separately from available-for-sale securities. The Company does not measure an allowance for credit losses on accrued interest receivable and instead would write off accrued interest receivable at the time an issuer defaults or is expected to default on payments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Equity Securities</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Equity securities are reported at fair value. Changes in unrealized gains and losses in fair value of these investments are recognized in net income.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Utility &amp; Infrastructure Investments</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Utility &amp; Infrastructure Investments consisted of our investment in the Absolute Return Utility &amp; Infrastructure Fund via the Utility Limited Partnership. In consolidating the Utility Limited Partnership, the Company retained the </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-8</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">specialized industry accounting (as described below) and presents its investment in the Absolute Return Utility &amp; Infrastructure Fund as a single net asset, equal to the Company&#8217;s proportionate share of the underlying net asset value (&#8220;NAV&#8221;) of the Absolute Return Utility &amp; Infrastructure Fund. The performance of the Company is directly affected by the performance of the Absolute Return Utility &amp; Infrastructure Fund.</font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The Company accounts for its investment in the Absolute Return Utility &amp; Infrastructure Fund under the variable interest model at NAV as a practical expedient for fair value. Increases or decreases in such fair values are recorded within net realized gains and unrealized gains (losses) on investments in the consolidated statement of operations. Realized gains or losses upon any withdrawals of investments in the Absolute Return Utility &amp; Infrastructure Fund are calculated using the weighted average method. Net investment income from the Absolute Return Utility &amp; Infrastructure Fund, net of related expenses, is recorded with net investment income in the consolidated statement of operations. Generally, all investment income received is reinvested into the Absolute Return Utility &amp; Infrastructure Fund. The assets and liabilities of the Absolute Return Utility &amp; Infrastructure Fund are recorded at fair value, or at amounts approximating fair value. The Company records contributions and withdrawals related to its investments in the Absolute Return Utility &amp; Infrastructure Fund on the transaction date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Fair Value of Financial Instruments</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The fair value of the Company&#8217;s assets and liabilities that qualify as financial instruments under fair value accounting guidance approximates the carrying amounts presented in the consolidated financial statements.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Fair value estimates are made at a specific point in time based on market conditions and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates (see Note 5 for further details).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Non-controlling Interest</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">General Partner in the consolidated balance sheets represents ZP Utility Insurance GP, LLC&#8217;s (the &#8220;Utility General Partner&#8221;) interest in the Utility Limited Partnership. See Note 3 for further discussion and related disclosures regarding VIEs.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Written Premiums</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Written premiums are earned on a pro&#160;rata basis over the terms of the policies, which are generally 12&#160;months. The portion of premiums written applicable to the unexpired terms of the policies in force is recorded as unearned premiums. Advanced premiums, if received prior to the policy effective date, are included within other liabilities in the accompanying consolidated balance sheets. Policies are accounted for on an individual basis, with no aggregation by counterparty.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Premiums Receivable, Net</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Premiums receivable are carried at face value, net of any allowance for credit losses. The allowance for credit losses represents an estimate of amounts considered uncollectible based on the Company&#8217;s assessment of the collectability of receivables. The estimate considers historical collection data, current economic conditions and expectations of future conditions that could affect ultimate collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-9</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The following table presents the rollforward of the allowance for credit losses for premiums receivable for the years ended December&#160;31, 2024 and 2023.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:369.03pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:369.03pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:369.03pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:369.03pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Beginning balance </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:0.989999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">2,953</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:0.989999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:369.03pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Current period change for estimated uncollectible premiums </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:0.989999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">2,954</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:0.989999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">2,953</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:369.03pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Write-offs of uncollectible premiums receivable </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.989999999999998pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.989999999999998pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:369.03pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Ending balance </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.989999999999998pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">5,907</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.989999999999998pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">2,953</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:11.01pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Deferred Policy Acquisition Costs</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Costs which are incrementally or directly related to the successful acquisition of new or renewal insurance business are deferred. These deferred costs are primarily commissions to distribution partners and the portion of underwriting compensation and payroll-related fringe benefits directly related to an insurance contract that has been acquired, net of ceding commissions related to reinsurance ceded. Amortization of such policy acquisition costs is charged to expense in proportion to premium earned over the estimated policy life. To the extent that unearned premiums on existing policies are not adequate to cover projected related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company considers anticipated investment income when determining whether premium deficiency exists. No premium deficiency reserves were recorded as of December&#160;31, 2024 and 2023, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Reinsurance Recoverable and Prepaid Reinsurance Premiums</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Certain premiums and losses are ceded to other insurance companies under various excess of loss and quota-share reinsurance contracts. The Company enters into ceded reinsurance contracts to limit its exposure to large losses, to limit exposure on new lines of insurance written by the Company and to provide additional capacity for growth.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Premiums, commissions and losses and loss adjustment expenses on reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and the terms of the reinsurance contracts. Reinsurance recoverable and prepaid reinsurance premiums are reported as assets. The Company is exposed to credit losses from reinsurers being unable to meet their obligations. The Company uses a provision matrix to calculate the allowance for credit losses on reinsurance recoverables by applying impairment rates based on historical loss data to similarly rated reinsurance companies based on the expected duration of the receivables. The Company also considers the expected impact of current and future expected economic conditions and adjusts estimates if needed based on an evaluation of these factors. The Company also evaluates the financial condition of potential reinsurers and reinsures its business with highly rated reinsurers with a rating of &#8220;A-&#8221; (Excellent) or better from A.M. Best. The Company has not experienced any credit losses from reinsurance recoverables and did not record an allowance for uncollectible reinsurance recoverables as of December&#160;31, 2024 or 2023.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company may purchase reinsurance on certain lines of business in the form of loss portfolio transfers (&#8220;LPT&#8221;). These contracts provide indemnification of losses related to past loss events where the reinsurer shares losses, either a proportion of or in its entirety, depending on certain dollar thresholds. Income generated from retroactive reinsurance contracts is deferred and amortized into net income over the settlement period and losses are charged to net income immediately. Subsequent changes in the measurement of the retroactive reinsurance contract are accounted for under a full retrospective method.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-10</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Company receives ceding commissions in connection with certain ceded reinsurance. The ceding commissions do not exceed amounts paid on direct business and are recorded as a reduction of underwriting, acquisition and insurance expenses.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Payable to Reinsurers and Funds Held Under Reinsurance Treaties</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Payable to reinsurers includes ceded premiums due to reinsurers. Funds held under reinsurance treaties includes ceded premiums retained by the Company under contracts to fund ceded losses as they become due.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Fee Income</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Fee income includes policy fees charged to insureds and is recognized in earnings when the related premium is written.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Income Taxes</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Company is included in ZFSG&#8217;s consolidated Federal income tax return and in various combined State income tax returns. The income tax expense in the Company&#8217;s consolidated financial statements was determined on a stand-alone return basis which requires the recognition of income taxes using the liability method. Under this method, the Company calculates its tax provision on a stand-alone basis, separately from ZFSG, reporting taxable income or loss and paying applicable tax based on a separate taxable income and associated tax attributes in each tax jurisdiction.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The income tax expense, deferred income tax assets and deferred income tax liabilities reflect management&#8217;s best assessment of estimated future taxes to be paid. Significant judgments and estimates are required in determining our consolidated income tax expense.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Deferred income tax assets and deferred income tax liabilities are provided for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective U.S. tax bases. Deferred income tax assets and liabilities are measured using enacted U.S. corporate tax rates expected to apply to taxable income in the&#160;years in which those temporary differences are expected to be recovered or settled. Deferred income tax assets are reduced by a valuation allowance only when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. The Company evaluates deferred tax assets for recoverability using a consistent approach which considers the relative impact of negative and positive evidence, including historical financial performance, projections of future taxable income, future reversals of existing taxable temporary differences, any available carryback capacity and tax planning strategies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Leases</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">At the inception date, the Company assesses whether or not a contract is or contains a lease and any lease&#8217;s classification as a finance or operating lease. All of the Company&#8217;s leases existing as of December&#160;31, 2024 qualify as operating leases. For operating leases with a term longer than 12&#160;months, the Company recognizes a lease liability and right-of-use asset within other liabilities and other assets respectively, in the accompanying consolidated balance sheets, at the present value of the lease payments. Payments made under operating leases are recognized in the consolidated statements of operations and comprehensive income on a straight-line basis over the term of the lease. Lease terms include all contractual periods covered by options that are reasonably certain to be exercised. As lease contracts generally do not provide an implicit discount rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of the lease payments. The weighted-average discount rate used in calculating the lease liabilities and right-of-use assets in 2024 was 5.25%.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-11</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Reserves for Unpaid Losses and Loss Adjustment Expenses</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The reserves for unpaid losses and loss adjustment expenses represent the estimated ultimate cost of all reported and unreported losses and loss adjustment expenses incurred and unpaid at the balance sheet date. The Company does not discount this reserve. The process of estimating the reserves for unpaid losses and loss adjustment expenses requires a high degree of judgment and is subject to a number of variables. The estimates are based on actuarial methods that use a combination of management&#8217;s initial expected loss ratios and reporting patterns for those losses based on industry data and the Company&#8217;s actual reported losses and loss adjustment expenses. If actual loss emergence is better than initial expected ratio assumptions, the Company will experience favorable development; if it is worse than initial expected ratio assumptions, the Company will experience adverse development.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Catastrophes of significant magnitude, including hurricanes and earthquakes, involve complex coverage issues. In estimating the reserves for unpaid losses and loss adjustment expenses for these catastrophes, management uses case reserve estimates based on information obtained from site inspections by the Company&#8217;s adjustors and the terms of coverage provided in the policies. Management estimates reserves for incurred but not reported claims (&#8220;IBNR&#8221;) for these catastrophes using judgment based on an assessment of the Company&#8217;s property insurance exposures where the catastrophes occur and the Company&#8217;s progress in settling claims.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Although management believes that the reserves for unpaid losses and loss adjustment expenses are reasonable, it is possible that the Company&#8217;s actual incurred losses and loss adjustment expenses will not develop in a manner consistent with the assumptions inherent in the determination of these reserves. Specifically, the Company&#8217;s actual ultimate loss ratio could differ from management&#8217;s initial expected loss ratio and/or the Company&#8217;s actual reporting patterns for losses could differ from the expected reporting patterns. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimates included in the Company&#8217;s financial statements. These estimates are reviewed regularly by management and are adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Variable Interest Entities (&#8220;VIEs&#8221;)</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as VIEs. A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE&#8217;s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE&#8217;s capital structure, contractual terms, nature of the VIE&#8217;s operations and purpose and the Company&#8217;s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. See Note 3 for further discussion and related disclosures regarding VIEs.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Share-Based Compensation</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Compensation cost for awards of equity instruments to employees is measured based on the grant-date fair value of those awards and compensation expense is recognized over the service period that the awards vest. Forfeitures of share-based compensation awards are recognized as they occur. See Note 16 for further discussion and related disclosures regarding share-based compensation.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-12</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Allocation of Expenses</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company accounts for costs incurred by ZFSG and affiliated entities for services provided to the Company by applying the direct usage method when identifiable, with the remainder using proportional cost allocation methodology based on a reasonable allocation basis, i.e., time spent for compensation.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Securities Sold, Not Yet Purchased</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Securities sold, not yet purchased, represent obligations to deliver specified securities. The Company is obligated to acquire the securities sold, not yet purchased at prevailing market prices in the future to satisfy these obligations. Securities sold, not yet purchased, are stated at fair value in the consolidated balance sheets.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Warrants</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant&#8217;s specific terms and applicable authoritative guidance in ASC 480 </font><font style="font-style:italic;letter-spacing:0.25pt;">Distinguishing Liabilities from Equity</font><font style="letter-spacing:0.25pt;"> (&#8220;ASC 480&#8221;) and ASC 815, </font><font style="font-style:italic;letter-spacing:0.25pt;">Derivatives and Hedging</font><font style="letter-spacing:0.25pt;"> (&#8220;ASC 815&#8221;). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company&#8217;s own Members&#8217; units, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period end date while the warrants are outstanding. All of the Company&#8217;s warrants have met the criteria for equity treatment and are accounted for at fair value on the issuance date and are not required to be remeasured at each reporting date until the warrants are settled.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Recent Accounting Pronouncements</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company currently qualifies as an &#8220;emerging growth company&#8221; under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. Accordingly, the Company is provided the option to adopt new or revised accounting guidance either (i)&#160;within the same periods as those otherwise applicable to non-emerging growth companies or (ii)&#160;within the same time periods as private companies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Accounting Standard Updates Adopted in 2023</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company adopted Accounting Standards Update (ASU), No. 2016-13, </font><font style="font-style:italic;letter-spacing:0.25pt;">Financial instruments&#8201;&#8212;&#8201;Credit losses (Topic 326): Measurement of credit losses on financial instruments</font><font style="letter-spacing:0.25pt;"> on January&#160;1, 2023 using the modified retrospective method for all financial assets in scope. The new accounting standard introduced the current expected credit losses methodology (&#8220;CECL&#8221;) for estimating allowance for credit losses. In accordance with the new guidance, the Company is required to estimate expected credit losses on financial assets in scope based on historical experience, current conditions, and reasonable forecasts. The adoption of the guidance did not have a material impact on the Company&#8217;s consolidated financial statements and disclosures.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Accounting Standard Updates Adopted in 2024</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company adopted ASU 2023-07, </font><font style="font-style:italic;letter-spacing:0.25pt;">Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures</font><font style="letter-spacing:0.25pt;">, which expands reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (&#8220;CODM&#8221;) and included within each reported measure of a segment&#8217;s profit or loss. The ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment&#8217;s profit or loss in assessing segment performance and deciding how to allocate resources. Additionally, ASU 2023-07 requires all segment profit or loss and assets disclosures to be provided on an </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-13</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">annual and interim basis. ASU 2023-07 is effective for fiscal&#160;years beginning after December&#160;15, 2023 and interim periods in fiscal&#160;years beginning after December&#160;15, 2024. See Note 17 for the Company&#8217;s segment reporting disclosures. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Accounting Standard Updates Not Yet Adopted</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In December&#160;2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, </font><font style="font-style:italic;letter-spacing:0.25pt;">Improvements to Income Tax Disclosures (Topic 740</font><font style="letter-spacing:0.25pt;">). ASU 2023-09 requires public companies, on an annual basis, to provide enhanced rate reconciliation disclosures, including disclosures of specific categories and additional information that meet a quantitative threshold. This update also requires public companies to, among other things, disaggregate income taxes paid by federal, state and foreign taxes. The guidance is effective for fiscal&#160;years beginning after December&#160;15, 2024. The Company is evaluating the effect of the amendments on its consolidated financial statements and disclosures.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In November&#160;2024, the FASB issued ASU 2024-03, </font><font style="font-style:italic;letter-spacing:0.25pt;">Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses</font><font style="letter-spacing:0.25pt;">, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal&#160;years beginning after December&#160;15, 2026, and for interim periods thereafter, with early adoption permitted. The Company is evaluating the effect of the amendments on its consolidated financial statements and disclosures.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">3. Variable Interest Entities</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company has entered into the Amended and Restated Limited Partnership Agreement of the ZP Utility Insurance Fund, L.P. The Utility Limited Partnership was formed on March&#160;19, 2018 under the laws of the State of Delaware and commenced operations on April&#160;1, 2018. The Utility Limited Partnership operates as a feeder fund in a &#8220;master-feeder&#8221; structure, in which the Utility Limited Partnership invests substantially all of its assets in the Absolute Return Utility &amp; Infrastructure Fund, an exempted company incorporated in the Cayman Islands. The Utility General Partner is responsible for the investment decisions of the Utility Limited Partnership.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Zimmer Partners, LP (the &#8220;Investment Manager&#8221;), a Delaware limited partnership and a related party, is the investment manager of the Absolute Return Utility &amp; Infrastructure Fund and the Utility Limited Partnership. The Investment Manager is registered with the United States Securities and Exchange Commission as a registered investment advisor under the Investment Advisors Act of 1940.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">ZP Utility Insurance GP, LLC a Delaware limited liability company and a related party, is the general partner of the Utility Limited Partnership and is responsible for the investment decisions of the Utility Limited Partnership. The Utility General Partner owned less than 1% of the Utility Limited Partnership as of December&#160;31, 2024 and 2023.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Company performed an assessment of all relevant facts and circumstances and determined that the Utility Limited Partnership is a VIE as the equity holders as a group lack the characteristics of a controlling financials interest and that substantially all of the activities of the VIE are conducted on behalf of the Company. As a result, the Company concluded that it is the primary beneficiary of the Utility Limited Partnership.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Company consolidates the Utility Limited Partnership as its primary beneficiary, meeting both the &#8220;power&#8221; and &#8220;benefits&#8221; criteria associated with VIE accounting guidance. Non-controlling interests in the consolidated statement of operations and comprehensive income for the&#160;years ended December&#160;31, 2024 and 2023 represent the ownership interests in the consolidated VIE held by entities or persons other than the Company. The assets of the consolidated VIE may only be used to settle obligations of the same VIE. In addition, there is no recourse to the Company for the consolidated VIEs&#8217; liabilities.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-14</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:117.32pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The carrying amounts of the assets and liabilities of the Utility Limited Partnership consolidated VIE included in the Company&#8217;s consolidated balance sheets are as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:348.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">As of December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:348.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:348.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Assets</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Cash </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">27</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Investments in the Absolute Return Utility &amp; Infrastructure Fund, at fair value </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">270,242</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">253,045</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Investment in affiliated fund, at fair value (cost $191) </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">280</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">281</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Due from the Absolute Return Utility &amp; Infrastructure Fund </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">16,857</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">413</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total assets </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">287,384</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">253,766</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; 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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Liabilities and partners&#8217; capital</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Liabilities: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Withdrawals payable </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">16,858</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">414</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Accrued expenses and other liabilities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">88</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">34</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.25pt 0pt 2.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total liabilities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">16,946</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">448</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Partners&#8217; capital: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Limited partners </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">269,938</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">252,818</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">General partner </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">500</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">500</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.25pt 0pt 2.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total partners&#8217; capital: </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">270,438</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">253,318</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total liabilities and partners&#8217; capital: </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">287,384</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">253,766</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.69pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">4. Investments</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Fixed Maturity Securities, Available-for-Sale</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The Company considers all fixed maturity securities to be available-for-sale and reports them at fair value with the net unrealized gains or losses reported (after-tax) as a component of other comprehensive income. The proceeds from sales of securities were $99.4&#160;million and $124.3&#160;million for the&#160;years ended December&#160;31, 2024 and 2023, respectively. Gross gains of $4.3&#160;million and $0.2&#160;million, and gross losses of $9.3&#160;million and $19&#160;thousand were realized on sales of available-for-sale securities during the&#160;years ended December&#160;31, 2024 and 2023, respectively. Gains and losses on securities are determined on a specific-identification basis.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-15</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:4.30999999999995pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The Company&#8217;s fixed maturity securities, available-for-sale as of December&#160;31, 2024 and 2023, are summarized as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:243.48pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Cost or</font>
                <br >
                <font style="letter-spacing:0.225pt;">Amortized</font>
                <br >
                <font style="letter-spacing:0.225pt;">Cost </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">Gains </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">(Losses) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair</font>
                <br >
                <font style="letter-spacing:0.225pt;">Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:243.48pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:243.48pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">December&#160;31, 2024</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:10.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:243.48pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Fixed maturity securities, available-for sale: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:10.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:243.48pt;white-space:normal;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government </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:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">84,456</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:10.07pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">21</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(282<font style="position:absolute;">)</font></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:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">84,195</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:243.48pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Corporate </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">349,693</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:10.07pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">6,257</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:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(2,145<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">353,805</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:2.167pt 0pt 1.833pt 0pt; width:243.48pt;white-space:normal;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Commercial and residential mortgage and other asset-backed </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">816</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.07pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">(64<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:243.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total fixed maturity securities, available-for-sale </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">434,965</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.07pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">6,278</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">(2,491<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="27">&#8203;</td>
          </tr>
        </table>
        <table style="width:456pt;margin-top:8pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:249.08pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Cost or</font>
                <br >
                <font style="letter-spacing:0.225pt;">Amortized</font>
                <br >
                <font style="letter-spacing:0.225pt;">Cost </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">Gains </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">(Losses) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair</font>
                <br >
                <font style="letter-spacing:0.225pt;">Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:249.08pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:249.08pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">December&#160;31, 2023</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:18.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</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:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:249.08pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Fixed maturity securities, available-for sale: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:18.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</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:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:249.08pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Corporate </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">68,583</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:18.17pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(2,350<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">66,985</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:249.08pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Municipal taxable </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">12,331</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:18.17pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8212;</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:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(1,037<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">11,294</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:2.167pt 0pt 1.833pt 0pt; width:249.08pt;white-space:normal;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Commercial and residential mortgage and other asset-backed </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">22,875</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.17pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:15pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">(2,955<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">19,921</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:249.08pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total fixed maturity securities, available-for-sale </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">103,789</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.17pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:15pt; text-align:right; white-space:nowrap;">752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">(6,342<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">98,200</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="27">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.69pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Contractual Maturities of Available-for-Sale Fixed-Maturity Securities</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The amortized cost and fair value of fixed maturity securities, available-for-sale as of December&#160;31, 2024, categorized by contractual maturity, are summarized as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:332.97pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Amortized Cost </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:332.97pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:332.97pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">December&#160;31, 2024</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:15.63pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Due in one year or less </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:15.63pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Due after one year through five&#160;years </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:15.63pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">256,299</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">258,631</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Due after five&#160;years through ten&#160;years </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:15.63pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">158,930</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">160,262</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Due after ten&#160;years </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:15.63pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">18,920</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">19,107</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:332.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Commercial and residential mortgage and other asset-backed </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:15.63pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">816</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:332.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total fixed maturity securities, available-for-sale </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:15.63pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">434,965</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-16</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Commercial and residential mortgage and other asset-backed commercial securities are shown separately in the table above as they do not have a single maturity date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:11.82pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Fixed Maturity Securities, Available-for Sale, in a Loss Position</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The following table shows the Company&#8217;s gross unrealized losses and fair value for available-for-sale securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:185.99pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Less Than 12 Months </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">12 Months or More </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:185.99pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.417pt 0pt; width:0pt;" colspan="34">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:185.99pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair</font>
                <br >
                <font style="letter-spacing:0.225pt;">Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">(Losses) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair</font>
                <br >
                <font style="letter-spacing:0.225pt;">Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">(Losses) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair</font>
                <br >
                <font style="letter-spacing:0.225pt;">Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">(Losses) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:185.99pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">December&#160;31, 2024</font>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.71pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.79pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:185.99pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Fixed maturity securities, available-for-sale: </font>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.71pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.79pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:185.99pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">U.S. Treasury securities and obligations </font>
              </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.71pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.79pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:185.99pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.25pt;">guaranteed by the U.S. government </font>
              </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">84,195</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(282<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.71pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.79pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">84,195</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(282<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:185.99pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Corporate </font>
              </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">353,805</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(2,145<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.71pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.79pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">353,805</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(2,145<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:2.167pt 0pt 1.75pt 0pt; width:185.99pt;white-space:normal;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Commercial and residential mortgage and other asset-backed </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">(64<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.71pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:15pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.79pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:15pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">(64<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 2.583pt 0pt; width:185.99pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Total fixed maturity securities, available-for-sale </font>
              </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">(2,491<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.71pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:15pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.79pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:15pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">(2,491<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="39">&#8203;</td>
          </tr>
        </table>
        <table style="width:456pt;margin-top:7.99999999999994pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:189.72pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Less Than 12 Months </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">12 Months or More </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:189.72pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.417pt 0pt; width:0pt;" colspan="34">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:189.72pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair</font>
                <br >
                <font style="letter-spacing:0.225pt;">Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">(Losses) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair</font>
                <br >
                <font style="letter-spacing:0.225pt;">Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">(Losses) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair</font>
                <br >
                <font style="letter-spacing:0.225pt;">Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">(Losses) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:189.72pt;">
              <font style="letter-spacing:0.25pt;">December&#160;31, 2023</font>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:189.72pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Fixed maturity securities, available-for-sale: </font>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:4.99pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.16pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:12.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:189.72pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Municipal taxable </font>
              </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:4.99pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">345</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.16pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:12.75pt; text-align:right; white-space:nowrap;">(10<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">10,799</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(1,027<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">11,144</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(1,037<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:189.72pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Corporate </font>
              </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:4.99pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.16pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:12.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">44,798</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(2,350<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">44,798</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(2,350<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:2.167pt 0pt 1.75pt 0pt; width:189.72pt;white-space:normal;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Commercial and residential mortgage and other asset-backed </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:4.99pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:15pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.16pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">19,921</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">(2,955<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">19,921</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.75pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">(2,955<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 2.583pt 0pt; width:189.72pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Total fixed maturity securities, available-for- sale </font>
              </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:4.99pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:15pt; text-align:right; white-space:nowrap;">345</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.16pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">(10<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">75,518</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">(6,332<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">75,863</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.47pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">(6,342<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="39">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:5.12pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024 and 2023, the Company held securities of 28 issuers and 127 issuers, respectively, that were in an unrealized loss position with a total fair value of $146.8&#160;million and $75.9&#160;million, and gross unrealized losses of $1.9&#160;million and $6.3&#160;million, respectively. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company performs a periodic assessment of its available for sale portfolio to determine if there is a decline in the fair value below the amortized cost basis and if the decline is due to credit-related factors or noncredit-related factors (i.e., changes in market-based interest rates). The Company considers several factors in </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-17</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:22.4400000000001pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">completing its review of potential credit losses, including the extent to which a security&#8217;s fair value has been below cost and the financial condition of the issuer. In addition to specific issuer information, the Company also evaluates the current market and interest rate environment. Generally, a change in a security&#8217;s value caused by a change in the market or interest rate environment does not constitute a credit loss. There were no credit-related impairments of fixed maturity securities as of December&#160;31, 2024 or 2023. </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Management does not intend to sell available-for-sale securities in an unrealized loss position, and it is not &#8220;more likely than not&#8221; that the Company will be required to sell these securities before a recovery in their value to their amortized cost basis occurs.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The major categories of the Company&#8217;s net investment income for the&#160;years ended December&#160;31, 2024 and 2023, are summarized as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:355.81pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:355.81pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:355.81pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; width:355.81pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Investment income </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Fixed-maturity securities </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">14,736</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">2,279</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Utility &amp; Infrastructure investments </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">6,830</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">7,933</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Short-term investments </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">2,703</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Cash equivalents </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">5,122</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">6,368</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Note receivable from affiliate </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">1,002</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">1,002</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Equity securities </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Securities sold, not yet purchased </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(569<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(795<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Gross investment income </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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">29,868</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:3pt 0pt 1.75pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">16,787</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Management fees</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(5,601<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(5,208<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other expenses</font><font style=" position:relative; bottom:4.25pt;line-height:6.5pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(221<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(213<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 3.25pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net investment income </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">24,046</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">11,366</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:4.7pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Amounts related to investment activity.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The following table summarizes Company&#8217;s change in net unrealized gains on available-for-sale fixed maturity securities for the&#160;years ended December&#160;31, 2024 and 2023:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:369.03pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:369.03pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:369.03pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:369.03pt;">
              <font style="letter-spacing:0.25pt;">Fixed maturity securities, available-for-sale </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:369.03pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Change in net unrealized gains </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.989999999999998pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">9,377</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.989999999999998pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">4,110</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:369.03pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.989999999999998pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">9,377</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.989999999999998pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">4,110</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-18</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; text-align:justify; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The following table presents realized and unrealized (losses) on investments:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:348.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:348.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:348.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Gross realized gains: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Fixed maturity securities, available for sale </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">4,295</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">161</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Short-term investments </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">18</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Equity securities </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">38</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Cash equivalents </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">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:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Securities sold, not yet purchased </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">1,130</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">219</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Utility &amp; Infrastructure investments </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">43,831</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">30,503</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">49,316</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">30,883</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Gross realized (losses): </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Fixed maturity securities, available for sale </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(9,285<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(19<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Short-term investments </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(16<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Cash equivalents </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(2<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Securities sold, not yet purchased </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(479<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Utility &amp; Infrastructure investments </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(22,017<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(4,273<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(31,799<font style="position:absolute;">)</font></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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(4,292<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Net unrealized gains (losses) on investments: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Securities sold, not yet purchased </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">15</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(64<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Utility &amp; Infrastructure investments </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">10,608</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(28,796<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.25pt 0pt 2.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">10,623</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(28,860<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net realized and unrealized gains (losses) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">28,140</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(2,269<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:11.4pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Utility &amp; Infrastructure investments</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The assets recognized in the Company&#8217;s consolidated balance sheets related to the Company&#8217;s variable interests in this non-consolidated VIE as of December&#160;31, 2024 and 2023, are summarized as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:136.09pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="34">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">As of December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:136.09pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.417pt 0pt; width:0pt;" colspan="16">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.417pt 0pt; width:0pt;" colspan="16">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:136.09pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Cost </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Net</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">Gains</font>
                <br >
                <font style="letter-spacing:0.225pt;">(Losses) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair</font>
                <br >
                <font style="letter-spacing:0.225pt;">Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Cost </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Net</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">Gains</font>
                <br >
                <font style="letter-spacing:0.225pt;">(Losses) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.417pt 0pt; width:136.09pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.417pt 0pt; width:0pt;" colspan="34">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 2.583pt 0pt; width:136.09pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Absolute Return Utility &amp; Infrastructure Fund </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 2.417pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 2.417pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">216,075</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:4.47pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">54,167</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">270,242</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">221,175</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:4.47pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">31,870</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">253,045</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="39">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:7.4pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company accounts for its investment in the Absolute Return Utility &amp; Infrastructure Fund under the variable interest model at NAV as a practical expedient for fair value. This amount represents the Company&#8217;s maximum exposure to loss related to the unconsolidated VIE. The Absolute Return Utility &amp; Infrastructure Fund is the </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-19</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">master within a &#8220;master-feeder&#8221; fund structure whereby its current shareholders, Utility Limited Partnership and three other feeder funds (collectively, the &#8220;Feeder Funds&#8221;), invest substantially all their capital in the Absolute Return Utility &amp; Infrastructure Fund. </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The Absolute Return Utility &amp; Infrastructure Fund&#8217;s investment objective is to employ an energy and infrastructure-focused long/short strategy which seeks to deliver absolute returns in all market conditions with minimal correlation to energy sector indices and broader market indices. The Absolute Return Utility &amp; Infrastructure Fund invests primarily in the equities of electric and gas utilities, integrated utilities, water utilities, telecommunication companies, independent power producers and pipelines, exploration and production companies, oilfield service companies and more broadly in energy and infrastructure-related industries (such as chemicals, materials, transportation infrastructure and real estate equities). The Absolute Return Utility &amp; Infrastructure Fund&#8217;s portfolio is generally managed to be balanced.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The Absolute Return Utility &amp; Infrastructure Fund measures its investments, which consist primarily of equities, and its derivative activities, which relate to swap contracts, foreign currency forward contracts and option contracts, at fair value, being the amount for which an asset could be exchanged between knowledgeable willing parties in an arms-length transaction. As the majority of the Absolute Return Utility &amp; Infrastructure Fund&#8217;s investments are exchange-traded securities, such securities are reported at fair value.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The following table summarizes certain investments of the Absolute Return Utility &amp; Infrastructure Fund where the Utility Limited Partnership&#8217;s proportionate share of the fair value of the classes of investment represents more than 10% of the Company&#8217;s members&#8217; equity as of December&#160;31, 2024 and 2023:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:4pt 0pt 1.833pt 0pt; width:255.13pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Investment in securities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Cost</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair Value</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Percentage of</font>
                <br >
                <font style="letter-spacing:0.225pt;">Members&#8217; Equity </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:255.13pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="16">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 1.75pt 0pt; width:255.13pt;">
              <font style="letter-spacing:0.25pt;">December&#160;31, 2024</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:255.13pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Assets: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:1.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:32.39pt;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:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:255.13pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total common stock </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">452,622</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:1.39pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">484,614</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:32.39pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">121.67<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:255.13pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Liabilities: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:1.39pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:32.39pt;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:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 8pt 0pt; width:255.13pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total common stock </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:33pt; text-align:right; white-space:nowrap;">(253,151<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.39pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:33pt; text-align:right; white-space:nowrap;">(259,941<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:32.39pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:26.25pt; text-align:right; white-space:nowrap;">-65.26<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:10pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:4.7pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Values represent the Company&#8217;s proportionate share of the Absolute Return Utility &amp; Infrastructure Fund&#8217;s total holdings.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:9.5pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:4pt 0pt 1.833pt 0pt; width:247.03pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Investment in securities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Cost</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair Value</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Percentage of</font>
                <br >
                <font style="letter-spacing:0.225pt;">Members&#8217; Equity </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:247.03pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.3pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;text-align:center;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:30.89pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 1.75pt 0pt; width:247.03pt;">
              <font style="letter-spacing:0.25pt;">December&#160;31, 2023</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:247.03pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Assets: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:9.48pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:34.84pt;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:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:247.03pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total common stock </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">207,556</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:9.48pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">228,237</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:34.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">70.95<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:247.03pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Liabilities: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:9.48pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:34.84pt;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:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 8pt 0pt; width:247.03pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total common stock </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:33pt; text-align:right; white-space:nowrap;">(245,047<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:9.48pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:33pt; text-align:right; white-space:nowrap;">(252,246<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:34.84pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:24pt; text-align:right; white-space:nowrap;">-78.41<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:10pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:4.69pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Values represent the Company&#8217;s proportionate share of the Absolute Return Utility &amp; Infrastructure Fund&#8217;s total holdings.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The following table summarizes certain investments of the Absolute Return Utility &amp; Infrastructure Fund where the Utility Limited Partnership&#8217;s proportionate share of the fair value of certain investment represents more than 5% of the Company&#8217;s members&#8217; equity as of December&#160;31, 2024 and 2023:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-20</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:4pt 0pt 1.833pt 0pt; width:252.63pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Investment in securities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Quantity</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair Value</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Percentage of</font>
                <br >
                <font style="letter-spacing:0.225pt;">Members&#8217; Equity </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:252.63pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0.5pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">(in thousands)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:36.89pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 1.75pt 0pt; width:252.63pt;">
              <font style="letter-spacing:0.25pt;">December&#160;31, 2024</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:252.63pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Targa Resources Corp </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:39.75pt; text-align:right; white-space:nowrap;">1,331,300</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:6.98999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">23,024</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:40.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">5.78<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:252.63pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Arthur J. Gallagher &amp; Co </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:39.75pt; text-align:right; white-space:nowrap;">750,000</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:6.98999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">20,626</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:40.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">5.18<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:252.63pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Ryan Specialty Group Holdings Inc </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:39.75pt; text-align:right; white-space:nowrap;">3,700,000</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:6.98999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">23,000</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:40.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">5.77<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:252.63pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">The Boeing Company </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:39.75pt; text-align:right; white-space:nowrap;">2,224,500</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:6.98999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">38,148</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:40.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">9.58<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:252.63pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Real Estate&#8211;Welltower Inc. </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:39.75pt; text-align:right; white-space:nowrap;">2,775,294</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:6.98999999999999pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">33,888</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:40.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">8.51<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 8pt 0pt; width:252.63pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">The Boeing Company </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:39.75pt; text-align:right; white-space:nowrap;">(2,257,000<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.98999999999999pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:28.5pt; text-align:right; white-space:nowrap;">(38,706<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:40.44pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:19.5pt; text-align:right; white-space:nowrap;">-9.72<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:10pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:4.69pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Values represent the Company&#8217;s proportionate share of the Absolute Return Utility &amp; Infrastructure Fund&#8217;s total holdings.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:9.5pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:4pt 0pt 1.833pt 0pt; width:238.93pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Investment in securities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Quantity</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair Value</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Percentage of</font>
                <br >
                <font style="letter-spacing:0.225pt;">Members&#8217; Equity </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:238.93pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:-5.61pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:44.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;text-align:center;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:36.89pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 1.75pt 0pt; width:238.93pt;">
              <font style="letter-spacing:0.25pt;">December&#160;31, 2023</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:238.93pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Targa Resources Corp </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:44.25pt; text-align:right; white-space:nowrap;">201,847</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:15.08pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">17,534</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:40.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">5.45<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:238.93pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Ryan Specialty Group Holdings Inc </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:44.25pt; text-align:right; white-space:nowrap;">447,763</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:15.08pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">19,263</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:40.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">5.99<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:238.93pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Agree Realty Corporation </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:44.25pt; text-align:right; white-space:nowrap;">278,160</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:15.08pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">17,510</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:40.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">5.44<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:238.93pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Utilities Select Sector SPDR Fund </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:44.25pt; text-align:right; white-space:nowrap;">(443,061<font style="position:absolute;">)</font></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:15.08pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(28,059<font style="position:absolute;">)</font></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:40.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">-8.72<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:3pt 0pt 8pt 0pt; width:238.93pt;white-space:normal;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">U.S. Treasury Securities, 1.500% to 4.375%, due 01/31/2027 to 11/15/2052 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:3pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:44.25pt; text-align:right; white-space:nowrap;">(22,582,646<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:15.08pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:3pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:28.5pt; text-align:right; white-space:nowrap;">(20,907<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:40.44pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:3pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:19.5pt; text-align:right; white-space:nowrap;">-6.50<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:10pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:4.7pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Values represent the Company&#8217;s proportionate share of the Absolute Return Utility &amp; Infrastructure Fund&#8217;s total holdings.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Effective April&#160;1, 2018, under the Investment Management Agreement, the Investment Manager is paid a quarterly fixed fee computed at an annual rate of 2.0% (i.e., 0.5% per quarter) of the balance of each Limited Partner&#8217;s Capital Account (the &#8220;Fixed Fee&#8221;). The Fixed Fee for the Utility Limited Partnership for the&#160;years ended December&#160;31, 2024 and 2023 was $5.2&#160;million and $4.9&#160;million, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Under the terms of the revised Utility Limited Partnership Agreement of ZP Utility Insurance Fund, L.P., the Utility General Partner is entitled to an incentive allocation equal to 20% of the Utility Limited Partnership&#8217;s net profits, subject to high watermark provisions, and adjusted for withdrawals. The Incentive Allocation is credited as of the end of the fiscal year to the Capital Account of the Utility General Partner. The incentive allocation for the&#160;years ended December&#160;31, 2024 and 2023, was $6.8&#160;million and $0.1&#160;million, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Utility Limited Partnership has a quarterly liquidity option, subject to specific conditions, which are as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; line-height:13pt; margin-top:7.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.2pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">to the extent it is required to pay insurance claims</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:7.19pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">to the extent it is required to pay for reasonable operating expenses</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:7.19pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.19pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">in the event the Company receives a notification from A.M. Best, or</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:13pt; margin-top:7.2pt; margin-bottom:0pt; text-align:left; width:8pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7.2pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:8pt;">
          <font style="letter-spacing:0.25pt;">to the extent the Company is required to diversify its assets pursuant to a lay, order or regulation.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:8pt; text-align:justify; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Utility General Partner may withdraw all or a portion of its capital account at any time.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-21</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:142.29pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Insurance&#8201;&#8212;&#8201;Statutory Deposits</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The Company had invested assets with a carrying value of $0.1&#160;million on deposit with state regulatory authorities as of both December&#160;31, 2024 and 2023, which are included in cash and cash equivalents in the consolidated balance sheets.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">5. Fair Value Measurements</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Three levels of inputs are used to measure fair value of financial instruments: (1)&#160;Level&#160;1: quoted price (unadjusted) in active markets for identical assets, (2)&#160;Level&#160;2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument and (3)&#160;Level&#160;3: inputs to the valuation methodology are unobservable for the asset or liability.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">To measure fair value, the Company obtains quoted market prices for its investment securities from its outside investment managers. If a quoted market price is not available, the Company uses prices of similar securities. Values for U.S. Treasury and publicly traded equity securities are generally based on Level&#160;1 inputs which use the market approach valuation technique. The values for all fixed maturity securities (including state and municipal securities and obligations of U.S. government corporations and agencies) generally incorporate significant Level&#160;2 inputs, and in some cases, Level&#160;3 inputs, using the market approach and income approach valuation techniques. There have been no changes in the Company&#8217;s use of valuation techniques since commencement of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The Company reviews fair value prices provided by its outside investment managers for reasonableness by comparing the fair values provided by the managers to those provided by the Company&#8217;s investment custodian. The Company also reviews and monitors changes in unrealized gains and losses. The Company has not historically adjusted security prices. The Company obtains an understanding of the methods, models and inputs used by the investment managers and independent pricing services, and controls are in place to validate that prices provided represent fair values. The Company&#8217;s control process includes, but is not limited to, initial and ongoing evaluation of the methodologies used, a review of specific securities and an assessment for proper classification within the fair value hierarchy and obtaining and reviewing internal control reports for the Company&#8217;s investment manager that obtains fair values from independent pricing services.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-22</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Financial instruments measured at fair value on a recurring basis as of December&#160;31, 2024 and 2023, are summarized below:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:258.64pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="22">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">December&#160;31, 2024</font>
                <br >
                <font style="letter-spacing:0.225pt;">Fair Value Measurements Using </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:258.64pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Level&#160;1 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Level&#160;2 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Level&#160;3 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:258.64pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:258.64pt;">
              <font style="letter-spacing:0.25pt;">Assets</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:258.64pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Fixed maturity securities, available for sale: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:258.64pt;white-space:normal;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">U.S. Treasury securities and obligations guaranteed by the U.S. Government </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:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8212;</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:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">84,195</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8212;</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:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">84,195</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:258.64pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Corporate </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">353,805</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">353,805</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:2.167pt 0pt 1.833pt 0pt; width:258.64pt;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Commercial and residential mortgage and other </font>
                <br >
                <font style="letter-spacing:0.25pt;">asset-backed </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.25pt 0pt 2.5pt 0pt; width:258.64pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total fixed maturity securities, available-for-sale </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:258.64pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total assets </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; width:258.64pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Liabilities</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:258.64pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Securities sold, not yet purchased: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:258.64pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">U.S. Treasury securities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">(930<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">(930<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:258.64pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total liabilities </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">(930<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">(930<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="27">&#8203;</td>
          </tr>
        </table>
        <table style="width:456pt;margin-top:8pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:263.13pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="22">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">December&#160;31, 2023</font>
                <br >
                <font style="letter-spacing:0.225pt;">Fair Value Measurements Using </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:263.13pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Level&#160;1 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Level&#160;2 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Level&#160;3 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:263.13pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:263.13pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Assets</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:263.13pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Fixed maturity securities, available for sale: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:263.13pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Municipal taxable </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8212;</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">11,294</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">11,294</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:263.13pt;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Commercial and residential mortgage and other </font>
                <br >
                <font style="letter-spacing:0.25pt;">asset-backed </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:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</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:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">19,921</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:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</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:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">19,921</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:263.13pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Corporate </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">66,985</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">66,985</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:263.13pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total fixed maturity securities, available-for-sale </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">98,200</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">98,200</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:263.13pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Equity securities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">1,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">1,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:263.13pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total assets </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">98,200</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">1,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">99,200</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; width:263.13pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Liabilities</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:263.13pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Securities sold, not yet purchased: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:263.13pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">U.S. Treasury securities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(12,130<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(12,130<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:263.13pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total liabilities </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(12,130<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(12,130<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="27">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:7.5pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">There were no transfers between Level&#160;1 and Level&#160;2 during 2024 and 2023. The Company recognizes transfers between levels at the beginning of the reporting period.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The fair values of fixed maturity securities owned, and securities sold, not yet purchased have been determined using quoted market prices for securities traded in the public market or prices using bid or closing prices for </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-23</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">securities not traded in the public marketplace. The fair values of cash and cash equivalents and short-term investments approximate their carrying values due to their short-term maturity. See Note 4 regarding the fair value of the Absolute Return Utility &amp; Infrastructure Fund. </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">A reconciliation of the beginning and ending balances of equity securities, measured at fair value on a recurring basis using significant unobservable inputs (Level&#160;3) is shown below:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:343.75pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Years Ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:343.75pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:343.75pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:343.75pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Beginning balance </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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">1,000</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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:343.75pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Transfers in to Level&#160;3 </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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:343.75pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Transfers out of Level&#160;3 </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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:343.75pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Purchases </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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">1,000</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:343.75pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Sales </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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(1,038<font style="position:absolute;">)</font></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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:343.75pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Maturities, calls and paydowns </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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:343.75pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Amortization of discount </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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:343.75pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Total gains or losses (realized/unrealized): </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:343.75pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Included in earnings </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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">38</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:11.82pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:343.75pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Included in other comprehensive income </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.82pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.82pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:343.75pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Ending balance </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.82pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">(0<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.82pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">1,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:8.69pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The Company held one equity security as of December&#160;31, 2023 for which the fair value was determined using significant unobservable inputs (Level&#160;3). The fair value of $1.0&#160;million as of December&#160;31, 2023 for the equity security was obtained from the asset manager and was derived from an internal model.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Transfers out of Level&#160;3 occur when the Company is able to obtain reliable prices from pricing vendors for which the Company was previously unable to obtain reliable prices. Transfers into Level&#160;3 occur when the Company is unable to obtain reliable prices for securities from pricing vendors and instead must use broker price quotes. There were no transfers into or out of Level&#160;3 during 2024 and 2023.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">There were no realized gains or losses included in earnings for the&#160;years ended December&#160;31, 2024 and 2023 attributable to the change in unrealized gains or losses relating to Level&#160;3 assets valued at fair value on a recurring basis.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Investments for which external sources are not available or are determined by the Investment Manager not to be representative of fair value are recorded at fair value as determined by the Company, with input from its investment managers and valuation specialists as considered necessary. In determining the fair value of such investments, the Company considers one or more of the following factors: type of security held, convertibility or exchangeability of the security, redeemability of the security (including the timing of redemptions), application of industry accepted valuation models, recent trading activity, liquidity, estimates of liquidation value, purchase cost and prices received for securities with similar terms of the same issuer or similar issuers.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The carrying value approximates the estimated fair value for the note receivable from affiliate as the note accrues interest at a fixed rate. The Company determines fair value using the discounted cash flow approach utilizing inputs that are observable.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-24</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:58.46pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">6. Securities Sold, Not Yet Purchased</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The Company invests in certain financial instruments with off-balance sheet risk. These financial instruments include securities sold, not yet purchased which represent obligations of the Company to make future delivery of specific securities and, to the extent that the Company does not already have the securities in its possession, correspondingly create an obligation to purchase the securities at prevailing market prices. These financial instruments contain varying degrees of off-balance sheet risk whereby changes in the market values of the securities underlying the financial instruments or index values may exceed the amounts recognized in the balance sheet.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">As a hedge against certain risks within the Company&#8217;s investment strategy, the Company sells certain securities that it does not own in anticipation of a decline in the market price of the securities (a &#8220;short sale&#8221;), and the Company&#8217;s clearing broker executes a borrow transaction to deliver the securities resulting from the Company&#8217;s short sale. The Company is obligated to replace the securities borrowed in connection with a short sale. Cash related to short sales is restricted until the securities are purchased and is included within &#8220;other assets&#8221; in the consolidated balance sheets. The ultimate gain or loss depends upon the prices at which the securities are purchased to settle the Company&#8217;s obligations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Company&#8217;s securities sold, not yet purchased, as of December&#160;31, 2024 and 2023, are summarized as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:270.88pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Cost </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">Gains </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">(Losses) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair</font>
                <br >
                <font style="letter-spacing:0.225pt;">Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:270.88pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:270.88pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">December&#160;31, 2024</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</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:29.37pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">&#8203;</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:22.2pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:270.88pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">U.S. Treasury securities </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">(932<font style="position:absolute;">)</font></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:29.37pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">2</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.2pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">&nbsp;&nbsp;&nbsp;&#8212;</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">(930<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.25pt 0pt; width:270.88pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total securities sold, not yet purchased </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">(932<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:29.37pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; white-space:nowrap;">2</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.2pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">(930<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="27">&#8203;</td>
          </tr>
        </table>
        <table style="width:456pt;margin-top:8pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:243.48pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Cost </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">Gains </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Gross</font>
                <br >
                <font style="letter-spacing:0.225pt;">Unrealized</font>
                <br >
                <font style="letter-spacing:0.225pt;">(Losses) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair</font>
                <br >
                <font style="letter-spacing:0.225pt;">Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:243.48pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:243.48pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">December&#160;31, 2023</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:18.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</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:20.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:12.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:243.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">U.S. Treasury securities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(12,379<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.17pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:15pt; text-align:right; white-space:nowrap;">315</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.17pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">(66<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(12,130<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:243.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total securities sold, not yet purchased </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(12,379<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.17pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:15pt; text-align:right; white-space:nowrap;">315</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.17pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">(66<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(12,130<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="27">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:8.7pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Realized gains on purchases to cover securities sold, not yet purchased were $0.7&#160;million and $0.2&#160;million for the&#160;years ended December&#160;31, 2024 and 2023, respectively. Unrealized appreciation (depreciation) on securities sold, not yet purchased, was $22&#160;thousand and $(64) thousand for the&#160;years ended December&#160;31, 2024 and 2023.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-25</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:40.13pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">7. Deferred Policy Acquisition Costs</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; text-align:justify; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">An analysis of deferred policy acquisition costs as of December&#160;31, 2024 and 2023, is as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:348.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:348.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:348.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Balance at beginning of year </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">23,245</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">19,648</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Policy acquisition costs deferred: </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.25pt;">Direct commissions </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">75,248</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">60,217</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.25pt;">Ceded commissions </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(29,273<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(13,385<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.25pt;">Underwriting and other insurance expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">2,078</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">830</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.25pt;">Sub-total </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">48,053</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">47,662</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Amortization of policy acquisition costs </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(49,746<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(44,065<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.25pt 0pt 2.5pt 0pt; width:348.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net change </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">(1,693<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">3,597</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:348.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Balance at end of year </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">21,552</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">23,245</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.69pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">8. Underwriting, Acquisition and Insurance Expenses</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Underwriting, acquisition and insurance expenses for the&#160;years ended December&#160;31, 2024 and 2023, include the following:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:359.81pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:359.81pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:359.81pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:359.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Policy acquisition costs </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">60,692</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">46,201</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:359.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other operating and general expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">37,875</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">25,954</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:359.81pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total underwriting, acquisition and insurance expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">98,567</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">72,155</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.69pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">9. Leases</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The Company&#8217;s leases consist of one operating lease on its office space in Scottsdale Arizona, that expires in 2028 and is subject to a renewal option at market rates prevailing at the time of renewal. The Company became a sublessor of the same office space when it entered into a sublease agreement effective July&#160;1, 2022 with ZFSG. The base rent under the sublease is equal to that which the Company pays under the headlease and the sublease and the headlease are coterminous. The Company applies the portion of the straight-line sublease income that is equal to its headlease expense as a contra expense to headlease expense in underwriting, acquisition and insurance expenses and records the remainder in other income.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-26</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:3.82000000000005pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The following tables summarize details and balances associated with the Company&#8217;s operating lease and sublease:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:359.81pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">As of December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:359.81pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:359.81pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:359.81pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Lease Balances:</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:359.81pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Operating lease right-of-use assets </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">2,278</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">2,776</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 8pt 0pt; width:359.81pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Operating lease liabilities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:24pt; text-align:right; white-space:nowrap;">(2,738<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:24pt; text-align:right; white-space:nowrap;">(3,311<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:4pt;">&#8203;</td>
          </tr>
        </table>
        <table style="width:456pt;margin-top:8pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:365.03pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:365.03pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:365.03pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:365.03pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Lease Cost:</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.49pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</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:5.49pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:365.03pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Operating lease cost </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:5.49pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">655</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:5.49pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">655</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:365.03pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Sublease income </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.49pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">(750<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.49pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">(750<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:365.03pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net lease (income) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.49pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">(95<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.49pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">(95<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
        <table style="width:456pt;margin-top:8pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:337.11pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">As of December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:337.11pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:8pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:337.11pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Weighted-average remaining lease term&#8211;operating leases </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.25pt 0.5pt 3.5pt 0pt;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">3.92&#160;years</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.25pt 0.5pt 3.5pt 0pt;" colspan="4">
              <div style="text-align:right;">
                <font style="letter-spacing:0.25pt;">4.92&#160;years</font>
              </div>
            </td>
            <td style="padding:0pt; width:8pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 8pt 0pt; width:337.11pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Weighted-average discount rate&#8211;operating leases </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:24.15pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:17.25pt; text-align:right; white-space:nowrap;">5.25<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:24.15pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:17.25pt; text-align:right; white-space:nowrap;">5.25<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:8pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:8.69pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Operating cash flows from the operating lease was $0.7&#160;million for both&#160;years ended December&#160;31, 2024 and 2023, respectively. The remaining lease term of the operating lease was 3.92&#160;years and 4.92&#160;years as of December&#160;31, 2024 and 2023, respectively. Future minimum lease payments under the operating lease as of December&#160;31, 2024 and 2023, are expected to be as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:367.45pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">As of December&#160;31,</font>
                <br >
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:367.45pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:367.45pt;">
              <font style="letter-spacing:0.25pt;">Future Minimum Lease Payments</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="6">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:367.45pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2025 </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:42.05pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">747</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:367.45pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2026 </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:42.05pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">765</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:367.45pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2027 </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:42.05pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">783</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:367.45pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2028 </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:42.05pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">731</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:367.45pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Thereafter </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:42.05pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:367.45pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total lease payments </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:42.05pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">3,026</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:367.45pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Less: imputed interest </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:42.05pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">(288<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:367.45pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Present value of lease liabilities </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:42.05pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">2,738</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="9">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-27</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:22.45pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">10. Reserves for Unpaid Losses and Loss Adjustment Expenses</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The following table reconciles the beginning and ending reserve balances for unpaid losses and loss adjustment expenses, net of reinsurance, to the gross amounts reported in the consolidated balance sheets for the&#160;years ended December&#160;31, 2024 and 2023:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:337.41pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:337.41pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:337.41pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:337.41pt;text-align:left;">
              <font style=" text-decoration:underline #000000 solid;letter-spacing:0.25pt;">Balance at Beginning of Period</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Reserves for unpaid losses and loss adjustment expenses </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">320,936</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">276,438</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Reinsurance recoverable </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">(102,723<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">(107,559<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Reserves for unpaid losses and loss adjustment expenses, net of reinsurance </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">218,213</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">168,879</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:337.41pt;text-align:left;">
              <font style=" text-decoration:underline #000000 solid;letter-spacing:0.25pt;">Current Activity</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Incurred losses and loss adjustment expenses, net of reinsurance: </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.25pt;">Current year </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">169,816</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">136,869</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.25pt;">Prior year </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">5,418</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">17,238</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total net losses and loss and adjustment expenses incurred </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">175,234</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">154,107</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Payments: </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.25pt;">Current year </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">(46,258<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">(36,753<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.25pt;">Prior year </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">(63,209<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">(68,020<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total payments </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">(109,467<font style="position:absolute;">)</font></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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">(104,773<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:337.41pt;text-align:left;">
              <font style=" text-decoration:underline #000000 solid;letter-spacing:0.25pt;">Balance at End of Period</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Reserves for unpaid losses and loss adjustment expenses, net of reinsurance </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">283,980</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">218,213</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Reinsurance recoverable </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">119,596</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">102,723</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:337.41pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Reserves for unpaid losses and loss adjustment expenses, gross of reinsurance </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:33pt; text-align:right; white-space:nowrap;">403,576</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:33pt; text-align:right; white-space:nowrap;">320,936</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:8.7pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">During the year end December&#160;31, 2024, the Company incurred net losses from prior accident&#160;years of $5.4&#160;million. This amount was primarily due to enhancements to the Company&#8217;s claims reserving approach with respect to loss adjustment expenses in its casualty lines.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">During the year ended December&#160;31, 2023, the Company&#8217;s net incurred losses for prior accident&#160;years developed unfavorably by $17.2&#160;million primarily due to higher-than-expected emergence in property lines driven by catastrophes in the 2022 accident year and due to a decrease to ceded reserves on prior year&#8217;s casualty lines.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The following table presents incurred and paid losses and allocated loss adjustment expenses, net of reinsurance, as of December&#160;31, 2024 for the property and casualty lines of business. The loss information has been disaggregated so that losses that are expected to develop in a similar manner are grouped together. The information provided regarding incurred and paid accident year claims development for the period ended December&#160;31, 2023, and prior is presented as unaudited supplementary information.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-28</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:101.81pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:72.14pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.833pt 0pt; width:0pt;" colspan="34">
              <div style="text-align:right;">
                <font style="letter-spacing:0.225pt;">Incurred Losses and Allocated Loss Adjustment Expenses,</font>
                <br >
                <font style="letter-spacing:0.225pt;">Net of Reinsurance</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.833pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">As of December&#160;31, 2024</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
            <td colspan="3">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;height:21pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:72.14pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.5pt 0pt; width:0pt;text-align:right;" colspan="34">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">Year Ended December&#160;31,</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;" rowspan="3">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4" rowspan="3">
              <div style="text-align:center; line-height:11pt; padding-bottom:0pt;">
                <font style="letter-spacing:0.225pt;">Total of IBNR</font>
                <br >
                <font style="letter-spacing:0.225pt;">Liabilities plus</font>
                <br >
                <font style="letter-spacing:0.225pt;">Expected</font>
                <br >
                <font style="letter-spacing:0.225pt;">Development on</font>
                <br >
                <font style="letter-spacing:0.225pt;">Reported Claims </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;" rowspan="3">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;" rowspan="3">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4" rowspan="3">
              <div style="text-align:center; line-height:11pt; padding-bottom:0pt;">
                <font style="letter-spacing:0.225pt;">Cumulative</font>
                <br >
                <font style="letter-spacing:0.225pt;"># of</font>
                <br >
                <font style="letter-spacing:0.225pt;">Reported</font>
                <br >
                <font style="letter-spacing:0.225pt;">Claims</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;" rowspan="3">&#8203;</td>
            <td colspan="3">&#8203;</td>
            <td colspan="3">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;height:14.5pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:72.14pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Accident Year </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2019</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2020</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2021</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2022</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2023</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2024</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
            <td colspan="3">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;height:14.5pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:72.14pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="28">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.700000000000003pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0.5pt 0.5pt 0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0.5pt 0.5pt 0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:72.14pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="28">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Unaudited </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.700000000000003pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:26.94pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.34pt;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:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3.5pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
            <td colspan="3">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:72.14pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Property</font>
            </td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#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:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.44pt;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:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
            <td colspan="3">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:72.14pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2019 </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">12,259</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">12,285</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">12,569</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">14,111</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">13,928</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">13,859</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">449</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
            <td colspan="3">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:72.14pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2020 </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">48,551</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">50,816</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">53,852</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">54,762</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">55,570</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">523</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">1,023</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
            <td colspan="3">&#8203;</td>
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          <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:72.14pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2021 </font>
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            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">69,484</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">57,259</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">57,225</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">58,175</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">579</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">951</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
            <td colspan="3">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:72.14pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2022 </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#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:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">56,070</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">68,363</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">68,835</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">1,560</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">1,302</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
            <td colspan="3">&#8203;</td>
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          <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:72.14pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#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:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">51,049</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">50,209</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">3,124</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">1,040</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
            <td colspan="3">&#8203;</td>
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          <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:72.14pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">70,365</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.84pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">16,070</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:21.75pt; text-align:right; white-space:nowrap;">1,169</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3.5pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
            <td colspan="3">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 2.25pt 0pt; width:72.14pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">317,013</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.44pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3.5pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
            <td colspan="3">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="56">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:4.69pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Claim count information is reported per claim and includes claims that did not result with a liability.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:9.5pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:173.02pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="34">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Cumulative Paid Losses and Allocated Loss Adjustment Expenses,</font>
                <br >
                <font style="letter-spacing:0.225pt;">Net of Reinsurance </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:173.02pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="34">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year Ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:173.02pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Accident Year </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2019 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2020 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2021 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2022 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:173.02pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="28">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.700000000000003pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:173.02pt;">&#8203;</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:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="28">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Unaudited </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td colspan="6">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:173.02pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Property</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:173.02pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2019 </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">3,897</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">11,368</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">13,152</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">13,417</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">13,855</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">13,846</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:173.02pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2020 </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">21,385</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">40,799</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">48,611</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">52,374</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">54,363</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:173.02pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2021 </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">33,544</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">50,814</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">54,691</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">56,979</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:173.02pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2022 </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">28,062</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">58,294</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">64,533</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:173.02pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2023 </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">32,592</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">45,000</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:173.02pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">40,025</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.25pt 0pt 2.417pt 0pt; width:173.02pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total </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="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</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="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</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="padding:0pt;padding-left:0pt;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:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</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="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</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="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.417pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.417pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">274,746</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
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          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.25pt 0pt 2.583pt 0pt; width:173.02pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt; line-height:12.0000000000001pt; margin-bottom:-0.500000000000019pt;">
                <font style="letter-spacing:0.25pt;">Liabilities for unpaid losses and allocated loss adjustment expenses. </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:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">42,267</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="38">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-29</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:44.74pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0.5pt 1.833pt 0pt; width:0pt;text-align:right;" colspan="34">
              <div style="text-align:right;">
                <font style="letter-spacing:0.225pt;">Incurred Losses and Allocated Loss Adjustment Expenses,</font>
                <br >
                <font style="letter-spacing:0.225pt;">Net of Reinsurance</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">As of December&#160;31, 2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:44.74pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.417pt 0pt; width:0pt;text-align:right;" colspan="34">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">Year Ended December&#160;31,</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;" rowspan="3">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.417pt 0pt;" colspan="4" rowspan="3">
              <div style="text-align:center; line-height:11pt; padding-bottom:0pt;">
                <font style="letter-spacing:0.225pt;">Total of IBNR</font>
                <br >
                <font style="letter-spacing:0.225pt;">Liabilities plus</font>
                <br >
                <font style="letter-spacing:0.225pt;">Expected</font>
                <br >
                <font style="letter-spacing:0.225pt;">Development on</font>
                <br >
                <font style="letter-spacing:0.225pt;">Reported Claims </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;" rowspan="3">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;" rowspan="3">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.417pt 0pt;" colspan="4" rowspan="3">
              <div style="text-align:center; line-height:11pt; padding-bottom:0pt;">
                <font style="letter-spacing:0.225pt;">Cumulative</font>
                <br >
                <font style="letter-spacing:0.225pt;"># of</font>
                <br >
                <font style="letter-spacing:0.225pt;">Reported</font>
                <br >
                <font style="letter-spacing:0.225pt;">Claims</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;" rowspan="3">&#8203;</td>
          </tr>
          <tr style="line-height:11pt;height:25.5pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:44.74pt;text-align:left;">
              <font style="letter-spacing:0.225pt;">Accident </font>
              <br >
              <font style="letter-spacing:0.225pt;">Year </font>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2019</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2020</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2021</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2022</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2023</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2024</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;height:14.5pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:44.74pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="34">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:44.74pt;text-align:left;">&#8203;</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:1.25pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="28">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Unaudited </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="padding:0pt;padding-left:0.700000000000003pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</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="padding:0pt;padding-left:26.94pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</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="padding:0pt;padding-left:13.34pt;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:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; 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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:44.74pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Casualty</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:17.44pt;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:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:44.74pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2019 </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">7,951</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">7,954</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">8,417</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">9,522</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">10,383</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">11,872</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">1,433</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:17.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">160</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:44.74pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2020 </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">28,600</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">30,186</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">30,920</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">29,779</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">31,693</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:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">3,373</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:17.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">609</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:44.74pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2021 </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">52,226</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">53,775</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">53,865</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">54,152</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:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">7,968</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:17.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">1,392</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:44.74pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2022 </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">64,915</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">69,921</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">71,333</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:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">17,235</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:17.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">1,835</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:44.74pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2023 </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">78,413</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">78,850</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:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">50,533</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:17.44pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">1,568</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:44.74pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">90,145</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.84pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">76,328</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:21.75pt; text-align:right; white-space:nowrap;">1,278</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:44.74pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total </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:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">338,045</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.84pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="6">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="50">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:4.69pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Claim count information is reported per claim and includes claims that did not result with a liability.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:9.5pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:199.57pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="34">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Cumulative Paid Losses and Allocated Loss Adjustment Expenses, </font>
                <br >
                <font style="letter-spacing:0.225pt;">Net of Reinsurance </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:199.57pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="34">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year Ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:199.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Accident Year </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2019 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2020 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2021 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2022 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:199.57pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="28">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:1.21pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:199.57pt;">&#8203;</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:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="28">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Unaudited </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="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:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; 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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:199.57pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Casualty</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.87pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0.510000000000002pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</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:0.510000000000002pt;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:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:199.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2019 </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:3.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">10</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:0.510000000000002pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">170</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.510000000000002pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">1,445</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">3,518</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">5,881</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">8,203</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:199.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2020 </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:3.87pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0.510000000000002pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">315</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:0.510000000000002pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">5,276</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">11,410</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">19,576</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">23,713</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:199.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2021 </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:3.87pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0.510000000000002pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</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:0.510000000000002pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">1,199</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">9,007</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">20,687</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">31,178</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:199.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2022 </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:3.87pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0.510000000000002pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</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:0.510000000000002pt;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:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">4,515</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">17,261</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">32,703</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:199.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2023 </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:3.87pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0.510000000000002pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</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:0.510000000000002pt;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:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">2,039</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">11,717</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:199.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.87pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:10.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.510000000000002pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.510000000000002pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.509999999999998pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.509999999999998pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.509999999999998pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">2,941</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.25pt 0pt 2.417pt 0pt; width:199.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total </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="padding:0pt;padding-left:3.87pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:10.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</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="padding:0pt;padding-left:0.510000000000002pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</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="padding:0pt;padding-left:0.510000000000002pt;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:21.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</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="padding:0pt;padding-left:0.509999999999998pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</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="padding:0pt;padding-left:0.509999999999998pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.509999999999998pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.417pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.417pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">110,455</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.25pt 0pt 2.583pt 0pt; width:199.57pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt; line-height:12.0000000000001pt; margin-bottom:-0.500000000000019pt;">
                <font style="letter-spacing:0.25pt;">Liabilities for unpaid losses and allocated loss adjustment expenses. </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:3.87pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:10.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0.510000000000002pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:15pt; text-align:right; white-space:nowrap;">&#8203;</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:0.510000000000002pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0.509999999999998pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.509999999999998pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">227,590</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="38">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:8.7pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The following is supplementary unaudited information about average historical claims duration as of December&#160;31, 2024:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:195.72pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="34">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Average Annual Percentage</font><font style=" position:relative; bottom:3.75pt;line-height:5.5pt;font-size:5.5pt;letter-spacing:0.175pt;">(1)</font><font style="letter-spacing:0.225pt;"> Payout of Incurred Claims by Age </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:195.72pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year 1 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year 2 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year 3 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year 4 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year 5 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Year 6 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; width:195.72pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Property </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:10.41pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">50.3<font style="position:absolute;">%</font></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:10.41pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">35.2<font style="position:absolute;">%</font></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:10.41pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">10.0<font style="position:absolute;">%</font></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:10.41pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">4.9<font style="position:absolute;">%</font></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:10.41pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">3.5<font style="position:absolute;">%</font></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:10.41pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">-0.1<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 8pt 0pt; width:195.72pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Casualty </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.41pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:17.25pt; text-align:right; white-space:nowrap;">3.3<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.41pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:17.25pt; text-align:right; white-space:nowrap;">14.3<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.41pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:17.25pt; text-align:right; white-space:nowrap;">20.4<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.41pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:17.25pt; text-align:right; white-space:nowrap;">21.2<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.41pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:17.25pt; text-align:right; white-space:nowrap;">14.9<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.41pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 8pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:17.25pt; text-align:right; white-space:nowrap;">19.6<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:10pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:4.7pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> Calculated using weighted average.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-30</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The following table is a reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated balance sheets:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:344.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">As of December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:344.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:344.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:344.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Net outstanding liabilities for unpaid losses and loss adjustment expenses: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:344.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Property </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">42,267</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">33,522</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:344.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Casualty </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">227,590</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">176,918</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:344.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">269,857</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">210,440</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:344.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Reinsurance recoverable on unpaid losses and loss adjustment expenses: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:344.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Property </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">30,635</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">40,379</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:344.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Casualty </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">88,961</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">62,344</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:344.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total reinsurance recoverable on unpaid losses and loss adjustment expenses </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">119,596</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">102,723</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:344.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Impact of Loss Portfolio Transfer </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">(2,051<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">(4,499<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:344.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net unallocated loss adjustment expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">16,174</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">12,272</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:344.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Gross liability for unpaid losses and loss adjustment expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">403,576</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">320,936</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:7.01pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company has not provided insurance coverage that could reasonably be expected to produce material levels of asbestos claims activity. In addition, management does not believe that the Company is exposed to environmental liability claims other than those which it has specifically underwritten and priced as an environmental exposure. This exposure is de minimis and the Company did not record specific reserves for it.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">11. Reinsurance</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company remains liable to policyholders if its reinsurers are unable to meet their contractual obligations under applicable reinsurance agreements. To minimize exposure to significant losses from reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk. The Company&#8217;s reinsurance contracts generally require reinsurers that are not authorized as reinsurers under U.S. state insurance regulations or that experience rating downgrades from rating agencies below specified levels to fund their share of the Company&#8217;s ceded outstanding losses and loss adjustment expense reserves, typically through the use of irrevocable and unconditional letters of credit or trust accounts.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">On December&#160;30, 2021, ASIC and ASIL entered into an LPT with Carrick Re Limited (&#8220;Carrick&#8221;), an affiliated company at the time, with an effective date of September&#160;30, 2021. As part of the LPT Carrick assumed all reserves related to brokerage property claims with accident dates prior to and including September&#160;30, 2021. No gain on the LPT was recorded upon inception. As of December&#160;31, 2024 and 2023, the reinsurance recoverable for ceded loss and loss adjustment expense reserves under the agreements was $2.1&#160;million and $4.5&#160;million, respectively. Related to the LPT, on December&#160;30, 2021, ASIC and ASIL entered into a service agreement with Carrick Limited, an affiliated company, pursuant to which Carrick Limited provided certain ceded reinsurance administration services. ASIC and ASIL have paid $0.4&#160;million collectively for the year ended December&#160;31, 2023, to Carrick Limited. Effective December&#160;27, 2023, Carrick Re Limited and Carrick Limited were no longer affiliated companies.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024 and 2023, the Company had reinsurance recoverables on unpaid losses of $119.6&#160;million and $102.8&#160;million, respectively, and reinsurance recoverables on paid losses of $14.0&#160;million and $22.9&#160;million, respectively. All reinsurance recoverables are from companies with A.M. Best ratings of &#8220;A-&#8221; (Excellent) or better or are collateralized with letters of credit or funds held.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-31</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024, reinsurance recoverables on unpaid losses from the Company&#8217;s three largest reinsurers were $20.5&#160;million, $14.9&#160;million and $13.2&#160;million, representing 40.6% of the total balance. As of December&#160;31, 2023, reinsurance recoverables on unpaid losses from the Company&#8217;s three largest reinsurers were $17.0&#160;million, $17.0&#160;million and $9.0&#160;million, representing 41% of the total balance.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024 and 2023, prepaid reinsurance premiums totaled $3.9&#160;million and $0.4&#160;million, respectively. Premiums written, premiums earned and losses and loss adjustment expenses incurred for the&#160;years ended December&#160;31, 2024 and 2023, are summarized as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:341.01pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:341.01pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:341.01pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:341.01pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Written premiums: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:341.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Direct </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">437,036</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">352,591</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:341.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Ceded </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">(137,830<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">(84,375<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:341.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net written </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:33pt; text-align:right; white-space:nowrap;">299,206</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">268,216</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; width:341.01pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Earned premiums: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:341.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Direct </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">398,112</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">314,164</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:341.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Ceded </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">(107,477<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">(82,700<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:341.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net earned </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:33pt; text-align:right; white-space:nowrap;">290,635</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">231,464</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; width:341.01pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Losses and loss adjustment expenses: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:341.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Direct </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">230,474</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">205,192</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:341.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Ceded </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">(55,240<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">(51,085<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:341.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net losses and loss adjustment expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:33pt; text-align:right; white-space:nowrap;">175,234</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">154,107</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:11.5pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">12. Commitments and Contingent Liabilities</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Contingencies arise in the normal conduct of the Company&#8217;s operations and are not expected to have a material effect on the Company&#8217;s financial condition or results of operations. However, adverse outcomes are possible and could negatively affect the Company&#8217;s financial condition and results of operations. As of December&#160;31, 2024 and 2023, the Company was not subject to any known litigation.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">13. Letters of Credit</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">On December&#160;21, 2020, JPMorgan Chase Bank issued a letter of credit agreement in the amount of $35.0&#160;million for the benefit of ASIC on behalf of ASIL. On December&#160;25, 2020, and as subsequently amended, Barclays Bank issued a letter of credit agreement in the amount of $35.0&#160;million for the benefit of ASIC on behalf of ASIL. As of December&#160;31, 2024 and 2023, there were no amounts drawn on these agreements. Fees paid on the agreements were $2.1&#160;million for both of the&#160;years ended December&#160;31, 2024 and 2023 and included in interest expense in the consolidated statement of operations and comprehensive income.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">14. Employee Benefits</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Company is party to multi-employer savings plans (the &#8220;Savings Plans&#8221;) which qualify under Section&#160;401(k) of the U.S. Internal Revenue Code. Participants may contribute certain&#160;percentages of their pre -tax salary to the Savings Plans subject to statutory limitations. On January&#160;1, 2020, the Company increased its matching of </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-32</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">employees&#8217; contributions to the Saving Plan to one hundred&#160;percent, up to a maximum contribution of 5% of the participant&#8217;s earnings, subject to certain statutory limitations. For the&#160;years ended December&#160;31, 2024 and 2023, the expense associated with the Savings Plans totaled $0.6&#160;million and $0.4&#160;million, respectively. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">15. Members&#8217; Equity</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024 and 2023, Members&#8217; equity consisted of 409,294,742 and 386,238,892 Members&#8217; units, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">On October&#160;21, 2024 (the &#8220;Issue Date&#8221;), ZFSG made an in-kind contribution of $22.2&#160;million in principal amount of U.S. Treasury Notes with a fair value of $20.1&#160;million to the Company and received (i)&#160;23,022,550 of Members&#8217; units, (ii)&#160;11,511,275 warrants to purchase Members&#8217; units with an exercise price of $3.00 per unit (Tranche 1), and (iii)&#160;4,000,000 warrants to purchase Members&#8217; units with an exercise price of $2.00 per unit (Tranche 2) for such contribution. Such underlying&#160;units and exercise prices of the Tranche 1 and Tranche 2 warrants (collectively, the &#8220;Warrants&#8221;) are subject to customary anti-dilution adjustments set forth in each warrant certificate. ZFSG is entitled to exercise the Warrants for a term of ten&#160;years starting from the Issue Date by paying the exercise price in cash or on a cashless basis.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Company evaluated the Warrants for liability or equity classification in accordance with the provisions of ASC&#160;480, </font><font style="font-style:italic;letter-spacing:0.25pt;">Distinguishing Liabilities from Equity</font><font style="letter-spacing:0.25pt;">, and determined that equity treatment was appropriate because the Warrants do not meet the definition of liability instruments.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Warrants are classified as a component of permanent equity because they are freestanding financial instruments that are legally detachable and separately exercisable from the Members&#8217; units with which they were issued, are immediately exercisable, do not embody an obligation for the Company to repurchase its Members&#8217; units, and permit the holders to receive a fixed number of Members&#8217; units upon exercise. In addition, the Warrants do not provide any guarantee of value or return. The Company valued the issuance of the additional Members&#8217; units and the Warrants at issuance using the Black-Scholes option pricing model and determined the fair values of the additional Members&#8217; units and Tranche 1 and 2 warrants to be $19.1&#160;million, $0.6&#160;million and $0.4&#160;million, respectively on the Issue Date. The key inputs to the valuation model for the Warrants included aggregate equity volatility of 35% and an expected term of 10&#160;years.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The U.S. Treasury Notes received in exchange for the Members&#8217; units and Warrants issued are included in fixed maturity securities, available for sale, at fair value, in the consolidated balance sheet.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; text-align:justify; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024, all of the Warrants issued are outstanding and remain unexercised.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In October&#160;2023, the Company issued 35,000,000, additional Members&#8217; units to ZFSG, in exchange for cash of $35.0&#160;million.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">16. Share-Based Compensation</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">On January&#160;1, 2019, the Company established the Ategrity Specialty Holdings LLC, and Subsidiaries Equity Incentive Plan (the &#8220;Equity Plan&#8221;), which provides for restricted&#160;units, non-qualified incentive options and other unit-based awards for directors, officers and other employees. The maximum number of the Company&#8217;s&#160;units that may be issued under the Equity Plan was 6,250,000. On December&#160;8, 2024, the Company amended the Equity Plan to increase the number of Members&#8217; units that may be issued under the Equity Plan to 50,000,000.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Company recognized total share-based compensation expense of $2.0&#160;million and $27&#160;thousand for the&#160;years ended December&#160;31, 2024 and 2023, respectively. The tax benefit recognized was $390&#160;thousand and $6&#160;thousand for the&#160;years ended December&#160;31, 2024 and 2023, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-33</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:163.18pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">To estimate the fair value of the restricted&#160;units, non-qualified incentive options, it was first required to estimate the Company&#8217;s equity value. The Company elected to apply the practical expedient for determining the current stock price input and used GPCM as a reasonable valuation approach. The GPCM involves identifying and selecting publicly traded companies with financial and operating characteristics similar to the company being valued.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The option pricing method (OPM) was used to allocate the Company&#8217;s equity value to its Members&#8217; equity, RUs and NQIOs. The OPM involves estimating the fair value of the call options using the Black-Scholes option pricing model at a series of exercise prices that coincide with the liquidation preferences and conversion features of&#160;units of Members&#8217; equity.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Non-Qualified Incentive Options (&#8220;NQIOs&#8221;)</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Primarily all outstanding NQIOs were granted with a life of either five or ten&#160;years, with either a three or five-year graded vesting period for service conditions. Some NQIOs also have performance conditions in addition to service conditions. For NQIOs which are exercisable only upon the occurrence of a qualifying event, which is generally defined as a change in control event or a public listing, the Company has not recognized any compensation expense because no qualifying events have occurred. For NQIOs that are subject only to a service condition, the Company uses a straight -line attribution method, whereas for NQIOs that are subject to a service condition and a performance condition, the Company uses a graded vesting attribution method.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; text-align:justify; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The following assumptions were used in the model during 2024:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:368.3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:71.7pt;text-align:center;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 1.75pt 0pt; width:368.3pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Fair value of underlying Member&#160;units </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; width:71.7pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.25pt;">$0.55&#8211;$0.77 </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:368.3pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Risk-free rate</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:71.7pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.25pt;">4.2%&#8211;4.3% </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:368.3pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Dividend yield</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(2)</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:71.7pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.25pt;">0%&#8211; 0% </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:368.3pt;">
              <font style="letter-spacing:0.25pt;">Volatility</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(3)</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:71.7pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.25pt;">35%&#8211;33% </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 4pt 0pt; width:368.3pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Expected life</font><font style=" position:relative; bottom:4.25pt;line-height:6.5pt;font-size:6.5pt;letter-spacing:0.188pt;">(4)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 4pt 0pt; width:71.7pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.25pt;">2&#160;years&#8211;0.6&#160;years</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:4pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:4.69pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(1)</font><font style="letter-spacing:0.188pt;"> The risk-free rate is the U.S. Treasury yield curve rate with term equal to expected term as of the valuation date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:6.69pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(2)</font><font style="letter-spacing:0.188pt;"> A dividend yield of 0% was used as the Company does not anticipate paying dividends for the foreseeable future.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:6.7pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(3)</font><font style="letter-spacing:0.188pt;"> Volatility was based on historical volatility of guideline companies over the expected period as of the valuation date.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:6.69pt; width:456pt; line-height:7pt;font-size:7.5pt;">
          <font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.138pt;">(4)</font><font style="letter-spacing:0.188pt;"> Expected life represents the period from the valuation date to the expected exit or liquidity event.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-34</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The following table summarizes NQIO activity:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:175.25pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Number </font>
                <br >
                <font style="letter-spacing:0.225pt;">of Options </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Weighted-</font>
                <br >
                <font style="letter-spacing:0.225pt;">Average </font>
                <br >
                <font style="letter-spacing:0.225pt;">Exercise </font>
                <br >
                <font style="letter-spacing:0.225pt;">Price </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Weighted-</font>
                <br >
                <font style="letter-spacing:0.225pt;">Average </font>
                <br >
                <font style="letter-spacing:0.225pt;">Fair Value of </font>
                <br >
                <font style="letter-spacing:0.225pt;">Underlying </font>
                <br >
                <font style="letter-spacing:0.225pt;">Member Unit </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Weighted</font>
                <br >
                <font style="letter-spacing:0.225pt;">Average Fair </font>
                <br >
                <font style="letter-spacing:0.225pt;">Value per </font>
                <br >
                <font style="letter-spacing:0.225pt;">Option at </font>
                <br >
                <font style="letter-spacing:0.225pt;">Grant Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Weighted-</font>
                <br >
                <font style="letter-spacing:0.225pt;">Average </font>
                <br >
                <font style="letter-spacing:0.225pt;">Remaining </font>
                <br >
                <font style="letter-spacing:0.225pt;">Contractual </font>
                <br >
                <font style="letter-spacing:0.225pt;">Term (in&#160;years) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:175.25pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Outstanding as of January&#160;1, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">578,750</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.19pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.81pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:37.94pt;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:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:175.25pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Granted </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.19pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.81pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:37.94pt;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:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:175.25pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Exercised </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.19pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.81pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:37.94pt;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:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:175.25pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Expired </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">(315,000<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.19pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.81pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:37.94pt;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:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:175.25pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Forfeited </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:42pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.19pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.81pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.03pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:37.94pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:175.25pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Outstanding as of December&#160;31, 2023 </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">263,750</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.19pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.81pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:37.94pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">6.0</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:175.25pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Granted </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">46,009,382</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.19pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.13</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.81pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.65</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.03pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.10</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:37.94pt;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:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:175.25pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Exercised </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.19pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.81pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:37.94pt;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:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:175.25pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Expired </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:42pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.19pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.81pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:37.94pt;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:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:175.25pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Forfeited </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:42pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.19pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.81pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.03pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:37.94pt;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:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:175.25pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Outstanding as of December&#160;31, 2024 </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:42pt; text-align:right; white-space:nowrap;">46,273,132</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.19pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;padding-bottom:1.75pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.12</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.81pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:37.94pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;padding-bottom:1.75pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;padding-bottom:1.75pt; min-width:17.25pt; text-align:right; white-space:nowrap;">9.61</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.75pt 0pt 2.25pt 0pt; width:175.25pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Vested &amp; Exercisable </font>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0.75pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.75pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:42pt; text-align:right; white-space:nowrap;">148,500</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.19pt;width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 1.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.75pt 0pt 1.5pt 0pt;padding-bottom:1.75pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1.00</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.81pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:37.94pt;width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 1.5pt 0pt;padding-bottom:1.75pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.75pt 0pt 1.5pt 0pt;padding-bottom:1.75pt; min-width:17.25pt; text-align:right; white-space:nowrap;">5.84</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="32">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:6.9pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Company did not grant any awards during the year ended December&#160;31, 2023.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">For the&#160;years ended December&#160;31, 2024 and 2023, the Company recorded $2.0&#160;million and $0.3&#160;million of compensation expense related to the NQIOs. As of December&#160;31, 2024, the Company had $1.5&#160;million of unrecognized compensation expense expected to be charged to earnings over a period of 4&#160;years.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">The intrinsic value of each incentive option is determined based on the difference between the fair value of the underlying share and the exercise price of the underlying incentive option. The aggregate intrinsic value of NQIOs outstanding and exercisable was $0 as of both December&#160;31, 2024 and 2023.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">CEO Options</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">In 2022, as part of the compensation of the Company&#8217;s CEO and solely for the services provided by him as a CEO of the Company, ZFSG agreed to issue the CEO share-based awards in the form of 16,277,800 options to purchase Members&#8217; units of the Company held by ZFSG subject to certain vesting conditions (&#8220;the CEO Options&#8221;). This agreement met the criteria to be deemed a grant. The CEO Options were granted in February&#160;2022 with a contractual term of ten&#160;years and a four-year graded vesting period.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">To estimate the fair value of the CEO Options, the Company used the same valuation methodology and assumptions as for the Restricted Units and the Non-Qualified Incentive Options as described above. The exercise price and the grant-date fair value of the CEO Options were $0.84 and $0.06, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">For the year ended December&#160;31, 2023, the Company recorded $0.2&#160;million of associated compensation expense, which is reflected in these consolidated financial statements within underwriting, acquisition and insurance expenses, with a corresponding amount recorded as contribution by the parent, ZFSG. As of December&#160;31, 2023, the Company had $0.5&#160;million of unrecognized compensation expense expected to be charged to earnings over a period of 2.1&#160;years.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">In December&#160;2024, ZFSG cancelled the original CEO Options and contemporaneously, the Company replaced them with new CEO Options (&#8220;the new CEO Options&#8221;). The Company issued the new CEO Options in the form of </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-35</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">27,097,710 options to purchase Members&#8217; units of the Company subject to certain vesting conditions. This agreement met the criteria to be deemed a Type 1 modification of the original grant pursuant to ASC Topic 718</font><font style="font-style:italic;letter-spacing:0.25pt;">, Compensation&#8201;&#8212;&#8201;Stock Compensation</font><font style="letter-spacing:0.25pt;">. The new CEO Options were granted on December&#160;8, 2024 (the &#8220;Modification Date&#8221;) with a contractual term of ten&#160;years and a three-year graded vesting period if the Company completes an IPO on or prior to December&#160;31, 2025, or a four-year graded vesting period if the Company doesn&#8217;t complete an IPO on or prior to December&#160;31, 2025. The exercise price and the grant-date fair value of the new CEO Options were $0.88 and $0.221, respectively. On the Modification Date, the Company recognized approximately $1.5&#160;million of compensation expense, which is included in other expenses in the consolidated statements of operations, for the year ended December&#160;31, 2024, with respect to this modification. </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024, the Company had $1.2&#160;million of unrecognized compensation expense expected to be charged to earnings over a period of 3&#160;years. As of December&#160;31, 2024, 27,097,710 of the new CEO Options were outstanding. None of the new CEO Options were exercised during the&#160;years ended December&#160;31, 2024 and 2023. As of December&#160;31, 2024, 18,337,192 of the new CEO Options were vested and none were exercisable.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024, the aggregate intrinsic value of the new CEO Options outstanding and the new CEO Options exercisable was $0. As of December&#160;31, 2024, the remaining contractual term of the new CEO Options was ten&#160;years.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Restricted Units (&#8220;RUs&#8221;)</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">All outstanding RUs were granted with a five-year, graded vesting period. The Company recognized total compensation expense related to the RUs of $20&#160;thousand during each of the&#160;years ended December&#160;31, 2024 and 2023, respectively using a straight-line vesting attribution method. As of December&#160;31, 2024 and 2023, the Company had unrecognized compensation expense related to the RUs of $0 and $20&#160;thousand, respectively. The total fair value of RUs vested in 2024 and 2023 was $26&#160;thousand and $17&#160;thousand, respectively.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; text-align:justify; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The following table summarizes RU activity for the year ended December&#160;31, 2024 and 2023:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:201.66pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:201.66pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.417pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.417pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:201.66pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Units </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Weighted-Average</font>
                <br >
                <font style="letter-spacing:0.225pt;">Grant-Date Fair</font>
                <br >
                <font style="letter-spacing:0.225pt;">Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Units </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Weighted-Average</font>
                <br >
                <font style="letter-spacing:0.225pt;">Grant-Date Fair</font>
                <br >
                <font style="letter-spacing:0.225pt;">Value </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:201.66pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Non-vested </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:43.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:43.17pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:201.66pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Beginning Balance </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">66,700</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:43.17pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.99</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">100,000</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:43.17pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.99</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10.0000000000001pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:201.66pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.25pt;">Granted </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</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:43.17pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8212;</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</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:43.17pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:201.66pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.25pt;">Vested </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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(33,300<font style="position:absolute;">)</font></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:43.17pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.99</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:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">(33,300<font style="position:absolute;">)</font></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:43.17pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.99</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:201.66pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.25pt;">Forfeited </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:43.17pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:43.17pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 2.25pt 0pt; width:201.66pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Closing Balance </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">33,400</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:43.17pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 1.5pt 0pt;padding-bottom:1.75pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.99</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">66,700</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:43.17pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 1.5pt 0pt;padding-bottom:1.75pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 1.5pt 0pt;padding-bottom:1.75pt; min-width:17.25pt; text-align:right; white-space:nowrap;">0.99</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="26">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:11.89pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">17. Segment Reporting</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The Company operates as one operating segment with excess and surplus lines insurance business at its core. The Company&#8217;s chief operating decision maker (&#8220;CODM&#8221;) is the Chief Executive Officer (&#8220;CEO&#8221;), who uses consolidated net income to make decisions about allocating resources and assessing performance for the entire Company. The measure of segment assets is reported in the consolidated balance sheets as total assets. The accounting policies used to prepare the segment reporting data are the same as those described in Note 2.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-36</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; text-align:justify; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The following table presents the Company&#8217;s operating results as evaluated by the CODM.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:310.86pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:310.86pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:310.86pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:310.86pt;">
              <font style="letter-spacing:0.25pt;">Revenues</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net premiums earned </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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">290,635</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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">231,464</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Fee income </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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">918</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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">660</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net investment income </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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">24,046</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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">11,366</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net realized and unrealized gains (losses) on investments </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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">28,140</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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">(2,269<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other income </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">95</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">95</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total revenues </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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">343,834</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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">241,316</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Expenses</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Losses and loss adjustment expenses </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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">175,234</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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">154,107</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Policy acquisition costs </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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">60,692</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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">46,201</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other operating and general expenses </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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">37,875</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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">25,955</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Interest expense </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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">2,042</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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">2,237</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">1,727</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">196</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.25pt 0pt 2.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">277,570</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">228,695</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Income before income taxes </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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">66,264</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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">12,621</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Income tax expense </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">12,317</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">2,518</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net income </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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">53,947</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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">10,103</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Less: Net income attributable to non-controlling interest-General Partner </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">6,858</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">55</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Segment net income </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">47,089</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">10,048</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0.75pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Reconciliation of profit or loss:</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:16.87pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Adjustments and reconciling items </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Consolidated net income attributable to members </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">47,089</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.87pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">10,048</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="15">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:8.1pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The table below presents gross premium written (&#8220;GPW&#8221;) by product group for the&#160;years ended December&#160;31, 2024 and 2023:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:241.02pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:241.02pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:241.02pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:241.02pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">Product Group </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Amount </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">% of GWP </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Amount </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">% of GWP </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:241.02pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Casualty </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">263,328</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:20pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">60<font style="position:absolute;">%</font></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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">203,916</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:20pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:15pt; text-align:right; white-space:nowrap;">58<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:241.02pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Property </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">173,708</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:15pt; text-align:right; white-space:nowrap;">40<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">148,675</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:15pt; text-align:right; white-space:nowrap;">42<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:241.02pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total Gross Written Premium </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">437,036</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:15pt; text-align:right; white-space:nowrap;">100<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">352,591</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:15pt; text-align:right; white-space:nowrap;">100<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="26">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:8.09pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">All long-term assets of the Company are based in the United States and similarly, all revenue is derived from customers based in the United States. For the year ended December&#160;31, 2024, the Company had one distribution partner that generated $105.3&#160;million of direct written premiums, representing 24.1% of total direct written premiums. For the year ended December&#160;31, 2023, the Company had two distribution partners that generated </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-37</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">$100.7&#160;million and $42.1&#160;million of direct written premiums, representing 28.6% and 11.9% of total direct written premiums, respectively. No other broker generated ten&#160;percent or more of the direct written premiums for the&#160;years ended December&#160;31, 2024 and 2023. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">18. Earnings Per Unit</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The following table presents the calculation of basic and diluted earnings per unit for the&#160;years ended December&#160;31, 2024 and 2023:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:310.01pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:310.01pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.417pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.417pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:310.01pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands, except for </font>
                <br >
                <font style="letter-spacing:0.225pt;">units and per unit data) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:310.01pt;">
              <font style="letter-spacing:0.25pt;">Numerator: </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net income to Members </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">47,090</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">10,048</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:310.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Income allocable to participating securities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">360</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:310.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net income attributable to Members&#8217; units </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">46,730</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">10,048</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.75pt 0pt 3.5pt 0pt; width:310.01pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Denominator: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Weighted-average&#160;units outstanding-basic </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">393,747,242</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">349,938,678</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:310.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Weighted-average participating securities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">(3,009,018<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:310.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Weighted-average&#160;units outstanding-basic </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">390,738,224</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:46.5pt; text-align:right; white-space:nowrap;">349,938,678</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:310.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Dilutive effect of share-based compensation </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">18,192</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">10,121</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:310.01pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Weighted-average&#160;units outstanding-Diluted </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">390,756,416</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">349,948,799</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.75pt 0pt 3.25pt 0pt; width:310.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Earnings per unit-basic </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0.75pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.75pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">0.12</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0.75pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.75pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">0.03</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.75pt 0pt 3.25pt 0pt; width:310.01pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Earnings per unit-diluted </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0.75pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.75pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">0.12</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0.75pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.75pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:46.5pt; text-align:right; white-space:nowrap;">0.03</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="14">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:8.69pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Basic net income per unit is computed by dividing net income attributable to Members by the weighted-average number of Members&#8217; units outstanding during the period. The Company applies the two-class method because the outstanding Warrants are considered participating securities, as they provide the Warrant holder with a nonforfeitable right to receive dividends on the same terms as the Members&#8217; units, regardless of whether the Warrants are exercised. As a result, a portion of net income is allocated to the Warrants before determining net income attributable to Members for the purpose of calculating earnings per unit.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">As the Company has not declared any dividends during the&#160;years ended December&#160;31, 2024 and 2023, the Company allocated net income between the outstanding Members&#8217; units and the Warrants based on their relative rights to undistributed earnings. As a result, a portion of net income was attributed to the outstanding Warrants, thereby reducing net income available to Members.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">For the computation of diluted net income per unit, basic net income per unit attributable to Members is adjusted by the effect of dilutive securities, including awards under the Company&#8217;s Equity Plan as described in Note 16. Diluted net income per unit attributable to Members is computed by dividing the resulting net income attributable to Members by the weighted-average number of outstanding Members&#8217; units and any potentially dilutive securities. For the&#160;years ended December&#160;31, 2024 and 2023, all of the Company&#8217;s NQIOs were excluded from the calculation of the diluted earnings per unit because their effect would have been anti-dilutive.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-38</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">19. Dividend Restrictions</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The insurance statutes of the U.S.-based insurance subsidiaries&#8217; states of domicile limit the amount of dividends that they may pay annually without first obtaining regulatory approval. Generally, the limitations are based on the greater of statutory net income, excluding realized capital gains, for the preceding year or 10.0% of statutory surplus at the end of the preceding year but limited to earned surplus. However, U.S. insurance regulators have broad powers to prevent the reduction of statutory surplus to inadequate levels and could refuse to permit the payment of dividends. The maximum amount of dividends available to the Company from its U.S. insurance subsidiary during 2024 and 2023 without regulatory approval is zero.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">20. Statutory Matters</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">U.S. state insurance laws and regulations prescribe accounting practices for determining statutory net income and capital and surplus for insurance companies. In addition, state regulators may permit statutory accounting practices (&#8220;SAP&#8221;) that differ from prescribed practices. SAP prescribed or permitted by regulatory authorities for the Company&#8217;s insurance subsidiaries differ from GAAP. The principal differences between SAP and GAAP as they relate to the financial statements of the Company&#8217;s insurance subsidiaries are (a)&#160;policy acquisition costs are expensed as incurred under SAP, whereas they are deferred and amortized under GAAP, (b)&#160;certain assets are not admitted for purposes of determining surplus under SAP, (c)&#160;the classification and carrying amounts of investments in certain securities are different under SAP and GAAP and (d)&#160;the criteria for providing asset valuation allowances and the methodologies used to determine the amount thereof are different under SAP and GAAP. Combined net income, statutory capital and surplus and minimum required statutory capital and surplus, as determined in accordance with statutory accounting practices, for the U.S. insurance subsidiary as of December&#160;31, 2024 and 2023, and for the&#160;years ended December&#160;31, 2024 and 2023, are summarized as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:359.57pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">As of and for the&#160;years </font>
                <br >
                <font style="letter-spacing:0.225pt;">ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:359.57pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:359.57pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:359.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Statutory net income (loss) </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:0.119999999999997pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">6,011</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:0.119999999999997pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">10,033</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:359.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Statutory capital and surplus </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.119999999999997pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">76,537</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:0.119999999999997pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">66,682</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 4pt 0pt; width:359.57pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Minimum required statutory capital and surplus </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.119999999999997pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:26.25pt; text-align:right; white-space:nowrap;">48,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.119999999999997pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:26.25pt; text-align:right; white-space:nowrap;">48,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:7.7pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Risk-Based Capital (&#8220;RBC&#8221;) requirements promulgated by the National Association of Insurance Commissioners require property/casualty insurers to maintain minimum capitalization levels determined based on formulas incorporating various business risks of the insurance subsidiaries. As of December&#160;31, 2024 and 2023, ASIC&#8217;s adjusted capital and surplus exceeded its authorized control level RBC.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">On January&#160;11, 2019, the Delaware Insurance Department approved ASIC&#8217;s request to invest up to 15% of its admitted assets in the Utility Limited Partnership.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">As a registered insurance company under the Insurance Act 1978, amendments thereto and Related Regulations of Bermuda (the &#8220;Act&#8221;), ASIL is required to prepare Statutory Financial Statements and to file a Statutory Financial Return annually (or as otherwise agreed, in certain circumstances). The Act also requires ASIL to meet certain defined measures of solvency and liquidity. The statutory capital and surplus amounted to $268.8&#160;million and $156.4&#160;million as of December&#160;31, 2024 and 2023, respectively. ASIL met the minimum statutory capital and surplus requirements as of December&#160;31, 2024 and 2023. The principal difference between ASIL&#8217;s statutory capital and surplus and shareholder&#8217;s equity as reported in conformity with GAAP relate to prepaid expenses which are non-admitted assets under the Act.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-39</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">ASIL is prohibited from declaring or paying a dividend if its Class&#160;3A statutory capital and surplus is less than its Enhanced Capital Requirement, if it is in breach of its solvency margin or minimum liquidity ratio or if the declaration or payment of such dividend would cause such breach. Further, ASIL must obtain the prior approval of the Bermuda Monetary Authority for a reduction by 15% or more of the total statutory capital or 25% of the total statutory capital and surplus, as set forth in its previous year&#8217;s financial statements.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">21. Other Comprehensive Income</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The following table summarizes the components of other comprehensive income for the&#160;years ended December&#160;31, 2024 and 2023:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:363.41pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:363.41pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:363.41pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:363.41pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Unrealized gains arising during the period, pre-tax </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">9,377</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">4,110</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:363.41pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Income tax (expense) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">(1,964<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">(864<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.25pt 0pt 2.5pt 0pt; width:363.41pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Unrealized gains arising during the period, net of taxes </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">7,413</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">3,246</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:363.41pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other comprehensive income </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">7,413</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">3,246</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="14">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.49pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">22. Income Taxes</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The provision for federal income taxes is different from what would be obtained by applying the statutory federal income tax rate to income before income taxes. Total income tax consists of the following for the&#160;years ended December&#160;31, 2024 and 2023:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:357.81pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:357.81pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:357.81pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:357.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Federal income tax expense at applicable statutory rates (current) </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">16,728</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">9,489</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:357.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Federal income tax (benefit) at applicable statutory rates (deferred) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(4,412<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">(6,971<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:357.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total income tax expense </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">12,316</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">2,518</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="14">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:8.49pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">The prevailing federal income tax rate was 21% for both the&#160;years ended December&#160;31, 2024 and 2023, respectively. The Company&#8217;s effective tax rate on income before income taxes differs from the prevailing federal income tax rate and is summarized as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:203.53pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended, December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:203.53pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:203.53pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Amount </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Percentage </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Amount </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Percentage </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:203.53pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.45pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.45pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt 0pt 3.5pt 0pt; width:203.53pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Income tax expense at federal income tax rate </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:18.68pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">13,915</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:23.15pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">21.0<font style="position:absolute;">%</font></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:24.28pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">2,650</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:23.15pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">21.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 2.5pt 0pt; width:203.53pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.68pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(1,599<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.15pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">-2.4<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:24.28pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">(132<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.15pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">-1.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:10pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0pt 0pt 3.25pt 0pt; width:203.53pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Income tax expense </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.68pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">12,316</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.15pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">18.6<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:24.28pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">2,518</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.15pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">20.0<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:10pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="26">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-40</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; text-align:justify; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The significant components of the net deferred tax assets at the corporate income tax rate of 21% are as follows:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:355.81pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:355.81pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:355.81pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:355.81pt;">
              <font style="letter-spacing:0.25pt;">Deferred tax assets: </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="6">&#8203;</td>
            <td colspan="6">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Unearned premiums </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">6,074</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">5,817</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Reserves for unpaid losses and loss adjustment expenses </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">4,709</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">3,732</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Unrealized losses on fixed-maturity securities, available-for-sale </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">1,311</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Accrued expenses </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">747</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">442</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Contingent commissions </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">3,305</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">1,581</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Allowance for credit losses </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">1,240</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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">620</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Other </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">822</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">521</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total deferred tax assets </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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">16,897</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:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">14,024</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Deferred tax liabilities: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Deferred policy acquisition costs, net of ceding commissions </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(4,526<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(4,882<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Unrealized gains fixed maturity securities </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(582<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Property and equipment </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(137<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(170<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Deferred intercompany gain </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(208<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Pass through entities </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(1,553<font style="position:absolute;">)</font></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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(1,544<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Accrued market discount </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(221<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(207<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.25pt 0pt 2.5pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total deferred tax liabilities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(7,227<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(6,803<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:355.81pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net deferred tax assets </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">9,670</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">7,221</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="14">&#8203;</td>
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        </table>
        <div style="margin-top:7.3pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company is subject to federal, state and local corporate income taxes and other taxes applicable to U.S. corporations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company assessed the realizability of its deferred tax assets on a stand-alone basis. As of December&#160;31, 2024, the Company had no federal and state net operating loss (&#8220;NOLs&#8221;) being carried forward. As of December&#160;31, 2024, the Company&#8217;s stand-alone net deferred tax assets amounted to $9.7&#160;million, The Company believes that it is more likely than not that the deferred tax assets will be realized given the reversal of existing temporary differences and future taxable income.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company had no reserve for future tax contingencies or liabilities (unrecognized tax benefits). The Company classifies all interest and penalties related to uncertain tax positions as income tax expense. The Company did not incur any interest or penalties related to uncertain tax positions for the&#160;years ended December&#160;31, 2024 and 2023.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; text-align:justify; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Tax&#160;years 2021 and subsequent are open and subject to examination by the IRS.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">23. Related Party Transactions</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Technology Transactions</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The Company entered into a series of related technology transactions, (the &#8220;Technology Transactions&#8221;) effective January&#160;1, 2023, with ZFSG and Zimmer Technology Group, LLC (&#8220;ZTG&#8221;), a wholly owned subsidiary of ZFSG, </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-41</font>
          <br >
        </div>
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    <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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">governing the sale, licensing and services related to certain technology assets developed and owned by the Company. As part of the Technology Transactions, ZTG acquired the assets for a purchase price of $13.5&#160;million paid in the form of a promissory note (&#8220;the Promissory Note&#8221;) issued by ZFSG bearing interest at 7.42% per annum with a maturity date of December&#160;31, 2029. </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">Also as part of the Technology Transactions, the Company obtained a license to continue using the assets as part of the Company&#8217;s operations at a cost of $0.8&#160;million per annum, with the ability to non-renew the license at the end of each one-year period. The Company also agreed to provide services relating to the assets to ZTG with the actual internal and external costs incurred by the Company in performing the services to be paid by ZTG. The following amounts were recorded in the year ended December&#160;31, 2023 related to the Technology Transactions: (a)&#160;$0 gain on the sale of the assets; (b)&#160;$1.0&#160;million interest income on the Promissory Note (included in net investment income); (c)&#160;$0.8&#160;million licensing fee expense (included in underwriting, acquisition and insurance expenses); and (d) $3.6&#160;million service charges billed to ZTG (included in underwriting, acquisition and insurance expenses as an offset).The following amounts were recorded in the year ended December&#160;31, 2024 related to the Technology Transactions: (a)&#160;$1.0&#160;million interest income on the Promissory Note (included in net investment income); (b)&#160;$0.8&#160;million licensing fee expense (included in underwriting, acquisition and insurance expenses); and (c)&#160;$3.7&#160;million service charges billed to ZTG (included in underwriting, acquisition and insurance expenses as an offset).</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">As of both December&#160;31, 2024 and 2023, the balance of the Promissory Note was $13.5&#160;million, included as a note receivable from affiliate in the consolidated balance sheets. Accrued interest on the Promissory Note was $0.3&#160;million as of both December&#160;31, 2024 and 2023, included in investment income due and accrued in the consolidated balance sheets.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13.5pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024 and 2023, the receivable from ZTG was $1.0&#160;million and $1.3&#160;million, respectively, and the payable to ZTG was $0.2&#160;million as of both December&#160;31, 2024 and 2023, included in other assets and accounts payable and accrued expenses, respectively, in the consolidated balance sheets.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Management &amp; Cost Sharing</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">The Company entered into a Management &amp; Cost Sharing Agreement effective September&#160;30, 2023 with ZIS, a wholly owned subsidiary of ZFSG, pursuant to which, amongst other things, ZIS may provide certain Services (as defined therein) to the Company and its affiliates. During 2024, certain corporate and shared service functions were provided by ZIS and Zimmer Partners, LP, an affiliate. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated on a pro&#160;rata basis based on measures considered to be a reasonable reflection of the historical utilization levels of these services. For the&#160;years ended December&#160;31, 2024 and 2023, the Company recorded $0.8&#160;million and $0.5&#160;million, respectively, of such allocated expense recognized in underwriting, acquisition and insurance expenses in the consolidated statements of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Commencing October&#160;1, 2024, ZIS began providing employee benefit administration services to the Company that were previously provided to the Company by a third-party vendor. As of December&#160;31, 2024, $0.8&#160;million was due to ZIS under this agreement, included in accounts payable and accrued expenses in the consolidated balance sheets. The Company&#8217;s expense related to such services provided by ZIS was $0.4&#160;million for the year ended December&#160;31, 2024, included in underwriting, acquisition and insurance expenses in the consolidated statements of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">As described in Note 9, the Company subleases office space to ZFSG under a sublease agreement effective July&#160;1, 2022 with ZFSG. The base rent under the sublease is equal to that which the Company pays under the headlease, and the sublease and the headlease are coterminous.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-42</font>
          <br >
        </div>
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    </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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Payable to ZFSG</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">As of December&#160;31, 2024, $0.3&#160;million was due to ZFSG for reimbursement of professional services paid by ZFSG and is included in accounts payable and accrued expenses in the consolidated balance sheets.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">CEO Compensation</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">As described in Note 16, as part of the compensation of the Company&#8217;s CEO and solely for the services provided by him as a CEO of the Company, ZFSG granted him share-based awards in the form of options to purchase Members&#8217; units of the Company held by ZFSG, subject to certain vesting conditions. For the year ended December&#160;31, 2023, the Company recorded $0.2&#160;million of compensation expense in underwriting, acquisition and insurance expenses in the consolidated statements of operations, with a corresponding amount recorded in the consolidated statements of changes in Members&#8217; equity and non-controlling interest for the capital contribution by ZFSG. In December&#160;2024, this share-based award issued by ZFSG was cancelled and replaced with new CEO Options issued by the Company as described in Note 16.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Investment Management Agreement</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">ASIL entered into an investment management agreement effective January&#160;1, 2024 with Zimmer Partners, LP pursuant to which ASIL appointed the Investment Manager to manage a portfolio of assets and granted the Investment Manager the full and exclusive authority and discretion to effect investment transactions through the portfolio, subject to the investment guidelines set forth in the investment management agreement. As of December&#160;31, 2024, $0.1&#160;million was due to Zimmer Partners, LP under this agreement, included in accounts payable and accrued expenses in the consolidated balance sheets. The Company&#8217;s expense related to services provided by Zimmer Partners LP was $0.1&#160;million for the year ended December&#160;31, 2024, included in other expenses in the consolidated statements of operations.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Withdrawal from the Absolute Return Utility &amp; Infrastructure Fund</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">On December&#160;31, 2024, the Company submitted a withdrawal request of $16.9&#160;million from the Absolute Return Utility &amp; Infrastructure Fund. This receivable is included in other assets in the consolidated balance sheets. $6.9&#160;million of the withdrawal was made by the Utility General Partner and the payable to the Utility General Partner for this amount as of December&#160;31, 2024 is included in accounts payable and accrued expenses in the consolidated balance sheets.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Consulting Agreements</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In January&#160;2023, ZFSG entered into a consulting agreement with the Company&#8217;s Chief Underwriting Officer (&#8220;CUO&#8221;), under which the CUO agreed to provide consulting services to ZFSG for matters unrelated to the Company. The agreement commenced on January&#160;1, 2023, and remained in effect through December&#160;31, 2023. ZFSG paid the CUO $0.5&#160;million as compensation. The terms of the consulting agreement did not affect the CUO&#8217;s compensation as the Company&#8217;s CUO and any fees paid for consulting services were separate from his standard compensation.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;">
          <font style="letter-spacing:0.25pt;">Capital Transactions</font><font style="font-style:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; text-align:justify; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Capital transactions with ZFSG during the&#160;years ended December&#160;31, 2024 and 2023 are described in Note 15.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">During the&#160;years ended December&#160;31, 2024 and 2023, the Utility General Partner withdrew $6.9&#160;million and $3.1&#160;million, respectively, from its capital account in the Utility Limited Partnership, which is presented as a distribution for the non-controlling interest in the consolidated statements of changes in members&#8217; equity and non-controlling interest.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-43</font>
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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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:504pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Notes to Consolidated Financial Statements</font>
        </div>
        <div style="margin-top:11pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">24. Subsequent Events</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">In January&#160;2025, the Company issued 21,436,227 additional&#160;units of Members&#8217; equity to ZFSG, in exchange for U.S. Treasury bills of $20.0&#160;million.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:8pt; text-align:justify; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">The Company has evaluated subsequent events through March&#160;4, 2025, the date the consolidated financial statements were available to be issued. Other than the events described above, no subsequent events are known.</font>
          </div>

      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&nbsp;&nbsp;&nbsp; </font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-44</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tSCHI">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
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      <div style="margin-top:6pt;margin-bottom:199.5pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Supplemental schedules </font> <br ><font style="letter-spacing:0.4pt;">Schedule&#8201;I&#8212;Summary of Investments&#8212;Other than Investment in </font><br ><font style="letter-spacing:0.4pt;">Related Parties</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font></div>
        <table style="width:456pt;margin-top:9pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:272.56pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:41.7pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Cost </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:52.73pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair Value</font>
                <br >
                <font style="letter-spacing:0.225pt;">(if applicable) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:53.02pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Amount on</font>
                <br >
                <font style="letter-spacing:0.225pt;">Balance Sheet </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:272.56pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">December&#160;31, 2024</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:11.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:11.32pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:272.56pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Fixed maturity securities, available-for-sale: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:11.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:11.32pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:272.56pt;white-space:normal;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">U.S. Treasury securities and obligations guaranteed by the U.S. Government </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:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">84,456</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.03pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">84,195</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:11.32pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">84,195</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:272.56pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Corporate </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">349,693</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:11.03pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">353,805</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:11.32pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">353,805</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:2.167pt 0pt 1.833pt 0pt; width:272.56pt;white-space:normal;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Commercial and residential mortgage-back and other asset-backed </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">816</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.03pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.32pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:272.56pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total fixed maturity securities, available-for-sale </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">434,965</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.03pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.32pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">438,752</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="20">&#8203;</td>
          </tr>
        </table>
        <table style="width:456pt;margin-top:8pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:272.56pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:41.7pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">Cost </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:52.73pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Fair Value</font>
                <br >
                <font style="letter-spacing:0.225pt;">(if applicable) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:53.02pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Amount on</font>
                <br >
                <font style="letter-spacing:0.225pt;">Balance Sheet </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:272.56pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">December&#160;31, 2023</font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:16.63pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:16.92pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:272.56pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Fixed maturity securities, available-for-sale: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:16.63pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:16.92pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:272.56pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Corporate </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">68,583</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:16.63pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">66,985</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.92pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">66,985</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:272.56pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Municipal taxable </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">12,331</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:16.63pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">11,294</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:16.92pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">11,294</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:272.56pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Commercial mortgage and asset-backed </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">22,875</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.63pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">19,921</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.92pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">19,921</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.25pt 0pt 2.5pt 0pt; width:272.56pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total fixed maturity securities, available-for-sale </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">103,789</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.63pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">98,200</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.92pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">98,200</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:272.56pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Equity securities: </font>
            </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:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</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:16.63pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:16.92pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:272.56pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Preferred stocks </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">1,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.63pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">1,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.92pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">1,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.25pt 0pt 2.5pt 0pt; width:272.56pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total equity securities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">1,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.63pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">1,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.92pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">1,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:272.56pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total investments </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">104,789</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.63pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">99,200</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.92pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">99,200</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="20">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-45</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tSCHII">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:73.5pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Supplemental schedules </font> <br ><font style="letter-spacing:0.4pt;">Schedule&#8201;II&#8212;Condensed Financial Information of Registrant </font><br ><font style="letter-spacing:0.4pt;">Balance Sheet (Parent Company)</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font></div>
        <table style="width:456pt;margin-top:9pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:350.61pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:350.61pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">(in thousands)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;text-align:center;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2023</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Assets</font>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Investments: </font>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:350.61pt;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Fixed maturity securities available-for-sale, at fair value (amortized cost: </font>
                <br >
                <font style="letter-spacing:0.25pt;">2024&#8211;$24,350, 2023&#8211;$23,182) </font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">25,052</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">23,835</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Equity securities, at fair value (cost: 2024&#8211;$0, 2023&#8211;$1,000) </font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">1,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:350.61pt;white-space:normal;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Investment in Utility Limited Partnership, at fair value (cost: 2024&#8211;21,168, 2023&#8211;$48,045) </font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">21,168</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">48,045</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Investment in subsidiaries </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">351,613</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">228,296</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total investment </font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">397,833</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">301,176</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Cash and cash equivalents </font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">1,041</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">32,213</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Investment income due and accrued </font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">372</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">19</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Receivable from affiliates </font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">2,087</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">1,740</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Other assets </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">3,504</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">371</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:350.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total assets</font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">404,837</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">335,519</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.75pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Liabilities and members&#8217; equity</font>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Liabilities: </font>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Securities sold, not yet purchased, at fair value (cost: 2024&#8211;$0, 2023&#8211;$12,379) </font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">12,130</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Due to broker </font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">946</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Accounts payable and accrued expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">2,847</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">503</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Income tax payable </font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">2,441</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">1,137</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Deferred income tax liability, net </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">406</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">272</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.25pt 0pt 2.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total liabilities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">6,640</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">14,042</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Members&#8217; equity: </font>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Members&#8217; equity </font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">360,741</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">338,635</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Retained earnings </font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">12,971</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">6,080</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Accumulated other comprehensive loss </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">24,485</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">(23,238<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.25pt 0pt 2.5pt 0pt; width:350.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total members&#8217; equity </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">398,197</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">321,477</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:350.61pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total liabilities and members&#8217; equity</font>
              </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">404,837</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:30.75pt; text-align:right; white-space:nowrap;">335,519</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="14">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-46</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:243.5pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Supplemental schedules </font> <br ><font style="letter-spacing:0.4pt;">Schedule&#8201;II&#8212;Condensed Financial Information of Registrant </font><br ><font style="letter-spacing:0.4pt;">Statement of Operations and Comprehensive Income (Parent </font><br ><font style="letter-spacing:0.4pt;">Company)</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font></div>
        <table style="width:456pt;margin-top:9pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:310.86pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 2.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt; width:310.86pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0pt 2.5pt 0pt;text-align:center;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.25pt 0.5pt 2.5pt 0pt;text-align:right;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2023</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Revenues:</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net Investment Income </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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">3,213</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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">908</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net realized and unrealized (losses) on investments </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">6,403</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(100<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.25pt 0pt 2.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Total Revenues </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">9,616</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">808</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Expenses</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Compensation and benefits </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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">935</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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">747</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Interest expense </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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(40<font style="position:absolute;">)</font></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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Other expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">50</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.25pt 0pt 2.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.25pt;">Total expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">945</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">747</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Income before income taxes </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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">8,671</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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">61</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Income tax expense </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">1,780</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">(29<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net income </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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">6,891</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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">90</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Other comprehensive income: </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net unrealized (losses) gains on securities available for sale </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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">(1,019<font style="position:absolute;">)</font></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:22.47pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">895</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:310.86pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Equity in other comprehensive income (loss) of subsidiaries </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">8,869</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">12,089</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:310.86pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Total comprehensive income </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">14,741</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.47pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:26.25pt; text-align:right; white-space:nowrap;">13,074</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="14">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-47</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Supplemental schedules </font> <br ><font style="letter-spacing:0.4pt;">Schedule&#8201;II&#8212;Condensed Financial Information of Registrant </font><br ><font style="letter-spacing:0.4pt;">Statement of Cash Flows (Parent Company)</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font></div>
        <table style="width:456pt;margin-top:9pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:310.87pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.6pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">For the Years Ended December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:2.85pt 0pt 1.6pt 0pt; width:310.87pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.85pt 0pt 1.6pt 0pt;text-align:center;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.85pt 0.5pt 1.6pt 0pt;text-align:right;" colspan="4">
              <div style="white-space:nowrap; text-align:right;">
                <font style="letter-spacing:0.225pt;">2023</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.85pt 0pt 0.5pt 0pt; width:310.87pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">OPERATING ACTIVITIES</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.6pt 0pt 1.867pt 0pt; width:310.87pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net income </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.6pt 0pt 1.867pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.6pt 0pt 1.867pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">6,891</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.6pt 0pt 1.867pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.6pt 0pt 1.867pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">90</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.7pt 0pt 0.5pt 0pt; width:310.87pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Adjustments to reconcile net income to net cash provided by operating activities: </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.7pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.7pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.7pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.7pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.59pt 0pt 2.61pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Unrealized gain/ loss on investments in subsidiaries </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(949<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.59pt 0pt 2.61pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Amortization of premium on fixed maturity securities, available-for-sale </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(38<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.59pt 0pt 1.867pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Net unrealized gains on investment in Utility Limited Partnership </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 1.867pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 1.867pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(6,200<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 1.867pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 1.867pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">469</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.7pt 0pt 0.5pt 0pt; width:310.87pt;white-space:normal;text-align:left;">
              <div style="margin-left:20pt; text-indent:-10pt;">
                <font style="letter-spacing:0.25pt;">Net realized gain and unrealized appreciation on securities sold, not yet purchased </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.7pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.7pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(379<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.7pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.7pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">(155<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.59pt 0pt 2.61pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Depreciation and amortization </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(2<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.59pt 0pt 2.61pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Share-based compensation </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">244</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.59pt 0pt 2.61pt 0pt; width:310.87pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Change in operating assets and liabilities: </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.59pt 0pt 2.61pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Deferred income taxes </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">123</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">(412<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.59pt 0pt 2.61pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Investment income due and accrued </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(304<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.59pt 0pt 2.61pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">121</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.58pt 0pt 2.62pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Other assets </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(3,503<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.58pt 0pt 2.62pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Receivables from affiliates </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(347<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">260</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.58pt 0pt 2.62pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Accounts payable and accrued expenses </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">2,345</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">503</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0.58pt 0pt 1.6pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Income tax payable </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0.58pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">1,304</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0.58pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">123</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.83pt 0pt 0.5pt 0pt; width:310.87pt;text-align:left;">
              <div style="white-space:nowrap;font-weight:bold;">
                <font style="letter-spacing:0.25pt;">Net cash provided by operating activities</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:2.83pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.83pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(1,059<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:2.83pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.83pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">1,243</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.58pt 0pt 2.62pt 0pt; width:310.87pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">INVESTING ACTIVITIES</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.58pt 0pt 2.62pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Purchase of fixed maturity securities, available-for-sale </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(230<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">(136,964<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.58pt 0pt 2.62pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Proceeds from sale of fixed maturity securities, available-for-sale </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">12,071</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">122,769</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.58pt 0pt 2.62pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Sale of equity securities </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.58pt 0pt 2.62pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">(1,000<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.57pt 0pt 2.63pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Change in Treasury bills, net </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(39,199<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.57pt 0pt 2.63pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Change in short-term investments, net </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(3,467<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.57pt 0pt 2.63pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Purchases to cover securities sold, not yet purchased </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">1,210</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">(56,974<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.57pt 0pt 2.63pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Proceeds from sale of securities sold, not yet purchased </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(348<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">67,703</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.57pt 0pt 2.63pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Purchase of investment in subsidiaries </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(31,928<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.57pt 0pt 2.63pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">(15,000<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:0.57pt 0pt 1.6pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Redemptions of investment in the Utility Limited Partnership </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0.57pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.57pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">31,778</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0.57pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.57pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">15,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.82pt 0pt 0.5pt 0pt; width:310.87pt;text-align:left;">
              <div style="white-space:nowrap;font-weight:bold;">
                <font style="letter-spacing:0.25pt;">Net cash provided by investing activities</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:2.82pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.82pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(30,113<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:2.82pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.82pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">(4,466<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.57pt 0pt 2.63pt 0pt; width:310.87pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">FINANCING ACTIVITIES</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0.56pt 0pt 1.6pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Issuance of member&#160;units </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0.56pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.56pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0.56pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.56pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">35,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:2.81pt 0pt 1.6pt 0pt; width:310.87pt;text-align:left;">
              <div style="white-space:nowrap;font-weight:bold;">
                <font style="letter-spacing:0.25pt;">Net cash provided by financing activities</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.81pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.81pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.81pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.81pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">35,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.81pt 0pt 0.5pt 0pt; width:310.87pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net change in cash and cash equivalents </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:2.81pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.81pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">(31,172<font style="position:absolute;">)</font></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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:2.81pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.81pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">31,777</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #CCEEFF;padding:0.56pt 0pt 1.6pt 0pt; width:310.87pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Cash and cash equivalents, at beginning of period </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0.56pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.56pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">32,213</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0.56pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0.56pt 0pt 1.6pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">436</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.81pt 0pt 2.16pt 0pt; width:310.87pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Cash and cash equivalents, at end of period </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.81pt 0pt 1.41pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.81pt 0pt 1.41pt 0pt;border-bottom:3pt double #000000; min-width:28.5pt; text-align:right; white-space:nowrap;">1,041</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.81pt 0pt 1.41pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.81pt 0pt 1.41pt 0pt;border-bottom:3pt double #000000; min-width:33pt; text-align:right; white-space:nowrap;">32,213</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:2.06pt 0pt 0.5pt 0pt; width:310.87pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Supplementary cash flow information: </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.56pt 0pt 2.64pt 0pt; width:310.87pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Cash paid for interest </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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.56pt 0pt 2.64pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.56pt 0pt 2.64pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.56pt 0pt 2.64pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.56pt 0pt 2.64pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.56pt 0pt 2.64pt 0pt; width:310.87pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Cash paid for taxes </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.56pt 0pt 2.64pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.56pt 0pt 2.64pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8212;</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0.56pt 0pt 2.64pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.56pt 0pt 2.64pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:0.56pt 0pt 2.64pt 0pt; width:310.87pt;text-align:left;">
              <font style="letter-spacing:0.25pt;">Supplementary non-cash investing and financing activities: </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:28.5pt; text-align:right; white-space:nowrap;">&#8203;</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:16.07pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:0.55pt 0pt 4pt 0pt; width:310.87pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Member&#160;units issued </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0.55pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.55pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:28.5pt; text-align:right; white-space:nowrap;">20,100</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.07pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0.55pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:0.55pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:33pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:4pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-48</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tSCHV">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:426pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Supplemental schedules </font> <br ><font style="letter-spacing:0.4pt;">Schedule&#8201;V&#8212;Valuation and Qualifying Accounts</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font></div>
        <table style="width:456pt;margin-top:9pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt; width:270.88pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Valuation</font>
                <br >
                <font style="letter-spacing:0.225pt;">Allowance</font>
                <br >
                <font style="letter-spacing:0.225pt;">for Deferred</font>
                <br >
                <font style="letter-spacing:0.225pt;">Tax Assets </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Allowance for</font>
                <br >
                <font style="letter-spacing:0.225pt;">Uncollectible</font>
                <br >
                <font style="letter-spacing:0.225pt;">Reinsurance</font>
                <br >
                <font style="letter-spacing:0.225pt;">Recoverable </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.167pt 0pt 1.833pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">Allowance for</font>
                <br >
                <font style="letter-spacing:0.225pt;">Uncollectible</font>
                <br >
                <font style="letter-spacing:0.225pt;">Premium</font>
                <br >
                <font style="letter-spacing:0.225pt;">Receivable </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:270.88pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Balance at January&#160;1, 2023 </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:27.91pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">&nbsp;&nbsp;&nbsp;&#8212;</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:33.05pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">&nbsp;&nbsp;&nbsp;&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.92pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">&nbsp;&nbsp;&nbsp;&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:270.88pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Charged to costs and expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:27.91pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:33.05pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.92pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">2,953</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.5pt 0pt; width:270.88pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Balance at December&#160;31, 2023 </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:27.91pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:33.05pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8212;</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:20.92pt;width:0pt;">&#8203;</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 3.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">2,953</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 2.5pt 0pt; width:270.88pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.25pt;">Charged to costs and expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:27.91pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:33.05pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.92pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">2,954</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.25pt 0pt 3.25pt 0pt; width:270.88pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Balance at December&#160;31, 2024 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:27.91pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:33.05pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.92pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21.75pt; text-align:right; white-space:nowrap;">5,907</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="height:3.5pt;line-height:3.5pt;">
            <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="20">&#8203;</td>
          </tr>
        </table>
        <div style="margin-left:10pt; margin-top:-0.5pt; text-align:center; width:446pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;"> </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-49</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tSCHVI">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:334pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Ategrity Specialty Holdings LLC and Subsidiaries </font>
          <br >
          <font style="letter-spacing:0.4pt;">Supplemental schedules </font> <br ><font style="letter-spacing:0.4pt;">Schedule&#8201;VI&#8212;Insurance Operations</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font></div>
        <table style="width:456pt;margin-top:9pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
          <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:332.48pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:4pt 0pt 1.833pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="text-align:center;">
                <font style="letter-spacing:0.225pt;">As of and For the Years Ended </font>
                <br >
                <font style="letter-spacing:0.225pt;">December&#160;31, </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt; width:332.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.225pt;">(in thousands) </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2024 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3pt 0pt 2.5pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.225pt;">2023 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:3pt 0pt 1.75pt 0pt; width:332.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Deferred policy acquisition costs, net of ceding commissions</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">21,552</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3pt 0pt 1.75pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">23,245</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Reserves for unpaid losses and loss adjustment expenses </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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">403,576</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">320,936</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Unearned premiums </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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">212,828</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">173,905</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net earned premium</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">290,635</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">231,464</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net investment income </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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">24,046</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">11,366</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Loss and loss adjustment expenses</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">175,234</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">154,107</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Loss and loss adjustment expenses prior year</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">5,418</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">17,238</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Amortization of policy acquisition costs</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">49,746</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">44,065</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Paid claims and claim adjustment expenses</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">113,356</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">111,972</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Net premiums written</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.188pt;">(1)</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">299,206</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">268,216</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="padding:1.5pt 0pt 3.5pt 0pt; width:332.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Ceded unearned premium </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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">68,205</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:13.66pt;width:0pt;">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">37,852</td>
            <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <td style="border-bottom:0.75pt solid #000000; ;padding:1.5pt 0pt 4pt 0pt; width:332.48pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.25pt;">Deferred ceding commission </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.66pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:30.75pt; text-align:right; white-space:nowrap;">15,258</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.66pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.5pt 0pt 4pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:30.75pt; text-align:right; white-space:nowrap;">6,030</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">&#8203;</td>
            <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:3.5pt; width:456pt; line-height:7pt;font-size:5.5pt;">
          <font style=" position:relative; bottom:3pt;letter-spacing:0.138pt;">(1)</font><font style="font-size:7.5pt;letter-spacing:0.188pt;"> Amount is presented net of reinsurance</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">F-50</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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:27.85pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 0pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:3.5pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 3.5pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>

          <div style="margin-top:58.2pt; text-align:center; width:456pt; line-height:19pt;font-style:italic;font-weight:bold;font-size:18pt;">
            <font style="letter-spacing:0.45pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.36pt;"> </font>
          </div>

        <div style="position:relative;margin-top:5pt; text-align:center; width:456pt;">
          <img src="lg_ategrity-4clr.jpg" alt="[MISSING IMAGE: lg_ategrity-4clr.jpg]" height="80" width="268" >
        </div>
        <div style="margin-top:23.63pt; text-align:center; width:456pt; line-height:19pt;font-style:italic;font-weight:bold;font-size:18pt;">
          <font style="letter-spacing:0.45pt;">Common stock</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.36pt;"> </font>
        </div>
        <div style="margin-top:127.4pt; text-align:center; width:456pt; line-height:25pt;font-weight:bold;font-size:24pt;">
          <font style="letter-spacing:0.6pt;">Preliminary prospectus</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.48pt;"> </font>
        </div>

          <table style="width:456pt;height:43pt;margin-top:121pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:16pt;">
            <tr style="line-height:16pt;min-height:20.2pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:16pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 4.2pt 0pt; width:148pt;">
                <font style="letter-spacing:0.4pt;">J.P. Morgan </font>
              </td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:148pt;">&#8203;</td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:0pt 0.5pt 4.2pt 0pt; width:148pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.4pt;">Barclays</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:14pt;min-height:26pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:14pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:8.5pt 0pt 4.2pt 0pt; width:148pt;">
                <font style="letter-spacing:0.35pt;">Citigroup </font>
              </td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:8.5pt 0pt 4.2pt 0pt; width:148pt;">
                <font style="letter-spacing:0.35pt;">TD Securities</font>
              </td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:0pt; width:3pt;">&#8203;</td>
              <td style="padding:8.5pt 0.5pt 4.2pt 0pt; width:148pt;text-align:right;">
                <div style="text-align:right;">
                  <font style="letter-spacing:0.35pt;">Wells Fargo Securities</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>


          <div style="margin-top:73.63pt; width:456pt; line-height:12.5pt;font-weight:bold;font-size:10pt;">
            <font style="letter-spacing:0.25pt;">Until &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 2025 (25&#160;days after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealer&#8217;s obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:58.59pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 58.5899999999999pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:3.51pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 3.5100000000001pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Part&#8201;II</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Information not required in prospectus</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Item&#160;13.&nbsp;&nbsp;&nbsp;Other expenses of issuance and distribution</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The following table sets forth expenses to be paid by us, other than underwriting discounts and commissions, in connection with this offering. All amounts shown are estimates except for the SEC registration fee, the FINRA filing fee, and the stock exchange listing fee.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <table style="width:456pt;margin-top:11pt;border-collapse: collapse;border-top:2pt solid #000000; border-bottom:0.75pt solid #000000; font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
            <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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 4.5pt 0pt; width:409.9pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Securities and Exchange Commission registration fee </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:1.5pt 0pt 4.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.5pt 0pt 4.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; </td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:409.9pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Financial Industry Regulatory Authority, Inc. (FINRA) filing fee </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:409.9pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Stock exchange listing fee </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:409.9pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Printing and engraving expenses </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:409.9pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Legal fees and expenses </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; width:409.9pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Accounting fees and expenses </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:1.5pt 0pt 3.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 3.5pt 0pt; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
              <td style="border-bottom:1px solid #CCEEFF;padding:1.5pt 0pt 2.5pt 0pt; width:409.9pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Miscellaneous expenses </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:6pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:33pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; 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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.25pt 0pt 3.25pt 0pt; width:409.9pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">Total </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:6pt; text-align:right; ">$</td>
              <td style="padding:1.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:33pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
            </tr>
            <tr style="height:3.5pt;line-height:3.5pt;">
              <td style="padding:0pt;font-size:0pt;line-height:0pt;" colspan="9">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:1.9pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">*&#8199;To be completed by amendment.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:13pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:0.3pt;">Item&#160;14.&nbsp;&nbsp;&nbsp;Indemnification of directors and officers</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">Nevada Revised Statutes (&#8220;NRS&#8221;) 78.138(7) provides that, subject to limited statutory exceptions and unless the articles of incorporation or an amendment thereto (in each case filed on or after October 1, 2003) provide for greater individual liability, a director or officer is not individually liable to a corporation or its stockholders or creditors for any damages as a result of any act or failure to act in his or her capacity as a director or officer unless the presumption of Nevada&#8217;s &#8220;business judgment rule&#8221; &#8203;(as codified in NRS 78.138(3)) has been rebutted and it is proven that: (i) the director&#8217;s or officer&#8217;s act or failure to act constituted a breach of his or her fiduciary duties as a director or officer and (ii) the breach of those duties involved intentional misconduct, fraud or a knowing violation of law. Our articles of incorporation will provide for the exculpation of our directors and officer to the fullest extent under the NRS.</font>
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          <font style="letter-spacing:0.25pt;">NRS 78.7502 permits a corporation to indemnify, pursuant to that statutory provision, a present or former director, officer, employee or agent of the corporation, or of another entity or enterprise (including as a manager of a limited liability company), for which such person is or was serving in such capacity at the request of the corporation, who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, except an action by or in the right of the corporation, against expenses, including attorneys&#8217; fees, judgments, fines and amounts paid in settlement actually and reasonably incurred in connection therewith, arising by reason of such person&#8217;s service in such capacity if such person (i) is not liable pursuant to NRS&#160;78.138, or (ii) acted in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to a criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. In the case of actions brought by or in the right of the corporation, however, no indemnification pursuant to NRS 78.7502 may be made for any claim, issue or matter as to which such person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper. Any discretionary indemnification pursuant to the statutory mechanism provided under NRS 78.7502, unless ordered by a court or advanced to a director or officer by the corporation in accordance with the NRS, may be made by a corporation only as authorized in each specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">II-1</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">circumstances. Such determination must be made (1) by the stockholders, (2) by the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding, (3) if a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, by independent legal counsel in a written opinion, or (4) if a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion.</font>
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          <font style="letter-spacing:0.25pt;">NRS 78.751 further provides that indemnification pursuant to the statutory mechanism provided under NRS&#160;78.7502 does not exclude any other rights to which a person seeking indemnification or advancement of expenses may be entitled under our articles of incorporation, or any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, for either an action in the person&#8217;s official capacity or an action in another capacity while holding office, except that indemnification, unless ordered by a court pursuant to NRS 78.7502 or for the advancement of expenses, may not be made to or on behalf of any director or officer finally adjudged by a court of competent jurisdiction, after exhaustion of any appeals, to be liable for intentional misconduct, fraud or a knowing violation of law, and such misconduct, fraud, or violation was material to the cause of action. Pursuant to NRS 78.751(5), a right to indemnification or to advancement of expenses arising under a provision of the articles of incorporation or any bylaw is not eliminated or impaired by an amendment to such provision after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such act or omission has occurred.</font>
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          <font style="letter-spacing:0.25pt;">Our bylaws will provide that we must indemnify our directors and officers in their respective capacities as such and in any and all other capacities in which any of them serves at our request to the fullest extent permitted by law. We will also be expressly authorized to advance certain expenses (including attorneys&#8217; fees) to our directors and officers and carry directors&#8217; and officers&#8217; insurance providing for indemnification of its directors and officers for some liabilities.</font>
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          <font style="letter-spacing:0.25pt;">We have in effect a directors and officers liability insurance policy indemnifying our directors and officers for certain liabilities incurred by them, including liabilities under the Securities Act, and the Exchange Act. We pay the entire premium of this policy.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">We intend to enter into indemnification agreements with each of our directors and officers that provide the maximum indemnity allowed to directors and officers by the NRS (including NRS 78.751(3)) and which allow for certain additional procedural protections.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">These indemnification provisions and the indemnification agreements may be sufficiently broad to permit indemnification of our officers and directors for liabilities (including reimbursement of expenses incurred) arising under the Securities Act.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Item&#160;15.&nbsp;&nbsp;&nbsp;Recent sales of unregistered securities</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">The following sets forth information regarding all unregistered securities sold by us since January&#160;1, 2022:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Unit issuances</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In September&#160;2022, ZFSG made a non-cash contribution to us of $75.0&#160;million in the form of an in-kind contribution of an interest in the Utility Limited Partnership and received 95,724,314 of our&#160;units for such contribution.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In October&#160;2023, ZFSG made a cash contribution of $35.0&#160;million to us and received 44,164,038 of our&#160;units for such contribution.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">In October&#160;2024, ZFSG made an in-kind contribution of $22.2&#160;million in principal amount of U.S. Treasury Notes with a fair market value of $20.1&#160;million to us and received (i)&#160;23,022,550 of our&#160;units, (ii)&#160;11,511,275 warrants to purchase our&#160;units with an exercise price of $3.00, and (iii)&#160;4,000,000 warrants to purchase our&#160;units with an exercise price of $2.00 for such contribution.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">II-2</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">In January 2025, ZFSG made an in-kind contribution of $20.0 million in principal amount of U.S. Treasury Notes with a fair market value of $20.0 million to us and received 21,436,227 of our units.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">On April&#160;9, 2025, ZFSG made a cash contribution of $0.7 million and received 699,900 of our units.</font>
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        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">Equity plan-related issuances</font><font style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.25pt;">From January&#160;1, 2022 through the date of this registration statement, we granted to our employees, officers, directors, and consultants options to purchase an aggregate of 46,004,382 units at per unit exercise prices of $0.88, $1.00, $2.00, and $3.00. From January&#160;1, 2022 through the date of this registration statement, we issued no&#160;units pursuant to the exercise of options by our employees, officers, directors, and consultants.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.25pt;">The issuances of the securities in the transactions described above were deemed to be exempt from registration under the Securities Act in reliance upon Section&#160;4(a)(2) of the Securities Act and/or Rule&#160;506, Rule&#160;701, or Regulation&#160;S promulgated thereunder. The securities were issued directly by us and did not involve a public offering or general solicitation. The recipients of such securities represented their intentions to acquire the securities for investment purposes only and not with a view to, or for sale in connection with, any distribution thereof.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">None of the transactions set forth in Item&#160;15 involved any underwriters, underwriting discounts or commissions, or any public offering. All recipients had adequate access, through their relationships with us, to information about us.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Item&#160;16.&nbsp;&nbsp;&nbsp;Exhibits and financial statement schedules</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Exhibits</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">See the Exhibits index immediately following the signature page hereto, which is incorporated by reference as if fully set forth herein.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Financial statement schedules</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">See the financial statement schedules listed in the Index to the Consolidated Financial Statements, which are incorporated by reference as if fully set forth herein.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.3pt;">Item&#160;17.&nbsp;&nbsp;&nbsp;Undertakings</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:0.25pt;">The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">(1)&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">(2)&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that:</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">(A)&nbsp;&nbsp;&nbsp;For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule&#160;430A and </font>
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          <font style="letter-spacing:0.25pt;">II-3</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.25pt;">contained in a form of prospectus filed by the registrant pursuant to Rule&#160;424(b)(1) or (4)&#160;or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.25pt;">(B)&nbsp;&nbsp;&nbsp;For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><font style="font-style:italic;letter-spacing:0.25pt;">bona fide</font><font style="letter-spacing:0.25pt;"> offering thereof. </font>
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          <font style="letter-spacing:0.25pt;">II-4</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.4pt;">Exhibit index</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
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              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
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                  <font style="letter-spacing:0.225pt;">Exhibit</font>
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                  <font style="letter-spacing:0.225pt;">number </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;">&#8203;</td>
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                  <font style="letter-spacing:0.225pt;">Description </font>
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              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.9pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:11.2pt;letter-spacing:0.25pt;">1.1</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.9pt 0pt 0.5pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex1-1.htm">Form of Underwriting Agreement.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.817pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:11.2pt;letter-spacing:0.25pt;">3.1</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.817pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex3-1.htm">Form of Articles of Incorporation of Ategrity Specialty Insurance Company Holdings, to be effective upon the consummation of this offering.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.807pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:11.2pt;letter-spacing:0.25pt;">3.2</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.807pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex3-2.htm">Form of Bylaws of Ategrity Specialty Insurance Company Holdings, to be effective upon the consummation of this offering.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:11.2pt;letter-spacing:0.25pt;">5.1</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 0.5pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex5-1.htm">Form of Opinion of Brownstein Hyatt Farber Schreck, LLP</a>
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              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.1</font><font style="letter-spacing:0.25pt;">&#167;</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 0.5pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex10-1.htm">Form of Stockholders&#8217; Agreement, to be effective upon the consummation of this offering.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.2</font><font style="letter-spacing:0.25pt;">&#167;</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 0.5pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex10-2.htm">Form of Warrant Certificate.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.807pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.3</font><font style="letter-spacing:0.25pt;">*# </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.807pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex10-3.htm">2019 Equity Incentive Plan, effective as of February&#160;5, 2019 and amended as of January&#160;1, 2024 and as further amended on December&#160;8, 2024.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.807pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.4</font><font style="letter-spacing:0.25pt;"># </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.807pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex10-4.htm">Ategrity Specialty Insurance Company Holdings 2025 Incentive Award Plan and forms of award agreements thereunder.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.797pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.5</font><font style="letter-spacing:0.25pt;"># </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.797pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex10-5.htm">Non-Employee Director Compensation Policy of the Company, to be effective upon the consummation of this offering.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.797pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.6</font><font style="letter-spacing:0.25pt;">&#167;</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.797pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex10-6.htm">Form of Indemnification Agreement between Ategrity Specialty Insurance Company Holdings and each of its directors and executive officers</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.797pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.7</font><font style="letter-spacing:0.25pt;">**+</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.797pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <font style="letter-spacing:0.25pt;">Form of Shared Services Agreement, by and between Ategrity Specialty Holdings LLC and Zimmer Financial Services Group LLC, to be effective prior to this offering.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.797pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.8</font><font style="letter-spacing:0.25pt;">*</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.797pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex10-8.htm">Management &amp; Cost Sharing Agreement, effective as of September&#160;30, 2023 by and between Ategrity Specialty Insurance Company and Zimmer Insurance Services, LLC.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.797pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.9</font><font style="letter-spacing:0.25pt;">+ </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.797pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex10-9.htm">Sublease Agreement, dated as of September&#160;30, 2022, by and between Ategrity Specialty Insurance Company and Zimmer Financial Services Group LLC.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.797pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.10</font><font style="letter-spacing:0.25pt;">*</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.797pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex10-10.htm">Tax Allocation Agreement, dated as of April&#160;1, 2018, by and among Ategrity Specialty Holdings LLC, Ategrity Specialty Insurance Company, Ategrity Specialty Insurance Limited and Zimmer Financial Services Group LLC.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.787pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.11</font><font style="letter-spacing:0.25pt;">*</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.787pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex10-11.htm">Technology Transactions Agreement, effective as of January 1, 2023, by and between Ategrity Specialty Insurance Company and Zimmer Technology Group, LLC.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.787pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.12</font><font style="letter-spacing:0.25pt;">*</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.787pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex10-12.htm">Amended and Restated Limited Partnership Agreement, dated as of April 1, 2018, by and among ZP Utility Insurance Fund, L.P., ZP Utility Insurance GP, LLC, as general partner, and Ategrity Specialty Insurance Company and Ategrity Specialty Insurance Limited, as limited partners.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.787pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.13</font><font style="letter-spacing:0.25pt;">+ </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.787pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex10-13.htm">Amended and Restated Investment Management Agreement, dated as of October&#160;1, 2024, by and between Ategrity Specialty Insurance Limited and Zimmer Partners, LP.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.787pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.14</font><font style="letter-spacing:0.25pt;">+ </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.787pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex10-14.htm">Amended and Restated Investment Management Agreement, dated as of October&#160;1, 2024, by and between Ategrity Specialty Holdings LLC and Zimmer Partners, LP.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.787pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.15</font><font style="letter-spacing:0.25pt;">+</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.787pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex10-15.htm">Investment Management Agreement, dated as of December&#160;1, 2024, by and between Ategrity Specialty Insurance Limited and Zimmer Partners, LP.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.787pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.16</font><font style="letter-spacing:0.25pt;">*&#167; </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.787pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex10-16.htm">Promissory Note, dated as of January&#160;1, 2023, by and between Zimmer Financial Services Group, LLC and Ategrity Specialty Insurance Company.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.777pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.17</font><font style="letter-spacing:0.25pt;">*&#167; </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.777pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex10-17.htm">Second Amended and Restated Employment Agreement, dated as of March&#160;21, 2025, by and between Ategrity Specialty Holdings LLC and Chris Schenk.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.777pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.18</font><font style="letter-spacing:0.25pt;">*&#167; </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.777pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex10-18.htm">Employment Agreement, dated as of August&#160;13, 2024, by and between Ategrity Specialty Holdings LLC and Neelam Patel.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.777pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.19</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.777pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex10-19.htm">Form of Employment Agreement, by and between Ategrity Specialty Holdings LLC and Justin Cohen, to be effective upon consummation of this offering.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.25pt;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:1.777pt 0pt 0.5pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.20</font><font style="letter-spacing:0.25pt;">+&#167;</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.777pt 0pt 0.5pt 0pt; width:410pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="tm2428146d9_ex10-20.htm">Amended and Restated Loan Agreement, dated April 5, 2025, among ZIS, Ategrity Specialty Holdings LLC, and Ategrity Ltd.</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">II-5</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:376.02pt;margin-left:69.66pt;width:456pt;">

          <table style="width:456pt;height:163.48pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <tr style="line-height:11pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.483pt 0pt; width:34pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.225pt;">Exhibit</font>
                  <br >
                  <font style="letter-spacing:0.225pt;">number </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:0pt 0pt 1.483pt 0pt; width:410pt;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">Description </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.9pt 0pt 1.15pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">10.21 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.9pt 0pt 1.15pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex10-21.htm">Guaranty and Pledge Agreement, dated as of March 31, 2025, between ZFSG, and Ategrity Ltd.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.15pt 0pt 1.15pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">21.1</font><font style="letter-spacing:0.25pt;">*</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.15pt 0pt 1.15pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex21-1.htm">List of subsidiaries of Ategrity Specialty Insurance Company Holdings</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 1.16pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">23.1</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 1.16pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex23-1.htm">Consent of Ernst &amp; Young LLP, Independent Registered Public Accounting Firm</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 1.16pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">23.2</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 1.16pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="tm2428146d9_ex5-1.htm">Consent of Brownstein Hyatt Farber Schreck, LLP (included in Exhibit&#160;5.1)</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 1.16pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">24.1</font><font style="letter-spacing:0.25pt;">*</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 1.16pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146-4_s1.htm#POA">Power of Attorney (included on signature page to initial filing of registration statement)</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 1.16pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">99.1</font><font style="letter-spacing:0.25pt;">*</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 1.16pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex99-1.htm">Consent of Director Nominee (William Mercer)</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 1.16pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">99.2</font><font style="letter-spacing:0.25pt;">*</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 1.16pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex99-2.htm">Consent of Director Nominee (Robert C. Merton)</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 1.16pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">99.3</font><font style="letter-spacing:0.25pt;">*</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.14pt 0pt 1.16pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex99-3.htm">Consent of Director Nominee (Mitchell Pressman)</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.13pt 0pt 1.17pt 0pt; width:34pt;">
                <font style="margin-left:5.6pt;letter-spacing:0.25pt;">99.4</font><font style="letter-spacing:0.25pt;">*</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.13pt 0pt 1.17pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex99-4.htm">Consent of Director Nominee (John (Jack) L. Sennott, Jr.)</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.13pt 0pt 1.17pt 0pt; width:34pt;">
                <font style="letter-spacing:0.25pt;">107.1*</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.13pt 0pt 1.17pt 0pt; width:410pt;">
                <div style="letter-spacing:0.25pt;">
                  <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/2040491/000110465925027299/tm2428146d5_ex-filingfees.htm">Filing Fee Table</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:10.5pt; 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="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; margin-top:7pt; margin-bottom:0pt; text-align:left; width:9pt;white-space:nowrap;font-size:7.5pt;">
            <font style="letter-spacing:0.188pt;">*</font>
            <br >
          </div>
          <div style=" margin-top:7pt; margin-bottom:0pt; line-height:9pt; text-align:left; margin-left:9pt;font-size:7.5pt;">
            <font style="letter-spacing:0.188pt;">Filed previously</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:9pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:9pt;white-space:nowrap;font-size:7.5pt;">
            <font style="letter-spacing:0.188pt;">**</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:9pt; text-align:left; margin-left:9pt;font-size:7.5pt;">
            <font style="letter-spacing:0.188pt;">To be filed by amendment</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style="margin-top:2.5pt; width:456pt; line-height:9pt;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">#&#8199;Compensatory plan or arrangement</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style=" float:left; line-height:9pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:9pt;white-space:nowrap;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">+</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:9pt; text-align:left; margin-left:9pt;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">Certain of the schedules and attachments to this exhibit have been omitted pursuant to Regulation S-K, Item 601(a)(5). The registrant hereby undertakes to provide further information regarding such omitted materials to the SEC upon request.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.15pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:9pt;white-space:nowrap;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#167;</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:9pt; text-align:left; margin-left:9pt;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">Certain portions of this exhibit (indicated by &#8220;[***]&#8221;) have been redacted pursuant to Regulation S-K, Item 601(a)(6).</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:7pt; width:456pt; line-height:9pt;font-style:italic;font-size:7.5pt;">
          <font style="letter-spacing:0.188pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">II-6</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:Arial Narrow, Arial, Tahoma, Geneva, sans-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;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="POA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:152.5pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:0.4pt;">Signatures</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:13pt;">
            <font style="letter-spacing:0.25pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in New York, New York, this 15</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.188pt;">th</font><font style="letter-spacing:0.25pt;"> day of April, 2025.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-left:234pt; margin-top:8pt; width:222pt; line-height:13pt;font-weight:bold;">
          <font style="letter-spacing:0.25pt;">ATEGRITY SPECIALTY HOLDINGS LLC</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:234pt; line-height:13pt; margin-top:20pt; margin-bottom:0pt; text-align:left; width:18pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">By:</font>
          <br >
        </div>
        <div style=" margin-top:20pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:252pt;">
          <font style="letter-spacing:0.25pt;">/s/ Justin Cohen</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="white-space:nowrap; margin-left:252pt; margin-top:3.5pt; width:204pt;">
          <div style="margin-left: 0pt; width: 204pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-left:252pt; margin-top:3pt; margin-bottom:0pt; text-align:left; width:32pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">Name:</font>
          <br >
        </div>
        <div style=" margin-top:3pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:284pt;">
          <font style="letter-spacing:0.25pt;">Justin Cohen</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:252pt; line-height:13pt; margin-top:0pt; margin-bottom:0pt; text-align:left; width:32pt;white-space:nowrap;">
          <font style="letter-spacing:0.25pt;">Title:</font>
          <br >
        </div>
        <div style=" margin-top:0pt; margin-bottom:0pt; line-height:13pt; text-align:left; margin-left:284pt;">
          <font style="letter-spacing:0.25pt;">Chief Executive Officer</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <div style="margin-top:12pt; width:456pt; line-height:17pt;font-weight:bold;font-size:16pt;">
            <font style="letter-spacing:0.4pt;">Power of attorney</font><font style="font-weight:normal;font-family:Times New Roman, Times, serif ;letter-spacing:0.32pt;"> </font>
          </div>

        <div style="margin-top:8pt; width:456pt; line-height:13pt;">
          <font style="letter-spacing:0.25pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.</font><font style="font-family:Times New Roman, Times, serif ;letter-spacing:0.2pt;"> </font>
        </div>

          <table style="width:456pt;height:242.5pt;margin-top:11pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
            <tr style="line-height:9pt;min-height:10.25pt;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:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:9pt;">
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:156pt;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">Signature </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:0pt 0pt 2.5pt 0pt; width:192pt;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">Title </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:0pt 0pt 2.5pt 0pt; width:84pt;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.225pt;">Date </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:53.5pt; white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:27.167pt 0pt 9pt 0pt; width:156pt;white-space:normal;text-align:left;">
                <div>
                  <font style="letter-spacing:0.25pt;">/s/ Justin Cohen</font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 156pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.25pt;">Justin Cohen </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:27.167pt 0pt 9pt 0pt; width:192pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.25pt;">Chief Executive Officer and Director</font>
                  <br >
                  <font style="letter-spacing:0.25pt;">(Principal Executive Officer) </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:27.167pt 0pt 9pt 0pt; width:84pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.25pt;">April 15, 2025 </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:45pt; white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style=" width:156pt;white-space:normal;text-align:left;">
                <div>
                  <font style="letter-spacing:0.25pt;">/s/ Neelam Patel</font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 156pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.25pt;">Neelam Patel </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:192pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.25pt;">Chief Financial Officer</font>
                  <br >
                  <font style="letter-spacing:0.25pt;">(Principal Financial and Accounting Officer) </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:84pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.25pt;">April 15, 2025 </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:45pt; white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style=" width:156pt;white-space:normal;text-align:left;">
                <div>
                  <font style="letter-spacing:0.25pt;">*</font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 156pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.25pt;">Stuart J. Zimmer </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:192pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.25pt;">Director, Chair </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:84pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.25pt;">April 15, 2025 </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:45pt; white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style=" width:156pt;white-space:normal;text-align:left;">
                <div>
                  <font style="letter-spacing:0.25pt;">*</font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 156pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.25pt;">Tom Hulst </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:192pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.25pt;">Director </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:84pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.25pt;">April 15, 2025 </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:45pt; white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial Narrow, Arial, Tahoma, Geneva, sans-serif;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style=" width:156pt;white-space:normal;text-align:left;">
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
                <div style=" float:left; line-height:10pt; text-align:left; width:20pt;white-space:nowrap;">
                  <font style="letter-spacing:0.25pt;">*By:</font>
                  <br >
                </div>
                <div style=" line-height:10pt; text-align:left; margin-left:20pt;">
                  <font style="letter-spacing:0.25pt;">/s/ Justin Cohen</font>
                </div>
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
                <div style="margin-left:20pt; margin-top:2.5pt; line-height:0pt;">
                  <div style="margin-left: 0pt; width: 136pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-left:20pt; margin-top:2pt;">
                  <font style="letter-spacing:0.25pt;">Attorney-in-fact</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:192pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:84pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.25pt;">II-7</font>
          <br >
        </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2428146d9_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT><B>Exhibit&#8239;1.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ategrity Specialty Insurance Company Holdings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[&#9679;] Shares of Common Stock, par value $0.001
per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Underwriting Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[&#9679;], 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC<BR>
Barclays Capital Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representatives of the<BR>
several Underwriters listed<BR>
in Schedule 1 hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o J.P. Morgan Securities LLC<BR>
383 Madison Avenue<BR>
New York, New York 10179</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Barclays Capital Inc.<BR>
745 7th Avenue<BR>
New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Ategrity Specialty Insurance Company Holdings,
a Nevada corporation (the &ldquo;Company&rdquo;), proposes to issue and sell to the several underwriters listed in Schedule 1 hereto (the
 &ldquo;Underwriters&rdquo;), for whom you are acting as representatives (the &ldquo;Representatives&rdquo;), an aggregate of [&#9679;]
shares of common stock, par value $0.001 per share (&ldquo;Common Stock&rdquo;), of the Company (the &ldquo;Underwritten Shares&rdquo;)
and, at the option of the Underwriters, up to an additional [&#9679;] shares of Common Stock of the Company (the &ldquo;Option Shares&rdquo;).
The Underwritten Shares and the Option Shares are herein referred to as the &ldquo;Shares&rdquo;. The shares of Common Stock of the Company
to be outstanding after giving effect to the sale of the Shares are referred to herein as the &ldquo;Stock&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the offering contemplated by
this underwriting agreement (this &ldquo;Agreement&rdquo;), the Company will engage in the transactions described in the Registration
Statement, the Pricing Disclosure Package and the Prospectus (each as defined below) under the caption &ldquo;Corporate Conversion&rdquo;
(the &ldquo;Corporate Conversion&rdquo;). References herein to the Company include its predecessor Ategrity Specialty Holdings LLC, a
Delaware limited liability company, prior to the Corporate Conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">J.P. Morgan Securities LLC (the &ldquo;Directed
Share Underwriter&rdquo;) has agreed to reserve a portion of the Shares to be purchased by it under this Agreement, up to [<FONT STYLE="font-size: 12pt">&#9679;</FONT>]
Shares, for sale to certain of the Company&rsquo;s directors, officers, employees and/or other parties related to or known to the Company
(collectively, &ldquo;Participants&rdquo;), as set forth in the Prospectus (as hereinafter defined) under the heading &ldquo;Underwriting&rdquo;
(the &ldquo;Directed Share Program&rdquo;). The Shares to be sold by the Directed Share Underwriter and its affiliates pursuant to the
Directed Share Program are referred to hereinafter as the &ldquo;Directed Shares&rdquo;. Any Directed Shares not orally confirmed for
purchase by any Participant by [<FONT STYLE="font-size: 12pt">&#9679;</FONT>] [A/P].M., New York City time, on the business day on which this Agreement is executed
will be offered to the public by the Underwriters as set forth in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby confirms its agreement with
the several Underwriters concerning the purchase and sale of the Shares, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Registration
Statement</U>. The Company has prepared and filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the
Securities Act of 1933, as amended, and the rules&nbsp;and regulations of the Commission thereunder (collectively, the &ldquo;Securities
Act&rdquo;), a registration statement on Form&nbsp;S-1 (File No.&nbsp;333-286059), including a prospectus, relating to the Shares. Such
registration statement, as amended at the time it became effective, including the information, if any, deemed pursuant to Rule&nbsp;430A,
430B or 430C under the Securities Act to be part of the registration statement at the time of its effectiveness (&ldquo;Rule&nbsp;430
Information&rdquo;), is referred to herein as the &ldquo;Registration Statement&rdquo;; and as used herein, the term &ldquo;Preliminary
Prospectus&rdquo; means each prospectus included in such registration statement (and any amendments thereto) before effectiveness, any
prospectus filed with the Commission pursuant to Rule&nbsp;424(a)&nbsp;under the Securities Act and the prospectus included in the Registration
Statement at the time of its effectiveness that omits Rule&nbsp;430 Information, and the term &ldquo;Prospectus&rdquo; means the prospectus
in the form first used (or made available upon request of purchasers pursuant to Rule&nbsp;173 under the Securities Act) in connection
with confirmation of sales of the Shares. If the Company has filed an abbreviated registration statement pursuant to Rule&nbsp;462(b)&nbsp;under
the Securities Act (the &ldquo;Rule&nbsp;462 Registration Statement&rdquo;), then any reference herein to the term &ldquo;Registration
Statement&rdquo; shall be deemed to include such Rule&nbsp;462 Registration Statement. Capitalized terms used but not defined herein shall
have the meanings given to such terms in the Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At or prior to the Applicable Time (as defined
below), the Company had prepared the following information (collectively with the pricing information set forth on Annex A, the &ldquo;Pricing
Disclosure Package&rdquo;): a Preliminary Prospectus dated [&#9679;], 2025 and each &ldquo;free-writing prospectus&rdquo; (as defined
pursuant to Rule&nbsp;405 under the Securities Act) listed on Annex A hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Applicable Time&rdquo; means [&#9679;] [A/P].M.,
New York City time, on [&#9679;], 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Purchase
of the Shares</U>. (a)&nbsp; The Company agrees to issue and sell the Underwritten Shares to the several Underwriters as provided in this
Agreement, and each Underwriter, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions
set forth herein, agrees, severally and not jointly, to purchase at a price per share of $[&#9679;] (the &ldquo;Purchase Price&rdquo;)
from the Company the respective number of Underwritten Shares set forth opposite such Underwriter&rsquo;s name in Schedule 1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Company agrees to issue and sell
the Option Shares to the several Underwriters as provided in this Agreement, and the Underwriters, on the basis of the representations,
warranties and agreements set forth herein and subject to the conditions set forth herein, shall have the option to purchase, severally
and not jointly, from the Company the Option Shares at the Purchase Price less an amount per share equal to any dividends or distributions
declared by the Company and payable on the Underwritten Shares but not payable on the Option Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any Option Shares are to be purchased, the number
of Option Shares to be purchased by each Underwriter shall be the number of Option Shares which bears the same ratio to the aggregate
number of Option Shares being purchased as the number of Underwritten Shares set forth opposite the name of such Underwriter in Schedule
1 hereto (or such number increased as set forth in Section&nbsp;10 hereof) bears to the aggregate number of Underwritten Shares being
purchased from the Company by the several Underwriters, subject, however, to such adjustments to eliminate any fractional Shares as the
Representatives in their sole discretion shall make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Underwriters may exercise the option to purchase
Option Shares at any time in whole, or from time to time in part, on or before the thirtieth day following the date of the Prospectus,
by written notice from the Representatives to the Company. Such notice shall set forth the aggregate number of Option Shares as to which
the option is being exercised and the date and time when the Option Shares are to be delivered and paid for, which may be the same date
and time as the Closing Date (as hereinafter defined) but shall not be earlier than the Closing Date nor later than the tenth full business
day (as hereinafter defined) after the date of such notice (unless such time and date are postponed in accordance with the provisions
of Section&nbsp;10 hereof). Any such notice shall be given at least two business days prior to the date and time of delivery specified
therein, except to the extent that the date on which the Option Shares are to be delivered is the same date as the Closing Date, in which
case such notice may be delivered one business day prior to the date and time of delivery specified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company understands that the Underwriters intend to make a public offering of the Shares, and initially to offer the Shares on the terms
set forth in the Pricing Disclosure Package. The Company acknowledges and agrees that the Underwriters may offer and sell Shares to or
through any affiliate of an Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Payment
for the Shares shall be made by wire transfer in immediately available funds to the account specified by the Company to the Representatives
in the case of the Underwritten Shares, at the offices of Skadden, Arps, Slate, Meagher and Flom LLP, One Manhattan West, New York, New
York 10001 at 10:00 A.M., New York City time, on [&#9679;], 2025, or at such other time or place on the same or such other date, not later
than the fifth business day thereafter, as the Representatives and the Company may agree upon in writing or, in the case of the Option
Shares, on the date and at the time and place specified by the Representatives in the written notice of the Underwriters&rsquo; election
to purchase such Option Shares. The time and date of such payment for the Underwritten Shares is referred to herein as the &ldquo;Closing
Date&rdquo;, and the time and date for such payment for the Option Shares, if other than the Closing Date, is herein referred to as the
 &ldquo;Additional Closing Date&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment for the Shares to be purchased on the Closing
Date or the Additional Closing Date, as the case may be, shall be made against delivery to the Representatives for the respective accounts
of the several Underwriters of the Shares to be purchased on such date or the Additional Closing Date, as the case may be, with any transfer
taxes payable in connection with the sale of such Shares duly paid by the Company. Delivery of the Shares shall be made through the facilities
of The Depository Trust Company unless the Representatives shall otherwise instruct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company acknowledges and agrees that the Representatives and the other Underwriters are acting solely in the capacity of an arm&rsquo;s
length contractual counterparty to the Company with respect to the offering of Shares contemplated hereby (including in connection with
determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person.
Additionally, neither the Representatives nor any other Underwriter is advising the Company or any other person as to any legal, tax,
investment, accounting or regulatory matters in any jurisdiction. The Company shall consult with its own advisors concerning such matters
and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and neither
the Representatives nor the Underwriters shall have any responsibility or liability to the Company with respect thereto. Any review by
the Representatives and the other Underwriters of the Company, the transactions contemplated hereby or other matters relating to such
transactions will be performed solely for the benefit of the Representatives and the other Underwriters and shall not be on behalf of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Representations
and Warranties of the Company</U>. The Company represents and warrants to each Underwriter that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Preliminary
Prospectus</U>. No order preventing or suspending the use of any Preliminary Prospectus has been issued by the Commission, and each Preliminary
Prospectus included in the Pricing Disclosure Package, at the time of filing thereof, complied in all material respects with the applicable
requirements of the Securities Act, and no Preliminary Prospectus, at the time of filing thereof, contained any untrue statement of a
material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; <U>provided</U> that the Company makes no representation or warranty with respect to any statements
or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing
by such Underwriter through the Representatives expressly for use in any Preliminary Prospectus, it being understood and agreed that the
only such information furnished by any Underwriter consists of the information described as such in Section&nbsp;7(b)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Pricing
Disclosure Package</U>. The Pricing Disclosure Package as of the Applicable Time did not, and as of the Closing Date and as of the Additional
Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <U>provided</U>
that the Company makes no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity
with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly
for use in such Pricing Disclosure Package, it being understood and agreed that the only such information furnished by any Underwriter
consists of the information described as such in Section&nbsp;7(b)&nbsp;hereof. No statement of material fact included in the Prospectus
has been omitted from the Pricing Disclosure Package and no statement of material fact included in the Pricing Disclosure Package that
is required to be included in the Prospectus has been omitted therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Issuer
Free Writing Prospectus</U>. Other than the Registration Statement, the Preliminary Prospectus and the Prospectus, the Company (including
its agents and representatives, other than the Underwriters in their capacity as such) has not prepared, made, used, authorized, approved
or referred to and will not prepare, make, use, authorize, approve or refer to any &ldquo;written communication&rdquo; (as defined in
Rule&nbsp;405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Shares (each such communication
by the Company or its agents and representatives (other than a communication referred to in clause (i)&nbsp;below), an &ldquo;Issuer
Free Writing Prospectus&rdquo;) other than (i)&nbsp;any document not constituting a prospectus pursuant to Section&nbsp;2(a)(10)(a)&nbsp;of
the Securities Act or Rule&nbsp;134 under the Securities Act or (ii)&nbsp;the documents listed on Annex A hereto, each electronic road
show and any other written communications approved in writing in advance by the Representatives. Each such Issuer Free Writing Prospectus,
if any, complies in all material respects with the applicable provisions of the Securities Act, has been or will be (within the time
period specified in Rule&nbsp;433) filed in accordance with the Securities Act (to the extent required thereby) and does not conflict
with the information contained in the Registration Statement or the Pricing Disclosure Package, and, when taken together with the Preliminary
Prospectus accompanying, or delivered prior to delivery of, such Issuer Free Writing Prospectus, did not, and as of the Closing Date
and as of the Additional Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading; <U>provided</U> that the Company makes no representation or warranty with respect to any statements or omissions made in
each such Issuer Free Writing Prospectus or Preliminary Prospectus in reliance upon and in conformity with information relating to any
Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in such Issuer Free
Writing Prospectus or Preliminary Prospectus, it being understood and agreed that the only such information furnished by any Underwriter
consists of the information described as such in Section&nbsp;7(b)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Emerging
Growth Company</U>. From the time of initial confidential submission of the Registration Statement to the Commission through the date
hereof, the Company has been and is an &ldquo;emerging growth company,&rdquo; as defined in Section&nbsp;2(a)&nbsp;of the Securities Act
(an &ldquo;Emerging Growth Company&rdquo;). &ldquo;Testing-the-Waters Communication&rdquo; means any oral or written communication with
potential investors undertaken in reliance on either Section&nbsp;5(d)&nbsp;of, or Rule&nbsp;163B under, the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Testing-the-Waters
Materials</U>. The Company (i)&nbsp;has not alone engaged in any Testing-the-Waters Communications other than Testing-the-Waters Communications
with the consent of the Representatives (x)&nbsp;with entities that are qualified institutional buyers (&ldquo;QIBs&rdquo;) within the
meaning of Rule&nbsp;144A under the Securities Act or institutions that are accredited investors within the meaning of Rule&nbsp;501(a)(1),
(a)(2), (a)(3), (a)(7), (a)(8), (a)(9), (a)(12) or (a)(13) under the Securities Act (&ldquo;IAIs&rdquo;) and otherwise in compliance with
the requirements of Section&nbsp;5(d)&nbsp;of the Securities Act or (y)&nbsp;with entities that the Company reasonably believed to be
QIBs or IAIs and otherwise in compliance with the requirements of Rule&nbsp;163B under the Securities Act and (ii)&nbsp;has not authorized
anyone other than the Representatives to engage in Testing-the-Waters Communications. The Company has not distributed or approved for
distribution any Written Testing-the-Waters Communications other than those listed on Annex B hereto. &ldquo;Written Testing-the-Waters
Communication&rdquo; means any Testing-the-Waters Communication that is a written communication within the meaning of Rule&nbsp;405 under
the Securities Act. Any individual Written Testing-the-Waters Communication prepared or authorized by the Company does not conflict with
the information contained in the Registration Statement or the Pricing Disclosure Package, complied in all material respects with the
applicable provisions of the Securities Act and, when taken together with the Pricing Disclosure Package as of the Applicable Time, did
not, and as of the Closing Date and as of the Additional Closing Date, as the case may be, will not, contain any untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Registration
Statement and Prospectus</U>. The Registration Statement has been declared effective by the Commission. No order suspending the effectiveness
of the Registration Statement has been issued by the Commission, and no proceeding for that purpose or pursuant to Section&nbsp;8A of
the Securities Act against the Company or related to the offering of the Shares has been initiated or, to the knowledge of the Company,
threatened by the Commission; as of the applicable effective date of the Registration Statement and any post-effective amendment thereto,
the Registration Statement and any such post-effective amendment complied and, as of the Closing Date or any Additional Closing Date,
will comply in all material respects with the Securities Act, and did not, as of the applicable effective date, and will not, as of the
Closing Date or any Additional Closing Date, contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary in order to make the statements therein not misleading; and as of the date of the Prospectus and any
amendment or supplement thereto and as of the Closing Date and as of the Additional Closing Date, as the case may be, the Prospectus will
comply in all material respects with the applicable provisions of the Securities Act and will not contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; <U>provided</U> that the Company makes no representation or warranty with respect to any statements or
omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by
such Underwriter through the Representatives expressly for use in the Registration Statement and the Prospectus and any amendment or supplement
thereto, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described
as such in Section&nbsp;7(b)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Financial
Statements</U>. The financial statements (including the related notes thereto) of the Company and its consolidated subsidiaries included
in the Registration Statement, the Pricing Disclosure Package and the Prospectus comply in all material respects with the applicable requirements
of the Securities Act and present fairly, in all material respects, the financial position of the Company and its consolidated subsidiaries
as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; such financial
statements have been prepared in conformity with generally accepted accounting principles (&ldquo;GAAP&rdquo;) in the United States applied
on a consistent basis throughout the periods covered thereby, and any supporting schedules included in the Registration Statement present
fairly in all material respects the information required to be stated therein; and the other financial information included in the Registration
Statement, the Pricing Disclosure Package and the Prospectus has been derived from the accounting records of the Company and its consolidated
subsidiaries and presents fairly in all material respects the information shown thereby; all disclosures included in the Registration
Statement, the Pricing Disclosure Package and the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined
by the rules&nbsp;and regulations of the Commission) comply in all material respects with Regulation G of the Securities Exchange Act
of 1934, as amended (the &ldquo;Exchange Act&rdquo;) and Item 10 of Regulation S-K of the Securities Act, to the extent applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Material Adverse Change</U>. Since the date of the most recent financial statements of the Company included in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, (i)&nbsp;there has not been any material change in the capital stock (other than the
issuance of shares of Common Stock upon exercise of stock options and warrants described as outstanding in, and the grant of options and
awards under existing equity incentive plans described in, the Registration Statement, the Pricing Disclosure Package and the Prospectus)
of the Company, any material change in the short-term debt or long-term debt of the Company or any of its subsidiaries, taken as a whole,
or any dividend or distribution of any kind declared, set aside for payment, paid or made by the Company on any class of capital stock,
or any material adverse change, or any development involving a material adverse change, in or affecting the business, properties, management,
financial position, stockholders&rsquo; equity, results of operations or prospects of the Company and its subsidiaries taken as a whole;
(ii)&nbsp;neither the Company nor any of its subsidiaries has entered into any transaction or agreement (whether or not in the ordinary
course of business) that is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct
or contingent, that is material to the Company and its subsidiaries taken as a whole; and (iii)&nbsp;neither the Company nor any of its
subsidiaries has sustained any loss or interference with its business that is material to the Company and its subsidiaries taken as a
whole and that is either from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance
or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority, except in each case as otherwise
disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Organization
and Good Standing</U>. The Company and each of its subsidiaries have been duly organized and are validly existing and in good standing
under the laws of their respective jurisdictions of organization, are duly qualified to do business and are in good standing in each jurisdiction
in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and
have all power and authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged,
except where the failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate,
reasonably be expected to have a material adverse effect on the business, properties, management, financial position, stockholders&rsquo;
equity, results of operations or prospects of the Company and its subsidiaries taken as a whole or on the performance by the Company of
its obligations under this Agreement (a &ldquo;Material Adverse Effect&rdquo;). The subsidiaries listed in Schedule 2 to this Agreement
are the only &ldquo;significant subsidiaries&rdquo; of the Company, as such term is defined in Rule&nbsp;1-02 of Regulation S-X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Capitalization</U>.
The Company has an authorized capitalization as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus
under the heading &ldquo;Capitalization&rdquo;; all the outstanding shares of capital stock of the Company have been duly and validly
authorized and issued and are fully paid and non-assessable and are not subject to any pre-emptive or similar rights; except as described
in or expressly contemplated by the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no outstanding
rights (including, without limitation, pre-emptive rights that have not been duly waived or satisfied), warrants or options to acquire,
or instruments convertible into or exchangeable for, any shares of capital stock or other equity interest in the Company or any of its
subsidiaries, or any contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any capital
stock of the Company or any such subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options;
the capital stock of the Company conforms in all material respects to the description thereof contained in the Registration Statement,
the Pricing Disclosure Package and the Prospectus; and all the outstanding shares of capital stock or other equity interests of each subsidiary
of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly
by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim
of any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Stock
Options</U>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, with respect to the
stock options (the &ldquo;Stock Options&rdquo;) granted pursuant to the stock-based compensation plans of the Company and its subsidiaries
(the &ldquo;Company Stock Plans&rdquo;), (i)&nbsp;each Stock Option intended to qualify as an &ldquo;incentive stock option&rdquo; under
Section&nbsp;422 of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) so qualifies, (ii)&nbsp;each grant of a Stock
Option was duly authorized no later than the date on which the grant of such Stock Option was by its terms to be effective (the &ldquo;Grant
Date&rdquo;) by all necessary corporate action, including, as applicable, approval by the board of directors of the Company (or a duly
constituted and authorized committee thereof) and any required stockholder approval by the necessary number of votes or written consents,
and the award agreement governing such grant (if any) was duly executed and delivered by each party thereto, (iii)&nbsp;each such grant
was made in accordance with the terms of the Company Stock Plans, the Exchange Act and all other applicable laws and regulatory rules&nbsp;or
requirements, including the rules&nbsp;of the New York Stock Exchange (the &ldquo;Exchange&rdquo;) and any other exchange on which Company
securities are traded, and (iv)&nbsp;each such grant was properly accounted for in accordance with GAAP in the financial statements (including
the related notes) of the Company. The Company has not knowingly granted, and there is no and has been no policy or practice of the Company
of granting, Stock Options prior to, or otherwise coordinating the grant of Stock Options with, the release or other public announcement
of material information regarding the Company or its subsidiaries or their results of operations or prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Due
Authorization</U>. The Company has full right, power and authority to execute and deliver this Agreement and to perform its obligations
hereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and
the consummation by it of the transactions contemplated hereby has been duly and validly taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Underwriting
Agreement</U>. This Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>The
Shares</U>. The Shares to be issued and sold by the Company hereunder have been duly authorized by the Company and, when issued and delivered
and paid for as provided herein, will be duly and validly issued, will be fully paid and nonassessable and will conform in all material
respects to the descriptions thereof in the Registration Statement, the Pricing Disclosure Package and the Prospectus; and the issuance
of the Shares is not subject to any preemptive or similar rights that have not been duly waived or satisfied or that will terminate prior
to or upon the closing of the offering of Shares contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Descriptions
of the Underwriting Agreement</U>. This Agreement conforms in all material respects to the description thereof contained in the Registration
Statement, the Pricing Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Violation or Default</U>. Neither the Company nor any of its subsidiaries is (i)&nbsp;in violation of its charter or by-laws or similar
organizational documents; (ii)&nbsp;in default, and no event has occurred that, with notice or lapse of time or both, would constitute
such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company
or any of its subsidiaries is bound or to which any property or asset of the Company or any of its subsidiaries is subject; or (iii)&nbsp;in
violation of any applicable law or statute or any judgment, order, rule&nbsp;or regulation of any court or arbitrator or governmental
or regulatory authority having jurisdiction over the Company or any of its subsidiaries, except, in the case of clauses (ii)&nbsp;and
(iii)&nbsp;above, for any such default or violation that would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Conflicts</U><I>. </I>The execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Shares and
the consummation of the transactions contemplated by this Agreement or the Pricing Disclosure Package and the Prospectus will not (i)&nbsp;conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, result in the termination,
modification or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon any property, right or
asset of the Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or
to which any property, right or asset of the Company or any of its subsidiaries is subject, (ii)&nbsp;result in any violation of the provisions
of the charter or by-laws or similar organizational documents of the Company or any of its subsidiaries or (iii)&nbsp;result in the violation
of any applicable law or statute or any judgment, order, rule&nbsp; or regulation of any court or arbitrator or governmental or regulatory
authority having jurisdiction over the Company or any of its subsidiaries, except, in the case of clauses (i)&nbsp;and (iii)&nbsp;above,
for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Consents Required</U>. No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or
governmental or regulatory authority having jurisdiction over the Company is required for the execution, delivery and performance by the
Company of this Agreement and the consummation of the transactions contemplated by this Agreement, except for the registration of the
Shares under the Securities Act and such consents, approvals, authorizations, orders and registrations or qualifications as may be required
by the Financial Industry Regulatory Authority,&nbsp;Inc. (&ldquo;FINRA&rdquo;) and under applicable state securities laws in connection
with the purchase and distribution of the Shares by the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Legal
Proceedings</U>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no legal,
governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings (&ldquo;Actions&rdquo;)
pending to which the Company or any of its subsidiaries is or may reasonably be expected to become a party or to which any property of
the Company or any of its subsidiaries is or may reasonably be expected to become the subject that, individually or in the aggregate,
if determined adversely to the Company or any of its subsidiaries, could reasonably be expected to have a Material Adverse Effect; to
the knowledge of the Company, no such Actions are threatened or contemplated by any governmental or regulatory authority or threatened
by others that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (i)&nbsp;there are
no current or pending Actions that are required under the Securities Act to be described in the Registration Statement, the Pricing Disclosure
Package or the Prospectus that are not so described in the Registration Statement, the Pricing Disclosure Package and the Prospectus and
(ii)&nbsp;there are no contracts or other documents that are required under the Securities Act to be filed as exhibits to the Registration
Statement or described in the Registration Statement, the Pricing Disclosure Package or the Prospectus that are not so filed as exhibits
to the Registration Statement or described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Independent
Accountants</U>. Ernst&nbsp;&amp; Young LLP, which has certified certain financial statements of the Company and its subsidiaries, is
an independent registered public accounting firm with respect to the Company and its subsidiaries within the applicable rules&nbsp;and
regulations adopted by the Commission and the Public Company Accounting Oversight Board (United States) and as required by the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Title
to Real and Personal Property</U>. The Company and its subsidiaries have good and marketable title in fee simple to, or have valid rights
to lease or otherwise use, all items of real and personal property (other than with respect to Intellectual Property (as defined below),
which is addressed exclusively in subsection (v)&nbsp;below) that are material to the business of the Company and its subsidiaries, taken
as a whole, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i)&nbsp;do
not materially interfere with the use made and proposed to be made of such property by the Company and its subsidiaries or (ii)&nbsp;would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Intellectual
Property</U>. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i)&nbsp;the
Company and its subsidiaries own or have the right to use all patents, patent applications, trademarks, service marks, trade names, trademark
registrations, service mark registrations, domain names and other source indicators, copyrights and copyrightable works, know-how, trade
secrets, systems, procedures, proprietary or confidential information and all other worldwide intellectual property, industrial property
and proprietary rights (collectively, &ldquo;Intellectual Property&rdquo;) necessary in the conduct of their respective businesses as
currently conducted; (ii)&nbsp;to the knowledge of the Company, the Company&rsquo;s and its subsidiaries&rsquo; conduct of their respective
businesses does not infringe, misappropriate or otherwise violate any Intellectual Property of any person; (iii)&nbsp;the Company and
its subsidiaries have not received any written notice of any claim relating to Intellectual Property; and (iv)&nbsp;to the knowledge of
the Company, the Intellectual Property of the Company and its subsidiaries is not being infringed, misappropriated or otherwise violated
by any person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(w)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Undisclosed Relationships</U>. No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on
the one hand, and the directors, officers, stockholders, customers, suppliers or other affiliates of the Company or any of its subsidiaries,
on the other, that is required by the Securities Act to be described in each of the Registration Statement and the Prospectus and that
is not so described in such documents and in the Pricing Disclosure Package.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Investment
Company Act</U>. The Company is not and, after giving effect to the offering and sale of the Shares and the application of the proceeds
thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be required to register
as an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo; within the meaning
of the Investment Company Act of 1940, as amended, and the rules&nbsp;and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(y)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Taxes</U>.
The Company and each of its subsidiaries have filed all federal, state, local and foreign tax returns required to be filed through the
date of this Agreement or have requested extensions thereof and have paid all material taxes required to be paid thereon (except as currently
being contested in good faith and by appropriate proceedings and for which adequate reserves have been set aside in accordance with GAAP);
and except as otherwise disclosed in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, no tax deficiency
has been, or would reasonably be expected to be, asserted against the Company or any of its subsidiaries which has had or would, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(z)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Licenses
and Permits</U>. The Company and its subsidiaries possess all licenses, sub-licenses, certificates, permits and other authorizations issued
by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities
that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described
in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, except where the failure to possess or make
the same would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and except as described
in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, neither the Company nor any of its subsidiaries
has received notice of any revocation or modification of any such license, sub-license, certificate, permit or authorization or has any
reason to believe that any such license, sub-license, certificate, permit or authorization will not be renewed in the ordinary course,
except where such revocation, modification or non-renewal would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(aa)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No Labor
Disputes</U>. No labor disturbance by or dispute with employees of the Company or any of its subsidiaries exists or, to the knowledge
of the Company, is contemplated or threatened, except as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. Neither the Company nor any of its subsidiaries has received any notice of cancellation or termination with respect
to any collective bargaining agreement to which it is a party, except as would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(bb)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Certain
Environmental Matters</U>. (i)&nbsp;The Company and its subsidiaries (x)&nbsp;are in compliance with all, and have not violated any, applicable
federal, state, local and foreign laws (including common law), rules, regulations, requirements, decisions, judgments, decrees, orders
and other legally enforceable requirements relating to pollution or the protection of human health or safety, the environment, natural
resources, hazardous or toxic substances or wastes, pollutants or contaminants (collectively, &ldquo;Environmental Laws&rdquo;); (y)&nbsp;have
received and are in compliance with all, and have not violated any, permits, licenses, certificates or other authorizations or approvals
required of them under any Environmental Laws to conduct their respective businesses; and (z)&nbsp;have not received notice of any actual
or potential liability or obligation under or relating to, or any actual or potential violation of, any Environmental Laws, including
for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants,
and have no knowledge of any event or condition that would reasonably be expected to result in any such notice; (ii)&nbsp;to the knowledge
of the Company, there are no costs or liabilities associated with Environmental Laws of or relating to the Company or its subsidiaries,
except in the case of each of (i)&nbsp;and (ii)&nbsp;above, for any such matter as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect; and (iii)&nbsp;except as described in each of the Pricing Disclosure Package and the Prospectus,
(x)&nbsp;there is no proceeding that is pending, or that is known to be contemplated, against the Company or any of its subsidiaries under
any Environmental Laws in which a governmental entity is also a party, other than such proceeding regarding which it is reasonably believed
no monetary sanctions of $300,000 or more will be imposed, (y)&nbsp;the Company and its subsidiaries are not aware of any facts or issues
regarding compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or
toxic substances or wastes, pollutants or contaminants, that could, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, and (z)&nbsp;none of the Company or its subsidiaries anticipates capital expenditures relating to any Environmental
Laws that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(cc)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with ERISA</U>. (i)&nbsp;Each employee benefit plan, within the meaning of Section&nbsp;3(3)&nbsp;of the Employee Retirement Income Security
Act of 1974, as amended (&ldquo;ERISA&rdquo;), for which the Company or any member of its &ldquo;Controlled Group&rdquo; (defined as any
entity, whether or not incorporated, that is under common control with the Company within the meaning of Section&nbsp;4001(a)(14) of ERISA
or any entity that would be regarded as a single employer with the Company under Section&nbsp;414(b),(c),(m)&nbsp;or (o)&nbsp;of the Code)
would have any liability (each, a &ldquo;Plan&rdquo;) has been maintained in compliance with its terms and the requirements of any applicable
statutes, orders, rules&nbsp;and regulations, including but not limited to ERISA and the Code; (ii)&nbsp;no prohibited transaction, within
the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code, has occurred with respect to any Plan, excluding transactions
effected pursuant to a statutory or administrative exemption; (iii)&nbsp;for each Plan that is subject to the funding rules&nbsp;of Section&nbsp;412
of the Code or Section&nbsp;302 of ERISA, no Plan has failed (whether or not waived), or is reasonably expected to fail, to satisfy the
minimum funding standards (within the meaning of Section&nbsp;302 of ERISA or Section&nbsp;412 of the Code) applicable to such Plan; (iv)&nbsp;no
Plan is, or is reasonably expected to be, in &ldquo;at risk status&rdquo; (within the meaning of Section&nbsp;303(i)&nbsp;of ERISA) and
no Plan that is a &ldquo;multiemployer plan&rdquo; within the meaning of Section&nbsp;4001(a)(3)&nbsp;of ERISA is in &ldquo;endangered
status&rdquo; or &ldquo;critical status&rdquo; (within the meaning of Sections 304 and 305 of ERISA); (v)&nbsp;the fair market value of
the assets of each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used
to fund such Plan); (vi)&nbsp;no &ldquo;reportable event&rdquo; (within the meaning of Section&nbsp;4043(c)&nbsp;of ERISA and the regulations
promulgated thereunder) has occurred or is reasonably expected to occur; (vii)&nbsp;each Plan that is intended to be qualified under Section&nbsp;401(a)&nbsp;of
the Code is so qualified, and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification;
(viii)&nbsp;neither the Company nor any member of the Controlled Group has incurred, nor reasonably expects to incur, any liability under
Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation, in the ordinary course
and without default) in respect of a Plan (including a &ldquo;multiemployer plan&rdquo; within the meaning of Section&nbsp;4001(a)(3)&nbsp;of
ERISA); and (ix)&nbsp;none of the following events has occurred or is reasonably likely to occur: (A)&nbsp;a material increase in the
aggregate amount of contributions required to be made to all Plans by the Company or its Controlled Group affiliates in the current fiscal
year of the Company and its Controlled Group affiliates compared to the amount of such contributions made in the Company&rsquo;s and its
Controlled Group affiliates&rsquo; most recently completed fiscal year; or (B)&nbsp;a material increase in the Company and its subsidiaries&rsquo;
 &ldquo;accumulated post-retirement benefit obligations&rdquo; (within the meaning of Accounting Standards Codification Topic 715-60) compared
to the amount of such obligations in the Company and its subsidiaries&rsquo; most recently completed fiscal year, except in each case
with respect to the events or conditions set forth in (i)&nbsp;through (ix)&nbsp;hereof, as would not, individually or in the aggregate,
be reasonably expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(dd)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Disclosure
Controls</U>. The Company and its subsidiaries, taken as a whole, maintain an effective system of &ldquo;disclosure controls and procedures&rdquo;
(as defined in Rule&nbsp;13a-15(e)&nbsp;of the Exchange Act) that complies with the applicable requirements of the Exchange Act and that
has been designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange
Act is recorded, processed, summarized and reported within the time periods specified in the Commission&rsquo;s rules&nbsp;and forms,
including controls and procedures designed to ensure that such information is accumulated and communicated to the Company&rsquo;s management
as appropriate to allow timely decisions regarding required disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ee)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Accounting
Controls</U>. The Company and its subsidiaries, taken as a whole, maintain systems of &ldquo;internal control over financial reporting&rdquo;
(as defined in Rule&nbsp;13a-15(f)&nbsp;under the Exchange Act) that are designed to comply with the applicable requirements of the Exchange
Act and have been designed by, or under the supervision of, their respective principal executive and principal financial officers, or
persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with GAAP. The Company and its subsidiaries, taken as a whole, maintain internal
accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&rsquo;s
general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. There are no material weaknesses in the Company&rsquo;s internal
controls. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company&rsquo;s auditors
and the Audit Committee of the Board of Directors of the Company have been advised of: (i)&nbsp;all significant deficiencies and material
weaknesses in the design or operation of internal controls over financial reporting which have adversely affected or are reasonably likely
to adversely affect the Company&rsquo;s ability to record, process, summarize and report financial information; and (ii)&nbsp;any fraud,
whether or not material, that involves management or other employees who have a significant role in the Company&rsquo;s internal controls
over financial reporting. For the avoidance of doubt, it is understood that this subsection shall not require the Company to comply with
Section&nbsp;404 of the Sarbanes-Oxley Act (as defined below) as of an earlier date than it would otherwise be required to so comply under
applicable law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ff)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Insurance</U>.
The Company and its subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including
business interruption insurance, which insurance is in amounts and insures against such losses and risks as the Company reasonably believes
are adequate to protect the Company and its subsidiaries and their businesses, taken as a whole; and neither the Company nor any of its
subsidiaries has (i)&nbsp;received written notice from any insurer or agent of such insurer that capital improvements or other expenditures
are required or necessary to be made in order to continue such insurance or (ii)&nbsp;any reason to believe that it will not be able to
renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at reasonable cost from similar
insurers as may be necessary to continue its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(gg)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Cybersecurity;
Data Protection</U>. The Company and its subsidiaries&rsquo; information technology assets and equipment, computers, systems, networks,
hardware, software, websites, applications, and databases (collectively, &ldquo;<U>IT Systems</U>&rdquo;) are reasonably adequate for,
and operate and perform as required in connection with the operation of the business of the Company and its subsidiaries as currently
conducted, and are, to the knowledge of the Company, free and clear of all bugs, errors, defects, Trojan horses, time bombs, malware and
other corruptants, except as would not reasonably be expected to materially affect the operation of the business of the Company. The Company
and its subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain
and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems
and data (including all personal, personally identifiable, sensitive, confidential or regulated data (&ldquo;<U>Personal Data</U>&rdquo;))
used in connection with their businesses, and to the knowledge of the Company, there have been no breaches, violations, outages or unauthorized
uses of or accesses to same except for those that have been remedied without material cost or liability. The Company and each of its subsidiaries
are presently in material compliance with all applicable laws or statutes and all judgments, orders, binding rules&nbsp;and regulations
of any court or arbitrator or governmental or regulatory authority that has jurisdiction over the Company or its subsidiaries, internal
policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such
IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(hh)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No Unlawful
Payments</U>. Neither the Company nor any of its subsidiaries, nor any director, officer or employee of the Company or any of its subsidiaries
nor, to the knowledge of the Company, any agent, affiliate or other person associated with or acting on behalf of the Company or any of
its subsidiaries has (i)&nbsp;used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating
to political activity; (ii)&nbsp;made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful
payment or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity
or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any
political party or party official or candidate for political office; (iii)&nbsp;violated or is in violation of any provision of the Foreign
Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of
Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom
or any other applicable anti-bribery or anti-corruption law; or (iv)&nbsp;made, offered, agreed, requested or taken an act in furtherance
of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other
unlawful or improper payment or benefit. The Company and its subsidiaries have instituted, maintain and enforce, and will continue to
maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with Anti-Money Laundering Laws</U>. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its subsidiaries conducts
business, the rules&nbsp;and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or
enforced by any governmental agency having jurisdiction over the Company or any of its subsidiaries (collectively, the &ldquo;Anti-Money
Laundering Laws&rdquo;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the
Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(jj)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No Conflicts
with Sanctions Laws</U><I>. </I>Neither the Company nor any of its subsidiaries, directors, officers or employees, nor, to the knowledge
of the Company, any agent, affiliate or representative of the Company or any of its subsidiaries is an individual or entity (&ldquo;Person&rdquo;)
that is, or is owned or controlled by one or more Persons that are, (i)&nbsp;currently the subject or the target of any sanctions administered
or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the
Treasury or the U.S. Department of State and including, without limitation, the designation as a &ldquo;specially designated national&rdquo;
or &ldquo;blocked person&rdquo;), the United Nations Security Council, the European Union, His Majesty&rsquo;s Treasury or other relevant
sanctions authority (collectively, &ldquo;Sanctions&rdquo;), or (ii)&nbsp;located, organized or resident in a country or territory that
is the subject or target of Sanctions, including, without limitation, the Kherson, Zaporizhzhia and Crimea Regions of Ukraine, the so-called
Donetsk People&rsquo;s Republic, the so-called Luhansk People&rsquo;s Republic, Cuba,&nbsp;Iran, North Korea and Syria (each, a &ldquo;Sanctioned
Country&rdquo;); and the Company will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person (i)&nbsp;to fund or facilitate any
activities of or business with any Person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii)&nbsp;to
fund or facilitate any activities of or business in any Sanctioned Country or (iii)&nbsp;in any other manner that will result in a violation
by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.
The Company and its subsidiaries have not, since April&nbsp;24, 2019, knowingly engaged in and are not now knowingly engaged in any dealings
or transactions with any Person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with
any Sanctioned Country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(kk)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No Restrictions
on Subsidiaries</U>. Except described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no subsidiary
of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject,
from paying any dividends to the Company, from making any other distribution on such subsidiary&rsquo;s capital stock or similar ownership
interest, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary&rsquo;s
properties or assets to the Company or any other subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ll)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No Broker&rsquo;s
Fees</U>. Neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other
than this Agreement) that would give rise to a valid claim against any of them or any Underwriter for a brokerage commission, finder&rsquo;s
fee or like payment in connection with the offering and sale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(mm)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Insurance
Entities</U>. Each subsidiary of the Company that is required to be organized and licensed as an insurance company, an insurance agency,
or other entity under the supervisory jurisdiction of a U.S. or non-U.S. insurance regulator (each, an &ldquo;Insurance Entity,&rdquo;
and collectively the &ldquo;Insurance Entities&rdquo;) is duly organized and licensed as an insurance company, an agent, or other applicable
entity type, under the supervisory jurisdiction of a U.S. or non-U.S. insurance regulator in the jurisdiction in which it is chartered
or organized and is duly licensed or authorized as an insurer, an agent, or other applicable entity type, under the supervisory jurisdiction
of a U.S. or non-U.S. insurance regulator in each other jurisdiction where it is required to be so licensed or authorized to conduct its
business as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except in each case where the
failure to be so organized, licensed or authorized would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Each of the Insurance Entities is in compliance with all applicable insurance laws and regulations, in all material respects.
Each of the Insurance Entities has made all required filings under applicable insurance laws and regulations and has filed all notices,
reports and declarations required to be filed thereunder (including, as applicable, statutory annual and quarterly statements and statutory
balance sheets and income statements included therein), except in each case where the failure to do so would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as set forth in or contemplated in the Registration
Statement, the Pricing Disclosure Package and the Prospectus, each of the Insurance Entities has obtained and currently holds all necessary
licenses, permits, and authorizations (collectively, the &ldquo;Permits&rdquo;), of and from all insurance regulatory authorities necessary
to conduct their respective existing businesses as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
except where the failure to have such Permits would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. None of the Insurance Entities has received any written notification from any insurance regulatory authority to the effect that
any additional Permit from any insurance regulatory authority is needed to be obtained by any of the Insurance Entities other than in
any case where the failure to acquire such additional Permit would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there
is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or investigation against any of the Insurance Entities
from any insurance regulatory authority that could reasonably be expected to lead to any modification, revocation, termination or suspension
of any Permit, except in each case where such revocation, termination or suspension would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as set forth in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, no insurance regulatory authority having jurisdiction over any Insurance Entity has
issued or, to the knowledge of the Company, intends to issue, any order or decree impairing, restricting or prohibiting (A)&nbsp;the payment
of dividends by any of the Insurance Entities to its parent, other than those restrictions applicable to insurance or reinsurance companies
under such jurisdiction generally, or (B)&nbsp;the continuation of the business of any of the Insurance Entities in all material respects
as presently conducted, in each case except where such orders or decrees would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No Insurance Entity has received any written notice
from any of the other parties to any material reinsurance treaties, contracts or agreements to which any of the Insurance Entities is
a party that such other party intends not to perform its obligations thereunder, except to the extent that such nonperformance would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(nn)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No Registration
Rights</U>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no person has the right
to require the Company or any of its subsidiaries to register any securities for sale under the Securities Act by reason of the filing
of the Registration Statement with the Commission, the issuance and sale of the Shares, except as have been validly waived or complied
with by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(oo)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Stabilization</U>. Neither the Company nor any of its subsidiaries or affiliates has taken, directly or indirectly, any action designed
to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(pp)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;[Reserved].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(qq)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Forward-Looking
Statements</U>. No forward-looking statement (within the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the
Exchange Act) included in any of the Registration Statement, the Pricing Disclosure Package or the Prospectus has been made or reaffirmed
without a reasonable basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(rr)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Statistical
and Market Data</U>. Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and
market-related data included in the Registration Statement, the Pricing Disclosure Package and the Prospectus is not based on or derived
from sources that are reliable and accurate in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ss)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Sarbanes-Oxley
Act</U>. There is and has been no failure on the part of the Company or any of the Company&rsquo;s directors or officers, in their capacities
as such, to comply with any provision of the Sarbanes-Oxley Act of 2002, as amended and the rules&nbsp;and regulations promulgated in
connection therewith (the &ldquo;Sarbanes-Oxley Act&rdquo;) applicable to the Company as of or prior to the date hereof or the Closing
Date or any Additional Closing Date, as applicable, including Section&nbsp;402 related to loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(tt)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Status
under the Securities Act</U>. At the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest
time thereafter that the Company or any offering participant made a <I>bona fide</I> offer (within the meaning of Rule&nbsp;164(h)(2)&nbsp;under
the Securities Act) of the Shares and at the date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined
in Rule&nbsp;405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(uu)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No Ratings</U>.
There are (and prior to the Closing Date or any Additional Closing Date, as applicable, will be) no debt securities, convertible securities
or preferred stock issued or guaranteed by the Company or any of its subsidiaries that are rated by a &ldquo;nationally recognized statistical
rating organization&rdquo;, as such term is defined in Section&nbsp;3(a)(62) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(vv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Directed
Share Program</U><I>. </I>The Company represents and warrants that (i)&nbsp;the Registration Statement, the Pricing Disclosure Package
and the Prospectus, any Preliminary Prospectus and any Issuer Free Writing Prospectuses comply in all material respects, and any further
amendments or supplements thereto will comply in all material respects, with any applicable laws or regulations of foreign jurisdictions
in which the Pricing Disclosure Package, the Prospectus, any Preliminary Prospectus and any Issuer Free Writing Prospectus, as amended
or supplemented, if applicable, are distributed in connection with the Directed Share Program, and that (ii)&nbsp;no authorization, approval,
consent, license, order, registration or qualification of or with any government, governmental instrumentality or court, other than such
as have been obtained, is necessary under the securities laws and regulations of foreign jurisdictions in which the Directed Shares are
offered outside the United States. The Company has not offered, or caused the Underwriters to offer, Shares to any person pursuant to
the Directed Share Program with the specific intent to unlawfully influence (i)&nbsp;a customer or supplier of the Company to alter the
customer or supplier&rsquo;s level or type of business with the Company, or (ii)&nbsp;a trade journalist or publication to write or publish
favorable information about the Company or its products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Further
Agreements of the Company</U>. The Company covenants and agrees with each Underwriter that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Required
Filings</U>. The Company will file the final Prospectus with the Commission within the time periods specified by Rule&nbsp;424(b)&nbsp;and
Rule&nbsp;430A, 430B or 430C under the Securities Act, will file any Issuer Free Writing Prospectus to the extent required by Rule&nbsp;433
under the Securities Act; and the Company will furnish copies of the Prospectus and each Issuer Free Writing Prospectus (to the extent
not previously delivered) to the Underwriters in New York City prior to 10:00 A.M., New York City time, on the business day next succeeding
the date of this Agreement in such quantities as the Representatives may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Delivery
of Copies</U>. The Company will deliver, without charge, (i)&nbsp;upon the written request of the Representatives, to the Representatives,
two signed copies of the Registration Statement as originally filed and each amendment thereto, in each case including all exhibits and
consents filed therewith; and (ii)&nbsp;to each Underwriter (A)&nbsp;a conformed copy of the Registration Statement as originally filed
and each amendment thereto (without exhibits) and (B)&nbsp;during the Prospectus Delivery Period (as defined below), as many copies of
the Prospectus (including all amendments and supplements thereto and each Issuer Free Writing Prospectus) as the Representatives may reasonably
request. As used herein, the term &ldquo;Prospectus Delivery Period&rdquo; means such period of time after the first date of the public
offering of the Shares as in the opinion of counsel for the Underwriters a prospectus relating to the Shares is required by law to be
delivered (or required to be delivered but for Rule&nbsp;172 under the Securities Act) in connection with sales of the Shares by any Underwriter
or dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendments
or Supplements,&nbsp;Issuer Free Writing Prospectuses</U>. Before making, preparing, using, authorizing, approving, referring to or filing
any Issuer Free Writing Prospectus, and before filing any amendment or supplement to the Registration Statement, the Pricing Disclosure
Package or the Prospectus, the Company will furnish to the Representatives and counsel for the Underwriters a copy of the proposed Issuer
Free Writing Prospectus, amendment or supplement for review and will not make, prepare, use, authorize, approve, refer to or file any
such Issuer Free Writing Prospectus or file any such proposed amendment or supplement to which the Representatives reasonably object in
a timely manner, by written notice (which may be by electronic mail) to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice
to the Representatives</U>. The Company will advise the Representatives promptly, and confirm such advice in writing (which may be by
electronic mail), (i)&nbsp;when the Registration Statement has become effective; (ii)&nbsp;when any amendment to the Registration Statement
has been filed or becomes effective; (iii)&nbsp;when any supplement to the Pricing Disclosure Package, the Prospectus, any Issuer Free
Writing Prospectus or any Written Testing-the-Waters Communication or any amendment to the Prospectus has been filed or distributed; (iv)&nbsp;of
any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or the
receipt of any comments from the Commission relating to the Registration Statement or any other request by the Commission for any additional
information including, but not limited to, any request for information concerning any Testing-the-Waters Communication; (v)&nbsp;of the
issuance by the Commission or any other governmental or regulatory authority of any order suspending the effectiveness of the Registration
Statement or preventing or suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure Package, the Prospectus or
any Written Testing-the-Waters Communication or, to the knowledge of the Company, the initiation or threatening of any proceeding for
that purpose or pursuant to Section&nbsp;8A of the Securities Act; (vi)&nbsp;of the occurrence of any event or development within the
Prospectus Delivery Period as a result of which the Prospectus, any of the Pricing Disclosure Package, any Issuer Free Writing Prospectus
or any Written Testing-the-Waters Communication as then amended or supplemented would include any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing when the
Prospectus, the Pricing Disclosure Package, any such Issuer Free Writing Prospectus or any Written Testing-the-Waters Communication is
delivered to a purchaser, not misleading; and (vii)&nbsp;of the receipt by the Company of any notice with respect to any suspension of
the qualification of the Shares for offer and sale in any jurisdiction or, to the knowledge of the Company, the initiation or threatening
of any proceeding for such purpose; and the Company will use its reasonable best efforts to prevent the issuance of any such order suspending
the effectiveness of the Registration Statement, preventing or suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure
Package or the Prospectus or any Written Testing-the-Waters Communication or suspending any such qualification of the Shares and, if any
such order is issued, will use its reasonable best efforts to obtain as soon as possible the withdrawal thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Ongoing
Compliance</U>. (1)&nbsp;If during the Prospectus Delivery Period (i)&nbsp;any event or development shall occur or condition shall exist
as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus is
delivered to a purchaser, not misleading or (ii)&nbsp;it is necessary to amend or supplement the Prospectus to comply with applicable
law, the Company will promptly notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c)&nbsp;above, file with
the Commission and furnish to the Underwriters and to such dealers as the Representatives may designate such amendments or supplements
to the Prospectus as may be necessary so that the statements in the Prospectus as so amended or supplemented will not, in the light of
the circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that the Prospectus will comply with law
and (2)&nbsp;if at any time prior to the Closing Date (i)&nbsp;any event or development shall occur or condition shall exist as a result
of which the Pricing Disclosure Package as then amended or supplemented would include any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Pricing
Disclosure Package is delivered to a purchaser, not misleading or (ii)&nbsp;it is necessary to amend or supplement the Pricing Disclosure
Package to comply with applicable law, the Company will promptly notify the Underwriters thereof and forthwith prepare and, subject to
paragraph (c)&nbsp;above, file with the Commission (to the extent required) and furnish to the Underwriters and to such dealers as the
Representatives may designate, such amendments or supplements to the Pricing Disclosure Package as may be necessary so that the statements
in the Pricing Disclosure Package as so amended or supplemented will not, in the light of the circumstances existing when the Pricing
Disclosure Package is delivered to a purchaser, be misleading or so that the Pricing Disclosure Package will comply with applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Blue
Sky Compliance</U>. If required by applicable law, the Company will qualify the Shares for offer and sale under the securities or Blue
Sky laws of such jurisdictions as the Representatives shall reasonably request and will continue such qualifications in effect so long
as required for distribution of the Shares; <U>provided</U> that the Company shall not be required to (i)&nbsp;qualify as a foreign corporation
or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii)&nbsp;file
any general consent to service of process in any such jurisdiction or (iii)&nbsp;subject itself to taxation in any such jurisdiction if
it is not otherwise so subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Earning
Statement</U>. The Company will make generally available to its security holders and the Representatives as soon as practicable an earning
statement (which need not be audited) that satisfies the provisions of Section&nbsp;11(a)&nbsp;of the Securities Act and Rule&nbsp;158
of the Commission promulgated thereunder covering a period of at least twelve months beginning with the first fiscal quarter of the Company
occurring after the &ldquo;effective date&rdquo; (as defined in Rule&nbsp;158) of the Registration Statement; provided that the Company
will be deemed to have furnished such statement to its security holders and the Representatives to the extent such statement is filed
on the Commission&rsquo;s Electronic Data Gathering, Analysis, and Retrieval system or any successor thereto (&ldquo;EDGAR&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Clear
Market</U>. For a period of 180 days after the date of the Prospectus (the &ldquo;Restricted Period&rdquo;), the Company will not (i)&nbsp;offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right
or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, or submit to (other than (i)&nbsp;any confidential
or non-public submissions to the Commission of any registration statement under the Securities Act only if (i)&nbsp;the Company shall
notify the Representatives at least five business days prior to the confidential submission of any registration statement with the Commission
and (ii)&nbsp;no press release or other announcement shall be issued in connection with the confidential submission of any registration
statement with the Commission during the Restricted Period), or file with, the Commission a registration statement under the Securities
Act relating to, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or publicly
disclose the intention to undertake any of the foregoing, or (ii)&nbsp;enter into any swap or other agreement that transfers, in whole
or in part, any of the economic consequences of ownership of Common Stock or any such other securities, whether any such transaction described
in clause (i)&nbsp;or (ii)&nbsp;above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, without
the prior written consent of the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The restrictions described above do not apply to
(i)&nbsp;the Shares to be issued and sold hereunder; (ii)&nbsp;the issuance of shares of Common Stock or securities convertible into or
exercisable for shares of Common Stock pursuant to the conversion or exchange of convertible or exchangeable securities or the exercise
of warrants or options (including net exercise) or the settlement of restricted stock units (&ldquo;RSUs&rdquo;) (including net settlement),
in each case outstanding on the date of this Agreement and described pursuant to the terms of an equity compensation plan disclosed in
the Registration Statement, the Pricing Disclosure Package and the Prospectus or pursuant to individual agreements between the Company
and certain members of its management as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (iii)&nbsp;grants
of stock options, stock awards, restricted stock, RSUs, or other equity awards and the issuance of shares of Common Stock or securities
convertible into or exercisable or exchangeable for shares of Common Stock (whether upon the exercise of stock options or otherwise) to
the Company&rsquo;s employees, officers, directors, advisors, or consultants pursuant to the terms of an equity compensation plan in effect
as of the Closing Date and disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus or pursuant to individual
agreements between the Company and certain members of its management as disclosed in the Registration Statement, the Pricing Disclosure
Package and the Prospectus; (iv)&nbsp;the issuance of up to 5% of the outstanding shares of Common Stock, or securities convertible into,
exercisable for, or which are otherwise exchangeable for, Common Stock, immediately following the Closing Date, in connection with acquisitions,
joint ventures, commercial or other strategic transactions, provided that such recipients enter into a lock-up agreement with the Underwriters
substantially in the form of Exhibit&nbsp;C hereto; (v)&nbsp;the filing of any registration statement on Form&nbsp;S-8 relating to securities
granted or to be granted pursuant to any plan in effect on the date of this Agreement and disclosed in the Registration Statement, the
Pricing Disclosure Package and the Prospectus or any assumed benefit plan pursuant to an acquisition or other strategic transaction; or
(vi)&nbsp;the facilitation of the establishment of a trading plan on behalf of a stockholder, officer or director of the Company pursuant
to Rule&nbsp;10b5-1 under the Exchange Act for the transfer of shares of Common Stock; <U>provided</U> that (a)&nbsp;such plans do not
provide for the transfer of shares of Common Stock during the Restricted Period and (b)&nbsp;no filing by any party under the Exchange
Act or other public announcement shall be required or made voluntarily in connection with such trading plan (other than any required disclosure
on Form&nbsp;10-Q or Form&nbsp;10-K, as applicable, of the entrance into any trading plan during the relevant fiscal quarter, provided
that such disclosure includes a statement to the effect that no transfers may be made pursuant to such trading plan during the Restricted
Period). If the Representatives, in their sole discretion, agree to release or waive the restrictions set forth in a lock-up letter described
in Section&nbsp;6(k)&nbsp;hereof for an officer or director of the Company and provide the Company with notice of the impending release
or waiver substantially in the form of Exhibit&nbsp;A hereto at least three business days before the effective date of the release or
waiver, the Company agrees to announce the impending release or waiver in accordance with FINRA Rule&nbsp;5131 (which may include by issuing
a press release substantially in the form of Exhibit&nbsp;B hereto through a major news service) at least two business days before the
effective date of the release or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Use
of Proceeds</U>. The Company will apply the net proceeds from the sale of the Shares as described in each of the Registration Statement,
the Pricing Disclosure Package and the Prospectus under the heading &ldquo;Use of Proceeds&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Stabilization</U>. Neither the Company nor its subsidiaries or affiliates will take, directly or indirectly, any action designed to or
that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Exchange
Listing</U>. The Company will use its reasonable best efforts to list, subject to notice of issuance, the Shares on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Reports</U>.
For a period of three years from the date of this Agreement, so long as the Shares are outstanding, the Company will furnish to the Representatives,
promptly after they are available, copies of all reports or other communications (financial or other) furnished to holders of Common Stock,
and copies of any reports and financial statements furnished to or filed with the Commission or any national securities exchange or automatic
quotation system; <U>provided</U> the Company will be deemed to have furnished such reports and financial statements to the Representatives
to the extent they are filed on EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Record
Retention</U>. For a period of three years from the date of this Agreement, the Company will, pursuant to reasonable procedures developed
in good faith, retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission in accordance with Rule&nbsp;433
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Filings</U>.
The Company will file with the Commission such reports as may be required by Rule&nbsp;463 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Directed
Share Program</U>. The Company will comply with all applicable securities and other laws, rules&nbsp;and regulations in each jurisdiction
in which the Directed Shares are offered in connection with the Directed Share Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Emerging
Growth Company</U>. The Company will promptly notify the Representatives if the Company ceases to be an Emerging Growth Company at any
time prior to the later of (i)&nbsp;completion of the distribution of Shares within the meaning of the Securities Act and (ii)&nbsp;completion
of the 180-day restricted period referred to in Section&nbsp;4(h)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Certain
Agreements of the Underwriters</U>. Each Underwriter hereby represents and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;It
has not and will not use, authorize use of, refer to or participate in the planning for use of, any &ldquo;free writing prospectus&rdquo;,
as defined in Rule&nbsp;405 under the Securities Act (which term includes use of any written information furnished to the Commission by
the Company and not incorporated by reference into the Registration Statement and any press release issued by the Company) other than
(i)&nbsp;a free writing prospectus that contains no &ldquo;issuer information&rdquo; (as defined in Rule&nbsp;433(h)(2)&nbsp;under the
Securities Act) that was not included in the Preliminary Prospectus or a previously filed Issuer Free Writing Prospectus, (ii)&nbsp;any
Issuer Free Writing Prospectus listed on Annex A or prepared pursuant to Section&nbsp;3(c)&nbsp;or Section&nbsp;4(c)&nbsp;above (including
any electronic road show approved in writing in advance by the Company), or (iii)&nbsp;any free writing prospectus prepared by such Underwriter
and approved by the Company in advance in writing (each such free writing prospectus referred to in clauses (i)&nbsp;or (iii), an &ldquo;Underwriter
Free Writing Prospectus&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;It
has not and will not, without the prior written consent of the Company, use any free writing prospectus that contains the final terms
of the offering of the Shares unless such terms have previously been included in a free writing prospectus filed with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;It
is not subject to any pending proceeding under Section&nbsp;8A of the Securities Act with respect to the offering (and will promptly notify
the Company if any such proceeding against it is initiated during the Prospectus Delivery Period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Conditions
of Underwriters&rsquo; Obligations</U>. The obligation of each Underwriter to purchase the Underwritten Shares on the Closing Date or
the Option Shares on the Additional Closing Date, as the case may be, as provided herein is subject to the performance by the Company
of its covenants and other obligations hereunder and to the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Registration
Compliance; No Stop Order</U>. No order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding
for such purpose or pursuant to Section&nbsp;8A of the Securities Act shall be pending before or, to the knowledge of the Company, threatened
by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely filed with the Commission under the Securities
Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule&nbsp;433 under the Securities Act) and in accordance
with Section&nbsp;4(a)&nbsp;hereof; and all requests by the Commission for additional information shall have been complied with to the
reasonable satisfaction of the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Representations
and Warranties</U>. The representations and warranties of the Company contained herein shall be true and correct on the date hereof and
on and as of the Closing Date or the Additional Closing Date, as the case may be; and the statements of the Company and its officers made
in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date or the Additional Closing
Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Material Adverse Change</U>. No event or condition of a type described in Section&nbsp;3(h)&nbsp;hereof shall have occurred or shall exist,
which event or condition is not described in the Pricing Disclosure Package (excluding any amendment or supplement thereto) and the Prospectus
(excluding any amendment or supplement thereto) and the effect of which in the judgment of the Representatives makes it impracticable
or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date or the Additional Closing Date, as the
case may be, on the terms and in the manner contemplated by this Agreement, the Pricing Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Officer&rsquo;s
Certificate</U>. The Representatives shall have received on and as of the Closing Date or the Additional Closing Date, as the case may
be, a certificate of the chief financial officer of the Company, on behalf of the Company and not in her individual capacity, (i)&nbsp;confirming
that such officer has carefully reviewed the Registration Statement, the Pricing Disclosure Package and the Prospectus and, to the knowledge
of such officer, the representations of the Company set forth in Sections 3(b)&nbsp;and 3(c)&nbsp;hereof are true and correct as of such
date, (ii)&nbsp;confirming that the other representations and warranties of the Company in this Agreement are true and correct as of such
date and that the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder
at or prior to the Closing Date or the Additional Closing Date, as the case may be, and (iii)&nbsp;to the effect set forth in paragraphs
(a)&nbsp;and (c)&nbsp;above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Comfort
Letters and CFO Certificates</U>. (i)&nbsp;On the date of this Agreement and on the Closing Date or the Additional Closing Date, as the
case may be, Ernst&nbsp;&amp; Young LLP shall have furnished to the Representatives, at the request of the Company, letters, dated the
respective dates of delivery thereof and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives,
containing statements and information of the type customarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters
with respect to the financial statements and certain financial information contained in each of the Registration Statement, the Pricing
Disclosure Package and the Prospectus; provided, that the letter delivered on the date of this Agreement, on the Closing Date or the Additional
Closing Date, as the case may be, shall use a &ldquo;cut-off&rdquo; date no more than two business days prior to the date of this Agreement,
the Closing Date or the Additional Closing Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;On
the date of this Agreement and on the Closing Date or the Additional Closing Date, as the case may be, the Company shall have furnished
to the Representatives a certificate, dated the respective dates of delivery thereof and addressed to the Underwriters, of its chief financial
officer with respect to certain financial and operational data contained in the Pricing Disclosure Package and the Prospectus, providing
 &ldquo;management comfort&rdquo; with respect to such information, in form and substance reasonably satisfactory to the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Opinions
and Negative Assurance Letter of Counsel for the Company</U><I>.</I> Latham&nbsp;&amp; Watkins LLP, counsel for the Company, and Brownstein
Hyatt Farber Schreck, LLP, Nevada counsel for the Company, shall have each furnished to the Representatives, at the request of the Company,
their written opinions and negative assurance letter, dated the Closing Date or the Additional Closing Date, as the case may be, and addressed
to the Underwriters, in form and substance reasonably satisfactory to the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Opinion
and Negative Assurance Letter of Counsel for the Underwriters</U>. The Representatives shall have received on and as of the Closing Date
or the Additional Closing Date, as the case may be, an opinion and negative assurance letter, addressed to the Underwriters, of Skadden,
Arps, Slate, Meagher&nbsp;&amp; Flom LLP, counsel for the Underwriters, with respect to such matters as the Representatives may reasonably
request, and such counsel shall have received such documents and information as they may reasonably request to enable them to pass upon
such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Legal Impediment to Issuance and Sale</U>. No action shall have been taken and no statute, rule, regulation or order shall have been enacted,
adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date or the Additional
Closing Date, as the case may be, prevent the issuance or sale of the Shares by the Company; and no injunction or order of any federal,
state or foreign court shall have been issued that would, as of the Closing Date or the Additional Closing Date, as the case may be, prevent
the issuance or sale of the Shares by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Good
Standing</U>. The Representatives shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be,
satisfactory evidence of the good standing of the Company and its significant subsidiaries in their respective jurisdictions of organization
and their good standing in such other jurisdictions as the Representatives may reasonably request, in each case in writing or any standard
form of telecommunication from the appropriate governmental authorities of such jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Exchange
Listing</U>. The Shares to be delivered on the Closing Date or the Additional Closing Date, as the case may be, shall have been approved
for listing on the Exchange, subject to official notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Lock-up
Agreements</U>. The &ldquo;lock-up&rdquo; agreements, each substantially in the form of Exhibit&nbsp;C hereto, between the Representatives
and certain shareholders, officers and directors of the Company, relating to sales and certain other dispositions of shares of Stock or
certain other securities, delivered to the Representatives on or before the date hereof, shall be in full force and effect on the Closing
Date or the Additional Closing Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Additional
Documents</U>. On or prior to the Closing Date or the Additional Closing Date, as the case may be, the Company shall have furnished to
the Representatives such further certificates and documents as the Representatives may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All opinions, letters, certificates and evidence
mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form
and substance reasonably satisfactory to counsel for the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
and Contribution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
of the Underwriters</U>. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates, directors and officers and
each person, if any, who controls such Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the
Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable and documented
legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses
are incurred), joint or several, that arise out of, or are based upon, (i)&nbsp;any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement or caused by any omission or alleged omission to state therein a material fact required
to be stated therein or necessary in order to make the statements therein, not misleading, or (ii)&nbsp;any untrue statement or alleged
untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), any Preliminary Prospectus,
any Issuer Free Writing Prospectus, any &ldquo;issuer information&rdquo; filed or required to be filed pursuant to Rule&nbsp;433(d)&nbsp;under
the Securities Act, any Written Testing-the-Waters Communication prepared or authorized by the Company, any road show as defined in Rule&nbsp;433(h)&nbsp;under
the Securities Act (a &ldquo;road show&rdquo;) or any Pricing Disclosure Package (including any Pricing Disclosure Package that has subsequently
been amended), or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims,
damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made
in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by such Underwriter
through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by any
Underwriter consists of the information described as such in paragraph (b)&nbsp;below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
of the Company</U>. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its
officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a)&nbsp;above,
but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Underwriter furnished
to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement, the Prospectus
(or any amendment or supplement thereto), any Preliminary Prospectus, any Issuer Free Writing Prospectus, any Written Testing-the-Waters
Communication, any road show or any Pricing Disclosure Package (including any Pricing Disclosure Package that has subsequently been amended),
it being understood and agreed upon that the only such information furnished by any Underwriter consists of the following information
in the Prospectus furnished on behalf of each Underwriter: the concession and reallowance figures appearing in the third paragraph under
the caption &ldquo;Underwriting&rdquo; and the information contained in the fifteenth, sixteenth and seventeenth paragraphs under the
caption &ldquo;Underwriting&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice
and Procedures</U>. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be
brought or asserted against any person in respect of which indemnification may be sought pursuant to the preceding paragraphs of this
Section&nbsp;7, such person (the &ldquo;Indemnified Person&rdquo;) shall promptly notify the person against whom such indemnification
may be sought (the &ldquo;Indemnifying Person&rdquo;) in writing; <U>provided</U> that the failure to notify the Indemnifying Person shall
not relieve it from any liability that it may have under the preceding paragraphs of this Section&nbsp;7 except to the extent that it
has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and <U>provided, further,</U>
that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise
than under the preceding paragraphs of this Section&nbsp;7. If any such proceeding shall be brought or asserted against an Indemnified
Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory
to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent
the Indemnified Person and any others entitled to indemnification pursuant to this Section&nbsp;that the Indemnifying Person may designate
in such proceeding and shall pay the reasonable and documented fees and expenses in such proceeding and shall pay the reasonable and documented
fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i)&nbsp;the
Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii)&nbsp;the Indemnifying Person has failed
within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii)&nbsp;the Indemnified Person shall
have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to
the Indemnifying Person; or (iv)&nbsp;the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying
Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding
or related proceeding in the same jurisdiction, be liable for the reasonable and documented fees and expenses of more than one separate
firm (in addition to any local counsel) for all Indemnified Persons, and that all such reasonable and documented fees and expenses shall
be paid or reimbursed as they are incurred. Any such separate firm for any Underwriter, its affiliates, directors and officers and any
control persons of such Underwriter shall be designated in writing by the Representatives and any such separate firm for the Company,
its directors, its officers who signed the Registration Statement and any control persons of the Company shall be designated in writing
by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent,
but if settled with such consent, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability
by reason of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement
of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could
have been sought hereunder by such Indemnified Person, unless such settlement (x)&nbsp;includes an unconditional release of such Indemnified
Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter
of such proceeding and (y)&nbsp;does not include any statement as to or any admission of fault, culpability or a failure to act by or
on behalf of any Indemnified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Contribution</U>.
If the indemnification provided for in paragraphs (a)&nbsp;or (b)&nbsp;above is unavailable to an Indemnified Person or insufficient in
respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu
of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result
of such losses, claims, damages or liabilities (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received
by the Company, on the one hand, and the Underwriters on the other, from the offering of the Shares or (ii)&nbsp;if the allocation provided
by clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i)&nbsp;but also the relative fault of the Company, on the one hand, and the Underwriters on the other, in connection
with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Company, on the one hand, and the Underwriters on the other, shall be deemed to
be in the same respective proportions as the net proceeds (before deducting expenses) received by the Company from the sale of the Shares
and the total underwriting discounts and commissions received by the Underwriters in connection therewith, in each case as set forth in
the table on the cover of the Prospectus, bear to the aggregate offering price of the Shares. The relative fault of the Company, on the
one hand, and the Underwriters on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company
or by the Underwriters and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Limitation
on Liability</U>. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to paragraph
(d)&nbsp;above were determined by <U>pro rata</U> allocation (even if the Underwriters were treated as one entity for such purpose) or
by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d)&nbsp;above.
The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph
(d)&nbsp;above shall be deemed to include, subject to the limitations set forth above, any reasonable and documented legal or other expenses
incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of paragraphs (d)&nbsp;and
(e), in no event shall an Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts
and commissions received by such Underwriter with respect to the offering of the Shares exceeds the amount of any damages that such Underwriter
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty
of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo; obligations to contribute pursuant to
paragraphs (d)&nbsp;and (e)&nbsp;are several in proportion to their respective purchase obligations hereunder and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Non-Exclusive
Remedies</U>. The remedies provided for in paragraphs (a)&nbsp;through (e)&nbsp;are not exclusive and shall not limit any rights or remedies
which may otherwise be available to any Indemnified Person at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Directed
Share Program Indemnification</U><I>.</I> The Company agrees to indemnify and hold harmless the Directed Share Underwriter, its affiliates,
directors and officers and each person, if any, who controls the Directed Share Underwriter within the meaning of either Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act (each a &ldquo;Directed Share Underwriter Entity&rdquo;) from and against
any and all losses, claims, damages and liabilities (including, without limitation, any reasonable and documented legal fees and other
expenses incurred in connection with defending or investigating any suit, action or proceeding or any claim asserted, as such fees and
expenses are incurred) (i)&nbsp;caused by any untrue statement or alleged untrue statement of a material fact contained in any material
prepared by or with the consent of the Company for distribution to Participants in connection with the Directed Share Program or caused
by any omission or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; (ii)&nbsp;caused by the failure of any Participant to pay for and accept delivery of Directed
Shares that the Participant agreed to purchase; or (iii)&nbsp;related to, arising out of, or in connection with the Directed Share Program,
other than losses, claims, damages or liabilities (or expenses relating thereto) that are finally judicially determined to have resulted
from the bad faith or gross negligence of the Directed Share Underwriter Entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
case any proceeding (including any governmental investigation) shall be instituted involving any Directed Share Underwriter Entity in
respect of which indemnity may be sought pursuant to paragraph (g)&nbsp;above, the Directed Share Underwriter Entity seeking indemnity
shall promptly notify the Company in writing and the Company, upon request of the Directed Share Underwriter Entity, shall retain counsel
reasonably satisfactory to the Directed Share Underwriter Entity to represent the Directed Share Underwriter Entity and any others the
Company may designate in such proceeding and shall pay the reasonable and documented fees and disbursements of such counsel related to
such proceeding. In any such proceeding, any Directed Share Underwriter Entity shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such Directed Share Underwriter Entity unless (i)&nbsp;the Company and such
Directed Share Underwriter Entity shall have mutually agreed to the retention of such counsel, (ii)&nbsp;the Company has failed within
a reasonable time to retain counsel reasonably satisfactory to such Directed Share Underwriter Entity, (iii)&nbsp;the Directed Share Underwriter
Entity shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those
available to the Company or (iv)&nbsp;the named parties to any such proceeding (including any impleaded parties) include both the Company
and the Directed Share Underwriter Entity and representation of both parties by the same counsel would be inappropriate due to actual
or potential differing interests between them. The Company shall not, in respect of the legal expenses of the Directed Share Underwriter
Entities in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more
than one separate firm (in addition to any local counsel) for all Directed Share Underwriter Entities. The Company shall not be liable
for any settlement of any proceeding effected without its written consent, but if settled with such consent, the Company agrees to indemnify
the Directed Share Underwriter Entities from and against any loss or liability by reason of such settlement. The Company shall not, without
the prior written consent of the Directed Share Underwriter, effect any settlement of any pending or threatened proceeding in respect
of which any Directed Share Underwriter Entity is or could have been a party and indemnity could have been sought hereunder by such Directed
Share Underwriter Entity, unless (x)&nbsp;such settlement includes an unconditional release of the Directed Share Underwriter Entities
from all liability on claims that are the subject matter of such proceeding and (y)&nbsp;does not include any statement as to or any admission
of fault, culpability or a failure to act by or on behalf of the Directed Share Underwriter Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
the extent the indemnification provided for in paragraph (g)&nbsp;above is unavailable to a Directed Share Underwriter Entity or insufficient
in respect of any losses, claims, damages or liabilities referred to therein, then the Company in lieu of indemnifying the Directed Share
Underwriter Entity thereunder, shall contribute to the amount paid or payable by the Directed Share Underwriter Entity as a result of
such losses, claims, damages or liabilities (1)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by
the Company on the one hand and the Directed Share Underwriter Entities on the other hand from the offering of the Directed Shares or
(2)&nbsp;if the allocation provided by clause 7(i)(1)&nbsp;above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause 7(i)(1)&nbsp;above but also the relative fault of the Company on the one
hand and of the Directed Share Underwriter Entities on the other hand in connection with any statements or omissions that resulted in
such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by
the Company on the one hand and the Directed Share Underwriter Entities on the other hand in connection with the offering of the Directed
Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Directed Shares (before deducting
expenses) and the total underwriting discounts and commissions received by the Directed Share Underwriter Entities for the Directed Shares,
bear to the aggregate public offering price of the Directed Shares. If the loss, claim, damage or liability is caused by an untrue or
alleged untrue statement of material fact or the omission or alleged omission to state a material fact, the relative fault of the Company
on the one hand and the Directed Share Underwriter Entities on the other hand shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement or the omission or alleged omission relates to information supplied by the Company or by
the Directed Share Underwriter Entities and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company and the Directed Share Underwriter Entities agree that it would not be just or equitable if contribution pursuant to paragraph
(i)&nbsp;above were determined by pro rata allocation (even if the Directed Share Underwriter Entities were treated as one entity for
such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph
(i)&nbsp;above. The amount paid or payable by the Directed Share Underwriter Entities as a result of the losses, claims, damages and liabilities
referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any reasonable
and documented legal or other expenses by the Directed Share Underwriter Entities in connection with investigating or defending such any
action or claim. Notwithstanding the provisions of paragraph (i)&nbsp;above, no Directed Share Underwriter Entity shall be required to
contribute any amount in excess of the amount by which the total price at which the Directed Shares distributed to the public were offered
to the public exceeds the amount of any damages that such Directed Share Underwriter Entity has otherwise been required to pay. No person
guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in paragraphs (g)&nbsp;through (j)&nbsp;are
not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
indemnity and contribution provisions contained in paragraphs (g)&nbsp;through (j)&nbsp;shall remain operative and in full force and effect
regardless of (i)&nbsp;any termination of this Agreement, (ii)&nbsp;any investigation made by or on behalf of any Directed Share Underwriter
Entity or the Company, its officers or directors or any person controlling the Company and (iii)&nbsp;acceptance of and payment for any
of the Directed Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Effectiveness
of Agreement</U>. This Agreement shall become effective as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Termination</U>.
This Agreement may be terminated in the absolute discretion of the Representatives, by written notice to the Company, if after the execution
and delivery of this Agreement and on or prior to the Closing Date or, in the case of the Option Shares, prior to the Additional Closing
Date (i)&nbsp;trading generally shall have been suspended or materially limited on or by any of the New York Stock Exchange or The Nasdaq
Stock Market; (ii)&nbsp;trading of any securities issued or guaranteed by the Company shall have been suspended on any exchange or in
any over-the-counter market; (iii)&nbsp;a general moratorium on commercial banking activities shall have been declared by federal or New
York State authorities; or (iv)&nbsp;there shall have occurred any outbreak or escalation of hostilities or any change in financial markets
or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representatives, is material and adverse
and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date or the Additional
Closing Date, as the case may be, on the terms and in the manner contemplated by this Agreement, the Pricing Disclosure Package and the
Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Defaulting
Underwriter</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If,
on the Closing Date or the Additional Closing Date, as the case may be, any Underwriter defaults on its obligation to purchase the Shares
that it has agreed to purchase hereunder on such date, the non-defaulting Underwriters may in their discretion arrange for the purchase
of such Shares by other persons satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such
default by any Underwriter, the non-defaulting Underwriters do not arrange for the purchase of such Shares, then the Company shall be
entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Underwriters to purchase
such Shares on such terms. If other persons become obligated or agree to purchase the Shares of a defaulting Underwriter, either the non-defaulting
Underwriters or the Company may postpone the Closing Date or the Additional Closing Date, as the case may be, for up to five full business
days in order to effect any changes that in the opinion of counsel for the Company or counsel for the Underwriters may be necessary in
the Registration Statement and the Prospectus or in any other document or arrangement, and the Company agrees to promptly prepare any
amendment or supplement to the Registration Statement and the Prospectus that effects any such changes. As used in this Agreement, the
term &ldquo;Underwriter&rdquo; includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed
in Schedule 1 hereto that, pursuant to this Section&nbsp;10, purchases Shares that a defaulting Underwriter agreed but failed to purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If,
after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the non-defaulting
Underwriters and the Company as provided in paragraph (a)&nbsp;above, the aggregate number of Shares that remain unpurchased on the Closing
Date or the Additional Closing Date, as the case may be, does not exceed one-eleventh of the aggregate number of Shares to be purchased
on such date, then the Company shall have the right to require each non-defaulting Underwriter to purchase the number of Shares that such
Underwriter agreed to purchase hereunder on such date plus such Underwriter&rsquo;s pro rata share (based on the number of Shares that
such Underwriter agreed to purchase on such date) of the Shares of such defaulting Underwriter or Underwriters for which such arrangements
have not been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If,
after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the non-defaulting
Underwriters and the Company as provided in paragraph (a)&nbsp;above, the aggregate number of Shares that remain unpurchased on the Closing
Date or the Additional Closing Date, as the case may be, exceeds one-eleventh of the aggregate amount of Shares to be purchased on such
date, or if the Company shall not exercise the right described in paragraph (b)&nbsp;above, then this Agreement or, with respect to any
Additional Closing Date, the obligation of the Underwriters to purchase Shares on the Additional Closing Date, as the case may be, shall
terminate without liability on the part of the non-defaulting Underwriters. Any termination of this Agreement pursuant to this Section&nbsp;10
shall be without liability on the part of the Company, except that the Company will continue to be liable for the payment of expenses
as set forth in Section&nbsp;11 hereof and except that the provisions of Section&nbsp;7 hereof shall not terminate and shall remain in
effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Nothing
contained herein shall relieve a defaulting Underwriter of any liability it may have to the Company or any non-defaulting Underwriter
for damages caused by its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Payment
of Expenses</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Whether
or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company will pay or cause
to be paid all costs and expenses incident to the performance of its obligations hereunder, including without limitation, (i)&nbsp;the
costs incident to the authorization, issuance, sale, preparation and delivery of the Shares and any issue, transfer or other stamp taxes
payable by the Company in that connection; (ii)&nbsp;the costs incident to the preparation, printing and filing under the Securities Act
of the Registration Statement, the Preliminary Prospectus, any Issuer Free Writing Prospectus, any Pricing Disclosure Package and the
Prospectus (including all exhibits, amendments and supplements thereto) and the distribution thereof; (iii)&nbsp;the fees and expenses
of the Company&rsquo;s counsel and independent accountants; (iv)&nbsp;the fees and expenses incurred in connection with the registration
or qualification and determination of eligibility for investment of the Shares under the laws of such jurisdictions as the Representatives
may designate and the preparation, printing and distribution of a Blue Sky Memorandum (including the reasonable and documented related
fees and expenses of counsel for the Underwriters); (v)&nbsp;the cost of preparing stock certificates; (vi)&nbsp;the costs and charges
of any transfer agent and any registrar; (vii)&nbsp;all expenses and application fees incurred in connection with any filing with, and
clearance of the offering by, FINRA; (viii)&nbsp;all expenses incurred by the Company in connection with any &ldquo;road show&rdquo; presentation
to potential investors; provided, however, that the Underwriters shall pay one-half of the cost of any aircraft chartered in connection
with the road show; (ix)&nbsp;all expenses and application fees related to the listing of the Shares on the Exchange; <U>provided, however</U>,
that the amounts payable by the Company for fees and disbursements of counsel to the Underwriters described in clauses (iv)&nbsp;and (vii)&nbsp;shall
not exceed $45,000 in the aggregate. It is understood and agreed that except as expressly provided in Section&nbsp;7 or Section&nbsp;11
of this Agreement, the Underwriters will pay all of their own costs and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
(i)&nbsp;this Agreement is terminated pursuant to Section&nbsp;9(ii), (ii)&nbsp;the Company for any reason fails to tender the Shares
for delivery to the Underwriters (other than by reason of a default of any Underwriter) or (iii)&nbsp;the Underwriters decline to purchase
the Shares for any reason permitted under this Agreement, the Company agrees to reimburse the Underwriters for all reasonable and documented
out-of-pocket costs and expenses (including the reasonable and documented fees and expenses of their counsel), other than those of a defaulting
Underwriter, reasonably incurred by the Underwriters in connection with this Agreement and the offering contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Persons
Entitled to Benefit of Agreement</U>. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
successors and the officers and directors and any controlling persons referred to herein and the affiliates of each Underwriter referred
to in Section&nbsp;7 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable
right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Shares from any Underwriter
shall be deemed to be a successor merely by reason of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Survival</U>.
The respective indemnities, rights of contribution, representations, warranties and agreements of the Company and the Underwriters contained
in this Agreement or made by or on behalf of the Company or the Underwriters pursuant to this Agreement or any certificate delivered pursuant
hereto shall survive the delivery of and payment for the Shares and shall remain in full force and effect, regardless of any termination
of this Agreement or any investigation made by or on behalf of the Company or the Underwriters or the directors, officers, controlling
persons or affiliates referred to in Section&nbsp;7 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Certain
Defined Terms</U>. For purposes of this Agreement, (a)&nbsp;except where otherwise expressly provided, the term &ldquo;affiliate&rdquo;
has the meaning set forth in Rule&nbsp;405 under the Securities Act; (b)&nbsp;the term &ldquo;business day&rdquo; means any day other
than a day on which banks are permitted or required to be closed in New York City; (c)&nbsp;the term &ldquo;subsidiary&rdquo; has the
meaning set forth in Rule&nbsp;405 under the Securities Act ; and (d)&nbsp;the term &ldquo;significant subsidiary&rdquo; has the meaning
set forth in Rule&nbsp;1-02 of Regulation S-X under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with USA Patriot Act</U>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26,
2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the
Company, which information may include the name and address of their respective clients, as well as other information that will allow
the Underwriters to properly identify their respective clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notices</U>.
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted
and confirmed by any standard form of telecommunication. Notices to the Underwriters shall be given to the Representatives c/o J.P. Morgan
Securities LLC, 383 Madison Avenue, New York, New York 10179 (fax: (212) 622-8358); Attention: Equity Syndicate Desk; c/o Barclays Capital
Inc. 745 7<SUP>th</SUP> Avenue, New York, New York 10019 Attention: Syndicate Registration (fax: (646) 834-8133). Notices to the Company
shall be given to it at 9 West 57th Street, 33rd Floor, New York, NY 10019, Attention: General Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing
Law</U>. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed
in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Submission
to Jurisdiction</U>. The Company hereby submits to the exclusive jurisdiction of the U.S. federal and New York state courts in the Borough
of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby. The Company waives any objection which it may now or hereafter have to the laying of venue of any such suit or proceeding in such
courts. The Company agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding
upon the Company, and may be enforced in any court to the jurisdiction of which Company, is subject by a suit upon such judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>WAIVER
OF JURY TRIAL</U>. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Recognition
of the U.S. Special Resolution Regimes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As used in this Section&nbsp;16(e):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;BHC Act Affiliate&rdquo; has
the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;Covered Entity&rdquo; means any
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
 &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
 &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
 &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;Default Right&rdquo; has the
meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;U.S. Special Resolution Regime&rdquo;
means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts</U>.
This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each
of which shall be an original and all of which together shall constitute one and the same instrument. Counterparts may be delivered via
facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions
Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart
so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendments
or Waivers</U>. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall
in any event be effective unless the same shall be in writing and signed by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Headings</U>.
The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation
of, this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Pages&nbsp;Follow</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing is in accordance with your understanding,
please indicate your acceptance of this Agreement by signing in the space provided below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">Ategrity
    Specialty HOLDINGS LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Accepted: As of the date first written
    above</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">J.P. MORGAN SECURITIES LLC<BR> BARCLAYS
    CAPITAL INC.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">For themselves and on behalf of the<BR>
    several Underwriters listed<BR> in Schedule 1 hereto.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">J.P. MORGAN SECURITIES LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">BARCLAYS CAPITAL INC.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 36 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Schedule 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><U>Underwriter</U></TD>
    <TD STYLE="width: 51%"><U>Number of Shares</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>J.P. Morgan Securities LLC</TD>
    <TD>[&#9679;]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Barclays Capital Inc.</TD>
    <TD>[&#9679;]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Citigroup Global Markets Inc.</TD>
    <TD>[&#9679;]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>TD Securities (USA) LLC</TD>
    <TD>[&#9679;]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Wells Fargo Securities, LLC</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">[&#9679;]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Total</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Schedule 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Significant Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Ategrity Specialty Insurance Company</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Ategrity Specialty Insurance Limited</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Ategrity Specialty Holdings Limited</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Annex A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>a. Pricing Information Provided Orally by Underwriters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Number of Underwritten Shares [&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Number of Option Shares [&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Public Offering Price: $[&#9679;] per Share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>b. Free-writing prospectus part of Pricing Disclosure Package</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex A-1</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Annex B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Written Testing-the-Waters Communications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Testing the Waters Presentation, dated January&nbsp;2025</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Testing the Waters Presentation, dated March&nbsp;2025</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Testing the Waters Presentation, dated April&nbsp;2025</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Annex B-1</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;of Waiver of Lock-up</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ategrity Specialty Insurance Company Holdings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[&#9679;]<BR>
Public Offering of Common Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Name and Address of<BR>
Officer or Director<BR>
Requesting Waiver]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr./Ms.&nbsp;[Name]:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This letter is being delivered to you in connection
with the offering by Ategrity Specialty Insurance Company Holdings (the &ldquo;Company&rdquo;) of ______ shares of common stock, $___
par value (the &ldquo;Common Stock&rdquo;), of the Company and the lock-up letter dated __________________, 20__ (the &ldquo;Lock-up Letter&rdquo;),
executed by you in connection with such offering, and your request for a [waiver] [release] dated __________________, 20__, with respect
to ______shares of Common Stock (the &ldquo;Shares&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">J.P. Morgan Securities LLC and Barclays Capital
Inc. hereby agree to [waive] [release] the transfer restrictions set forth in the Lock-up Letter, but only with respect to the Shares,
effective __________________, 20__; <U>provided</U>, <U>however</U>, that such [waiver] [release] is conditioned on the Company announcing
the impending [waiver] [release] by press release through a major news service at least two business days before effectiveness of such
[waiver] [release]. This letter will serve as notice to the Company of the impending [waiver] [release].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as expressly [waived] [released] hereby,
the Lock-up Letter shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit B-1</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Yours very truly,</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">J.P. MORGAN SECURITIES LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">BARCLAYS CAPITAL INC.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">cc: Company</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 42 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Form&nbsp;of Press Release]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Ategrity Specialty Insurance Company Holdings<BR>
[Date]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Ategrity Specialty Insurance Company Holdings (the
 &ldquo;Company&rdquo;) announced today that [J.P. Morgan Securities LLC and Barclays Capital Inc.], the lead book-running managers in
the Company&rsquo;s recent public sale of shares of common stock, are [waiving] [releasing] a lock-up restriction with respect to shares
of the Company&rsquo;s common stock held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release]
will take effect on ____________________, 20__, and the shares may be sold on or after such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This press release is not an offer for sale of the securities in
the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United
States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 43 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&nbsp;OF LOCK-UP AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">______, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. MORGAN SECURITIES LLC<BR>
BARCLAYS CAPITAL INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representatives of<BR>
the several Underwriters listed in<BR>
Schedule 1 to the Underwriting<BR>
Agreement referred to below</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o J.P. Morgan Securities LLC<BR>
383 Madison Avenue<BR>
New York, NY 10179</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Barclays Capital Inc.<BR>
745 7<SUP>th</SUP> Avenue<BR>
New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Re:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Ategrity Specialty
Insurance Company Holdings --- Initial Public Offering</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned understands that you, as representatives
of the several Underwriters (the &ldquo;Representatives&rdquo;), propose to enter into an underwriting agreement (the &ldquo;Underwriting
Agreement&rdquo;) with Ategrity Specialty Holdings LLC, a Delaware limited liability company, , which will be converted into and renamed
Ategrity Specialty Insurance Company Holdings, a Nevada corporation named (together with its successor, the &ldquo;Company&rdquo;), providing
for the public offering (the &ldquo;Public Offering&rdquo;) by the several Underwriters named in Schedule 1 to the Underwriting Agreement
(the &ldquo;Underwriters&rdquo;), of common stock, par value, $0.001 per share (the &ldquo;Common Stock&rdquo;), of the Company (the &ldquo;Securities&rdquo;).
Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In consideration of the Underwriters&rsquo; agreement
to purchase and make the Public Offering of the Securities, and for other good and valuable consideration receipt of which is hereby acknowledged,
the undersigned hereby agrees that, without the prior written consent of the Representatives on behalf of the Underwriters, the undersigned
will not, and will not cause any direct or indirect affiliate to, during the period beginning on the date of this letter agreement (this
 &ldquo;Letter Agreement&rdquo;) and ending at the close of business [180] days after the date of the final prospectus relating to the
Public Offering (the &ldquo;Prospectus&rdquo;) (such period, the &ldquo;Restricted Period&rdquo;), (1)&nbsp;offer, pledge, sell, contract
to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable
or exchangeable for Common Stock (including without limitation, Common Stock or such other securities which may be deemed to be beneficially
owned by the undersigned in accordance with the rules&nbsp;and regulations of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
and securities which may be issued upon exercise of a stock option or warrant) (collectively with the Common Stock, the &ldquo;Lock-Up
Securities&rdquo;), (2)&nbsp;enter into any hedging, swap or other agreement or transaction that transfers, in whole or in part, any of
the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1)&nbsp;or (2)&nbsp;above
is to be settled by delivery of Lock-Up Securities, in cash or otherwise, (3)&nbsp;make any demand for, or exercise any right with respect
to, the registration of any Lock-Up Securities, or (4)&nbsp;publicly disclose the intention to do any of the foregoing. The undersigned
acknowledges and agrees that the foregoing precludes the undersigned from engaging in any hedging or other transactions or arrangements
(including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof,
forward, swap or any other derivative transaction or instrument, however described or defined) designed or intended, or which could reasonably
be expected to lead to or result in, a sale or disposition or transfer (whether by the undersigned or any other person) of any economic
consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement
(or instrument provided for thereunder) would be settled by delivery of Lock-Up Securities, in cash or otherwise. The undersigned further
confirms that it has furnished the Representatives with the details of any transaction the undersigned, or any of its affiliates, is a
party to as of the date hereof, which transaction would have been restricted by this Letter Agreement if it had been entered into by the
undersigned during the Restricted Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, the undersigned
may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;transfer,
distribute, cause the disposition of or surrender (as the case may be) the undersigned&rsquo;s Lock-Up Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;as
a bona fide gift or gifts or for bona fide estate planning purposes, including without limitation to charitable organizations or educational
institutions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;by
will, other testamentary document or intestacy;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
any member of the undersigned&rsquo;s immediate family or to any trust or other legal entity for the direct or indirect benefit of the
undersigned or the immediate family of the undersigned, or if the undersigned is a trust, to a trustor, trustee or beneficiary of the
trust or to the estate of a beneficiary of such trust (for purposes of this Letter Agreement, &ldquo;immediate family&rdquo; shall mean
any relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
a corporation, partnership, limited liability company or other entity of which the undersigned and the immediate family of the undersigned
are the legal and beneficial owner of all of the outstanding equity securities or similar interests,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
the undersigned is a corporation, partnership, limited liability company, trust or other business entity, (A)&nbsp;to another corporation,
partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule&nbsp;405 promulgated under
the Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other entity controlling, controlled by, managing,
managed by or under common control with (or managed or advised by the same management company or investment advisor (or an affiliate of
such management company or investment advisor)) as the undersigned or affiliates of the undersigned (including, for the avoidance of doubt,
where the undersigned is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such
partnership), or (B)&nbsp;as part of a distribution or transfer to members, shareholders, partners or other equity holders of the undersigned
(including, without limitation, to any entity or entities that directly or indirectly controls the undersigned);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i)&nbsp;through (v)&nbsp;above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;by
operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement, or pursuant
to a final order of a court or regulatory agency;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
the Company from an employee of the Company upon death, disability or termination of employment, in each case, of such employee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;as
part of a sale or transfer of the undersigned&rsquo;s Lock-Up Securities acquired in open market transactions after the closing date for
the Public Offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
the Company in connection with the vesting, settlement, or exercise of restricted stock units, options, warrants or other rights to purchase
shares of Common Stock (including, in each case, by way of &ldquo;net&rdquo; or &ldquo;cashless&rdquo; exercise), including for the payment
of exercise price and tax and remittance payments due as a result of the vesting, settlement, or exercise of such restricted stock units,
options, warrants or rights, provided that any such shares of Common Stock received upon such exercise, vesting or settlement shall be
subject to the terms of this Letter Agreement, and provided further that any such restricted stock units, options, warrants or rights
are held by the undersigned pursuant to an agreement or equity awards granted under a stock incentive plan or other equity award plan,
each such agreement or plan which is described in the Registration Statement, the Pricing Disclosure Package and the Prospectus; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(xi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;pursuant
to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors
of the Company and made to all holders of the Company&rsquo;s capital stock involving a Change of Control (as defined below) of the Company
(for purposes hereof, &ldquo;Change of Control&rdquo; shall mean the transfer (whether by tender offer, merger, consolidation or other
similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of
capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting
securities of the Company (or the surviving entity)); <U>provided</U> that in the event that such tender offer, merger, consolidation
or other similar transaction is not completed, the undersigned&rsquo;s Lock-Up Securities shall remain subject to the provisions of this
Letter Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>provided</U> that (A)&nbsp;in the case of any transfer or distribution
pursuant to clause (a)(i), (ii), (iii), (iv), (v), (vi)&nbsp;and (vii), such transfer shall not involve a disposition for value and each
donee, devisee, transferee or distributee shall execute and deliver to the Representatives a lock-up letter in the form of this Letter
Agreement, (B)&nbsp;in the case of any transfer or distribution pursuant to clause (a)&nbsp;(iv), and (ix), no filing by any party (donor,
donee, devisee, transferor, transferee, distributer or distributee) under Section&nbsp;16(a)&nbsp;of the Securities Exchange Act of 1934,
as amended (the &ldquo;Exchange Act&rdquo;), or other public announcement shall be required or shall be made voluntarily in connection
with such transfer or distribution (other than (x)&nbsp;a filing on a Form&nbsp;4 or Form&nbsp;5 made after the expiration of the Restricted
Period referred to above or (y)&nbsp;a required filing on Schedule 13G or 13F of the Exchange Act that is required to be filed during
the Restricted Period) and (C)&nbsp;in the case of any transfer or distribution pursuant to clause [(a)(i), (ii), (iii), (v), (vi), (vii),
(viii)&nbsp;and (x)] it shall be a condition to such transfer that no public filing, report or announcement shall be voluntarily made
and if any filing under Section&nbsp;16(a)&nbsp;of the Exchange Act, or other public filing, report or announcement reporting a reduction
in beneficial ownership of shares of Common Stock in connection with such transfer or distribution shall be legally required during the
Restricted Period, such filing, report or announcement shall clearly indicate in the footnotes thereto the nature and conditions of such
transfer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;exercise
outstanding options, settle restricted stock units or other equity awards or exercise warrants pursuant to plans or other equity compensation
arrangements described in the Registration Statement, the Pricing Disclosure Package and the Prospectus; provided that any Lock-Up Securities
received upon such exercise, vesting or settlement shall be subject to the terms of this Letter Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;convert
outstanding preferred stock, warrants to acquire preferred stock or convertible securities into shares of Common Stock or warrants to
acquire shares of Common Stock; provided that any such shares of Common Stock or warrants received upon such conversion shall be subject
to the terms of this Letter Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;establish
trading plans pursuant to Rule&nbsp;10b5-1 under the Exchange Act for the transfer of shares of Lock-Up Securities; <U>provided</U> that
(i)&nbsp;such plans do not provide for the transfer of Lock-Up Securities during the Restricted Period and (ii)&nbsp;no filing by any
party under the Exchange Act or other public announcement shall be made voluntarily in connection with such trading plan during the Restricted
Period and (iii)&nbsp;if any public announcement or filing under the Exchange Act shall be legally required during the Restricted Period,
such public announcement or filing shall include a statement to the effect that no transfers may be made pursuant to such plan during
the Restricted Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the undersigned is not a natural person, the
undersigned represents and warrants that no single natural person, entity or &ldquo;group&rdquo; (within the meaning of Section&nbsp;13(d)(3)&nbsp;of
the Exchange Act) beneficially owns, directly or indirectly, 50% or more of the common equity interests, or 50% or more of the voting
power, in the undersigned other than a person who has executed a letter agreement in substantially the same form as this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the undersigned is an officer or director of
the Company, the undersigned further agrees that the foregoing provisions shall be equally applicable to any Company-directed Securities
the undersigned may purchase in the Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the undersigned is an officer or director of
the Company, (i)&nbsp;the Representatives on behalf of the Underwriters agree that, at least three business days before the effective
date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representatives on
behalf of the Underwriters will notify the Company of the impending release or waiver, and (ii)&nbsp;the Company has agreed in the Underwriting
Agreement to announce the impending release or waiver through a major news service (as referred to in FINRA Rule&nbsp;5131(d)(2)(B)) or
any other method permitted by FINRA Rule&nbsp;5131 at least two business days before the effective date of the release or waiver. Any
release or waiver granted by the Representatives on behalf of the Underwriters hereunder to any such officer or director shall only be
effective two business days after the publication date of such announcement, unless such release or waiver is accurately disclosed in
a publicly filed registration statement in connection with a secondary offering. The provisions of this paragraph will not apply if (a)&nbsp;the
release or waiver is effected solely to permit a transfer not for consideration or that is to an immediate family member as defined in
FINRA Rule&nbsp;5130(i)(5)&nbsp;and (b)&nbsp;the transferee has agreed in writing to be bound by the same terms described in this Letter
Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In furtherance of the foregoing, the Company, and
any duly appointed transfer agent for the registration or transfer of the securities described herein, are hereby authorized to decline
to make any transfer of securities if such transfer would constitute a violation or breach of this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned hereby represents and warrants
that the undersigned has full power and authority to enter into this Letter Agreement. All authority herein conferred or agreed to be
conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the
undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned acknowledges and agrees that the
Underwriters have not provided any recommendation or investment advice nor have the Underwriters solicited any action from the undersigned
with respect to the Public Offering of the Securities and the undersigned has consulted their own legal, accounting, financial, regulatory
and tax advisors to the extent deemed appropriate. The undersigned further acknowledges and agrees that, although the Representatives
may be required or choose to provide certain Regulation Best Interest and Form&nbsp;CRS disclosures to you in connection with the Public
Offering, the Representatives and the other Underwriters are not making a recommendation to you to participate in the Public Offering,
enter into this Letter Agreement, or sell any Shares at the price determined in the Public Offering, and nothing set forth in such disclosures
is intended to suggest that the Representatives or any Underwriter is making such a recommendation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned understands that, if (i)&nbsp;prior
to the execution of the Underwriting Agreement, the Company files an application to withdraw the Registration Statement related to the
Public Offering, (ii)&nbsp;the Underwriting Agreement does not become effective by June&nbsp;30, 2025, (iii)&nbsp;the Underwriting Agreement
(other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the
Common Stock to be sold thereunder, or (iv)&nbsp;prior to the execution of the Underwriting Agreement, the Representatives, on behalf
of the Underwriters, advise the Company, or the Company advises the Representatives, in writing, that they have determined not to proceed
with the Public Offering, then upon the earliest to occur of any of clauses (i)&nbsp;through (iv)&nbsp;above, the undersigned shall be
automatically released from all obligations under this Letter Agreement. The undersigned understands that the Underwriters are entering
into the Underwriting Agreement and proceeding with the Public Offering in reliance upon this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Letter Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal
ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method and any counterpart so delivered shall be
deemed to have been duly and validly delivered and be valid and effective for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Letter Agreement and any claim, controversy
or dispute arising under or related to this Letter Agreement shall be governed by and construed in accordance with the laws of the State
of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;Follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">[NAME OF STOCKHOLDER]</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit D-1</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>3
<FILENAME>tm2428146d9_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Exhibit&nbsp;3.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLES OF INCORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ATEGRITY SPECIALTY INSURANCE COMPANY HOLDINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ARTICLE&nbsp;I</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NAME</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The name of the Corporation
is Ategrity Specialty Insurance Company Holdings (the &ldquo;<U>Corporation</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ARTICLE&nbsp;II</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTERED AGENT AND REGISTERED OFFICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation may, from
time to time, in the manner provided by law, change the registered agent and registered office within the State of Nevada. The registered
office of the Corporation shall be the street address of its registered agent in the State of Nevada. The Corporation may also maintain
an office or offices for the conduct of its business, either within or without the State of Nevada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ARTICLE&nbsp;III</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURPOSE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation may engage
in any lawful act, activity or business for which corporations may be organized under the laws of the State of Nevada, including, without
limitation, the Nevada Revised Statutes (as amended from time to time, the &ldquo;<U>NRS</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ARTICLE&nbsp;IV</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BOARD OF DIRECTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Number
and Election of Directors</U>. The business and affairs of the Corporation shall be managed by or under the direction of the board of
directors of the Corporation (the &ldquo;<U>Board of Directors</U>&rdquo;). Except as otherwise provided for in these articles of incorporation
(as amended and/or restated from time to time, the &ldquo;<U>Articles</U>&rdquo;), including any certificate of designation relating to
any then-outstanding series of Preferred Stock (as defined below), the total number of directors shall be determined from time to time
as established in the bylaws of the Corporation (as amended from time to time, the &ldquo;<U>Bylaws</U>&rdquo;) and the Board of Directors
shall be elected in such manner as provided in the Bylaws. Each director shall hold office until the annual meeting of stockholders at
which his or her term expires and until his or her successor shall be elected and qualified, or his or her death, resignation, retirement,
disqualification or removal from office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Classification</U>.
Effective on and after the date on which Zimmer Financial Services Group LLC, a Delaware limited liability company (&ldquo;<U>ZFSG</U>&rdquo;)
and its Affiliates (as defined herein) collectively cease to beneficially own (within the meaning of Rules&#8239;13d-3 and 13d-5 under
the Exchange Act (as defined herein)) more than 50% of the outstanding voting power of the Corporation&rsquo;s capital stock (such date,
the &ldquo;<U>Trigger Date</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
directors of the Corporation, other than those who may be elected by the holders of any series of Preferred Stock, shall be divided into
three classes respectively designated as Class&#8239;I, Class&#8239;II and Class&#8239;III. Each such class shall consist, as nearly as may
be possible, of one-third of the total number of directors constituting the entire Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;At
each annual meeting of stockholders, successors to the class of directors whose term expires at that annual meeting shall be elected for
a three-year term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
director of any class elected or appointed to fill a newly created directorship resulting from an increase in the size of a class of directors
shall hold office for a term that shall coincide with the remaining term of that class, but in no case shall a decrease in the number
of directors cause the removal, or shorten the term, of any incumbent director. If any change in the classification of the directors would
otherwise increase the term of a director, and unless such change is effected by way of a duly adopted amendment to the Articles that
otherwise provides, the term of each incumbent director on the effective date of such change terminates on the date that such term would
have terminated had there been no such change in the classification of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
any of the foregoing provisions, whenever the holders of any one or more series of Preferred Stock shall have the right, voting separately
by series, to elect directors at an annual or special meeting of stockholders, the election, term of office, filling of vacancies and
other features of such directorships shall be governed by the terms of the Articles, including any certificate of designation relating
to any series of Preferred Stock, and such directors so elected shall not be divided into classes pursuant to Section&#8239;B of this Article&#8239;IV
unless expressly provided by such terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Certain
Definitions</U>. As used in the Articles:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any specified Person (as defined below), any other Person who or which, directly or indirectly, controls, is controlled
by or is under common control with the specified Person or any of such Person&rsquo;s Affiliates, including any stockholder, partner,
officer, director, manager or member of the specified Person and any investment fund now or hereafter managed by, or which is controlled
by or is under common control with, one or more general partners of the specified Person.&#8239; In the case of a natural Person, his or
her Affiliates include members of such Person&rsquo;s immediate family, natural lineal descendants of such Person or a trust or other
similar entity established for the exclusive benefit of such Person and his or her immediate family and natural lineal descendants.&#8239;
For the purposes of this definition, &ldquo;<U>control</U>&rdquo; (including, with its correlative meanings, the terms &ldquo;<U>controlled
by</U>&rdquo; and &ldquo;<U>under common control with</U>&rdquo;), as used with respect to any Person, shall mean the possession, directly
or indirectly, of the power to direct, or cause the direction of the management and policies of such Person, whether through the ownership
of securities, by contract or otherwise. For purposes hereof, the Company and its subsidiaries will not be deemed to be an Affiliate of
any specified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended and inclusive of rules&#8239;and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Person</U>&rdquo;
means a natural person, corporation, general or limited partnership, limited liability company, joint venture, trust, association, trust,
unincorporated organization, government (or agency or political subdivision thereof) or any other entity or group (as defined in Section&#8239;13(d)&#8239;of
the Exchange Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ARTICLE&#8239;V</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CAPITAL STOCK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Capital
Stock</U>. The Corporation is authorized to issue an aggregate of 600,000,000 shares of capital stock of the Corporation, consisting of
(a)&#8239;500,000,000 shares of common stock, par value $0.001 per share (&ldquo;<U>Common Stock</U>&rdquo;) and (b)&#8239;100,000,000 shares
of preferred stock, par value $0.001 per share (&ldquo;<U>Preferred Stock</U>&rdquo;). The capital stock of the Corporation may be issued
from time to time for such consideration as shall be determined by the Board of Directors. When shares are issued upon payment of the
consideration fixed by the Board of Directors, such shares shall be fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Common
Stock</U>. Except as otherwise provided by the Nevada Revised Statutes (the &ldquo;<U>NRS</U>&rdquo;), a record holder of Common Stock
shall be entitled to one vote for each share of Common Stock so held. No holder of Common Stock shall have the right to cumulate votes.
The holders of Common Stock shall not have any conversion, redemption or preemptive rights. The holders of Common Stock shall be entitled
to receive dividends when, as and if declared by the Board of Directors out of assets legally available therefor. Upon the dissolution,
liquidation or winding up of the Corporation, after payment or provision for payment of the debts and other liabilities of the Corporation
and subject to the rights, if any, of the holders of any outstanding class or series of the Corporation&rsquo;s capital stock having a
preference over or the right to participate with the Common Stock with respect to the distribution of assets of the Corporation upon such
dissolution, liquidation or winding up of the Corporation, the holders of Common Stock shall be entitled to receive the remaining assets
of the Corporation available for distribution to its stockholders ratably in proportion to the number of shares of Common Stock held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Preferred
Stock</U>. The Board of Directors is hereby vested, to the fullest extent permitted under the NRS, with the authority to designate from
time to time, by duly adopted resolution(s), one or more series of the Preferred Stock, to fix the number of shares constituting such
series and to prescribe the voting powers, designations, preferences, qualifications, limitations, restrictions and relative, participating,
optional and other rights of such series. Any such resolution prescribing a series of Preferred Stock must include a distinguishing designation
for such series. If any series of Preferred Stock is established by resolution of the Board of Directors pursuant to this provision, a
certificate of designation relating to such series and complying with the applicable provisions of the NRS must be filed with the Nevada
Secretary of State and become effective before the issuance of any shares of such series. Except as otherwise required by law, the holders
of any series of Preferred Stock shall be entitled to only such voting rights, if any, as shall expressly be granted thereto by the Articles,
including the certificate of designation relating to such series of Preferred Stock. To the extent provided in the Articles, including
any certificate of designation relating to a series of Preferred Stock, the Board of Directors may increase (but not above the total number
of then authorized and undesignated shares of Preferred Stock) or decrease (but not below the number of shares of that series then outstanding)
the number of shares of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">D.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Assessment of Capital Stock</U>. The capital stock of the Corporation, after consideration for the issuance thereof has been paid in money,
property, or services, as the directors shall determine, shall not be subject to assessment to pay the debts of the Corporation, nor for
any other purpose, no stock issued as fully paid shall ever be assessable or assessed, and the Articles shall not be amended in this respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ARTICLE&#8239;VI</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXCULPATION AND INDEMNIFICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Limitation
of Liability</U>. The liability of directors and officers of the Corporation shall be eliminated or limited to the fullest extent permitted
by the NRS. If the NRS is amended to further eliminate or limit or authorize corporate action to further eliminate or limit the liability
of directors or officers, the liability of directors and officers of the Corporation shall be eliminated or limited to the fullest extent
permitted by the NRS, as so amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification</U>.
To the fullest extent permitted under the NRS (including, without limitation, NRS 78.7502, NRS 78.751 and NRS 78.752) and other applicable
law, the Corporation shall indemnify and defend any current and former directors and officers of the Corporation in their respective capacities
as such and in any and all other capacities in which any of them serves at the request of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Payment
of Expenses</U>. In addition to any other rights of indemnification permitted by the laws of the State of Nevada or as may be provided
for by the Corporation in its bylaws or by agreement, the expenses of directors and officers incurred in defending a civil or criminal
action, suit or proceeding, involving alleged acts or omissions of such directors or officers in their respective capacities as directors
or officers of the Corporation must be paid by the Corporation or through insurance purchased and maintained by the Corporation or through
other financial arrangements made by the Corporation, as they are incurred and in advance of the final disposition of the action, suit
or proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if it is ultimately determined
by a court of competent jurisdiction that he or she is not entitled to be indemnified by the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">D.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Repeal
or Conflict</U>. Any repeal or modification of this Article&#8239;VI approved by the stockholders of the Corporation shall be prospective
only and shall not adversely affect any limitation on the liability of a director or officer of the Corporation existing as of the time
of such repeal or modification. In the event of any conflict between this Article&#8239;VI and any other article of the Articles, the terms
and provisions of this Article&#8239;VI shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ARTICLE&#8239;VII</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MANDATORY FORUM FOR THE ADJUDICATION OF DISPUTES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the fullest extent permitted
by law, and unless the Corporation consents in writing to the selection of an alternative forum, the Eighth Judicial District Court of
Clark County, Nevada, shall be the sole and exclusive forum for any actions, suits or proceedings, whether civil, administrative or investigative,
(a)&#8239;brought in the name or right of the Corporation or on its behalf, (b)&#8239;asserting a claim for breach of any fiduciary duty
owed by any current or former director, officer, stockholder, employee, agent or fiduciary of the Corporation to the Corporation or the
Corporation&rsquo;s stockholders, (c)&#8239;for any internal action (as defined in NRS 78.046), including any action asserting a claim
against the Corporation arising pursuant to any provision of NRS Chapters 78 or 92A, the Articles or the Bylaws, any agreement entered
into pursuant to NRS 78.365 or as to which the NRS confers jurisdiction on the district court of the State of Nevada, (d)&#8239;to interpret,
apply, enforce or determine the validity of the Articles or the Bylaws or (e)&#8239;asserting a claim governed by the internal affairs
doctrine; <I>provided</I> that such exclusive forum provisions will not apply to suits brought to enforce any liability or duty created
by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. In the event that the Eighth Judicial
District Court of Clark County, Nevada does not have jurisdiction over any such action, suit or proceeding, then any other state district
court located in the State of Nevada shall be the sole and exclusive forum therefor and in the event that no state district court in the
State of Nevada has jurisdiction over any such action, suit or proceeding, then a federal court located within the State of Nevada shall
be the sole and exclusive forum therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the Company consents
in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the sole and
exclusive forum for the resolution of any claim asserting a cause of action arising under the Securities Act of 1933, as amended, against
any Person in connection with any offering of the Company&rsquo;s securities, including, for the avoidance of doubt, any auditor, underwriter,
expert, control person, or other defendant, which Person shall have the right to enforce this clause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ARTICLE&#8239;VIII</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CORPORATE OPPORTUNITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
recognition and anticipation that certain directors, principals, members, managers, officers, associated funds, employees and/or other
representatives of ZFSG and its Affiliates (collectively, the &ldquo;<U>Applicable Parties</U>&rdquo;) may serve as directors, officers,
representatives or agents of the Corporation, and that, directly or indirectly, the Applicable Parties, and/or any members of the Board
of Directors who are not employees of the Corporation (&ldquo;<U>Non-Employee Directors</U>&rdquo;), may now engage, may continue to engage
or may in the future engage in (i)&#8239;the same or similar activities or related lines of business as those in which the Corporation,
directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Corporation,
directly or indirectly, may engage, (ii)&#8239;transactions, dealings or other matters that may be an investment, corporate, business,
strategic or other opportunity or offer a prospective economic or competitive interest, advantage or gain in which the Corporation or
any of its Affiliates, directly or indirectly, could have or be deemed to have an interest or expectancy, (iii)&#8239;business, investments
or transactions with any potential or actual customer, partner, supplier or other business relation of the Corporation or any of its Affiliates,
(iv)&#8239;the employment of, or any other affiliation, relationship or engagement with, any officer, employee or other service provider
of the Corporation or any of its Affiliates, or &#8239;(v)&#8239;business or other transactions or dealings with the Corporation and its
Affiliates (each of (i)-(v)&#8239;above, a &ldquo;<U>Competitive Opportunity</U>&rdquo;), the provisions of this Article&#8239;VIII are
set forth to regulate and define the conduct of certain affairs of the Corporation with respect to such Competitive Opportunities that
may involve any Applicable Parties, Non-Employee Directors or their respective Affiliates or their and their Affiliates respective directors,
principals, members, managers, officers, associated funds, employees and/or other representatives, including any of the foregoing who
serve as directors, officers, representatives or agents of the Corporation (each of the foregoing, an &ldquo;<U>Identified Person</U>&rdquo;),
and the powers, rights, duties and liabilities of the Corporation and its directors, officers and stockholders in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
the fullest extent permitted by law, no Identified Person shall have any duty whatsoever to refrain from directly or indirectly (1)&#8239;participating
or otherwise engaging in the same or similar business activities or lines of business in which the Corporation or any of its Affiliates
now engages or proposes to engage, (2)&#8239;considering, pursuing or entering into any Competitive Opportunity in which the Corporation
or any of its Affiliates, directly or indirectly, could have an interest or expectancy or (3)&#8239;otherwise competing, directly or indirectly,
with the Corporation or any of its Affiliates, and, to the fullest extent permitted by law, no Identified Person shall be liable to the
Corporation or its stockholders or to any Affiliate of the Corporation for breach of any fiduciary duty, or otherwise, solely by reason
of the fact that such Identified Person engages in any of the foregoing. To the fullest extent permitted by law, and except as provided
in Section&#8239;(D)&#8239;of this Article&#8239;VIII, the Corporation hereby renounces any interest or expectancy in, or right to be offered
an opportunity to participate in, any business opportunity which may be a Competitive Opportunity for an Identified Person and the Corporation
or any of its Affiliates. Subject to Section&#8239;(D)&#8239;of this Article&#8239;VIII, in the event that any Identified Person acquires
knowledge of a potential transaction or other matter or business opportunity which may be a Competitive Opportunity for such Identified
Person and the Corporation or any of its Affiliates, such Identified Person shall, to the fullest extent permitted by law, have no fiduciary
duty or other duty (contractual or otherwise) to communicate, present or offer such transaction or other business opportunity to the Corporation
or any of its Affiliates and such Identified Person or any of its respective Affiliates may pursue, take or acquire any and all such transactions
or opportunities for itself or offer such transactions or opportunities to any other individual, corporation, general or limited partnership,
limited liability company, joint venture, trust, association or any other entity (each, a &ldquo;<U>Person</U>&rdquo;). To the fullest
extent permitted by law, no such Identified Person shall be liable to the Corporation or its stockholders or to any Affiliate of the Corporation
for breach of any fiduciary duty or other duty (contractual or otherwise) as a stockholder, director or officer of the Corporation solely
by reason of the fact that such Identified Person pursues, takes or acquires such corporate opportunity for such Identified Person or
any of its Affiliates, or offers or directs such corporate opportunity to another Person, or does not present such corporate opportunity
to the Corporation or any of its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Corporation and its Affiliates do not have any rights in and to the business ventures of any Identified Person, or the income or profits
derived therefrom, and the Corporation agrees that each of the Identified Persons may do business with any potential or actual customer
or supplier of the Corporation or may employ or otherwise engage any officer or employee of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">D.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
the foregoing, the Corporation does not renounce its interest in any Competitive Opportunity offered to any Identified Person if such
Competitive Opportunity is expressly offered to such person solely in such Identified Person&rsquo;s capacity as a director or officer
of the Corporation and not in any other capacity, and the provisions of Section&#8239;(B)&#8239;or (C)&#8239;of this Article&#8239;VIII shall
not apply to any such Competitive Opportunity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">E.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
addition to and notwithstanding the foregoing provisions of this Article&#8239;VIII, a corporate, business or other opportunity shall not
be deemed to be a potential Competitive Opportunity for the Corporation if it is an opportunity that (i)&#8239;the Corporation is neither
financially or legally able, nor contractually permitted to undertake, (ii)&#8239;from its nature, is not in the line of the Corporation&rsquo;s
business or is of no practical advantage to the Corporation or (iii)&#8239;is one in which the Corporation has no interest or reasonable
expectancy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">F.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Neither
the alteration, amendment, addition to or repeal of this Article&#8239;VIII, nor the adoption of any provision of the Articles (including
any certificate of designation relating to any series of Preferred Stock) inconsistent with this Article&#8239;VIII, shall eliminate or
reduce the effect of this Article&#8239;VIII in respect of any Competitive Opportunity first identified or any other matter occurring,
or any cause of action, suit or claim that, but for this Article&#8239;VIII, would accrue or arise, prior to such alteration, amendment,
addition, repeal or adoption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ARTICLE&#8239;IX</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STOCKHOLDER RIGHT TO CALL A SPECIAL MEETING</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the terms of any
series of Preferred Stock, special meetings of the stockholders of the Corporation may be called only by the chair of the board, and shall
be called by the secretary of the Corporation upon the written request (which request shall state the purpose or purposes of the meeting)
of (i)&#8239;the chair of the board or at least a majority of the Board of Directors, and (ii)&#8239;prior to the Trigger Date, stockholders
holding at least a majority of the outstanding shares of Common Stock; <I>provided</I> that a special meeting may not be called by any
other person or persons and, on and after the Trigger Date, the stockholders of the Corporation shall have no right to request or call
a special meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ARTICLE&#8239;X</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STOCKHOLDER ACTION BY WRITTEN CONSENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Prior
to the Trigger Date, any action required or permitted to be taken at any annual or special meeting of stockholders of the Corporation
may be taken without a meeting if, before or after the action, a written consent thereto is (a)&#8239;signed by stockholders holding at
least a majority of the voting power of the outstanding capital stock of the Corporation entitled to vote on such action (except that
if a greater proportion of the voting power would be required for such an action at a meeting, then that proportion of written consents
is required), and (b)&#8239;delivered to the Corporation by delivery to its registered office in the State of Nevada, its principal place
of business, or an officer or agent of the Corporation having custody of the books in which proceedings of meetings of stockholders are
recorded. In no instance where action is duly and properly authorized by written consent need a meeting of stockholders be called or,
unless otherwise required by applicable law or any certificate of designation relating to any series of Preferred Stock, notice given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
and after the Trigger Date, no action shall be taken by the stockholders except at an annual or special meeting of stockholders called
and noticed in the manner required by the Bylaws, and the stockholders of the Corporation may not in any circumstance take action by written
consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ARTICLE&#8239;XI</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SPECIAL PROVISIONS REGARDING DISTRIBUTIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything to
the contrary in the Articles or Bylaws, the Corporation is hereby specifically allowed to make any distribution that otherwise would be
prohibited by NRS 78.288(2)(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ARTICLE&#8239;XII</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDMENT TO ARTICLES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company reserves the right
to amend or repeal any provision contained in the Articles of Incorporation in the manner prescribed by the laws of the State of Nevada
and all rights conferred upon stockholders are granted subject to this reservation; <I>provided</I>, <I>however</I>, that notwithstanding
any other provision of the Articles of Incorporation or any provision of law that might otherwise permit a lesser vote, from and after
the Trigger Date, in addition to the approval of the Board of Directors, the affirmative vote of 66 2/3% of the voting power of the then
outstanding voting securities of the Company, voting together as a single class, shall be required for the amendment, repeal or modification
of Section&#8239;(C)&#8239;of Article&#8239;IV, Section&#8239;(C)&#8239;of Article&#8239;V, Article&#8239;VIII, Article&#8239;IX, Article&#8239;X
and this Article&#8239;XII of the Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ARTICLE&#8239;XIII</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MISCELLANEOUS PROVISIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Deemed
Notice and Consent</U>. To the fullest extent permitted by law, each and every Person purchasing or otherwise acquiring any interest (of
any nature whatsoever) in any shares of the capital stock of the Corporation shall be deemed, by reason of and from and after the time
of such purchase or other acquisition, to have notice of and to have consented to all of the provisions of (i)&#8239;the Articles, (ii)&#8239;the
Bylaws and (iii)&#8239;any amendment to the Articles or the Bylaws enacted or adopted in accordance with the Articles, the Bylaws and applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Severability</U>.
If any provision or provisions of the Articles shall be held to be invalid, illegal or unenforceable as applied to any circumstance for
any reason whatsoever: (i)&#8239;the validity, legality and enforceability of such provision(s)&#8239;in any other circumstance and of the
remaining provisions of the Articles (including, without limitation, each portion of any paragraph of the Articles containing any such
provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any
way be affected or impaired thereby; and (ii)&#8239;to the fullest extent possible, the provisions of the Articles (including, without
limitation, each such portion of any paragraph of the Articles containing any such provision held to be invalid, illegal or unenforceable)
shall be construed (a)&#8239;so as to permit the Corporation to protect its directors, officers, employees and agents from personal liability
in respect of their good faith service or (b)&#8239;for the benefit of the Corporation to the fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-3.2
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<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Exhibit&nbsp;3.2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BYLAWS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ATEGRITY SPECIALTY INSURANCE COMPANY HOLDINGS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(a Nevada corporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Article&nbsp;I<U><BR>
OFFICES</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Principal
Office</U>. The principal office and place of business of Ategrity Specialty Insurance Company Holdings, a Nevada corporation (the &ldquo;<U>Corporation</U>&rdquo;),
shall be at such location as is established from time to time by resolution of the board of directors of the Corporation (the &ldquo;<U>Board
of Directors</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;1.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Other
Offices</U>. Other offices and places of business either within or without the State of Nevada may be established from time to time by
resolution of the Board of Directors or as the business of the Corporation may require. The street address of the Corporation&rsquo;s
registered agent in the State of Nevada is the registered office of the Corporation in the State of Nevada.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Article&#8239;II<U><BR>
STOCKHOLDERS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Annual
Meeting</U>. The annual meeting of the stockholders of the Corporation shall be held on such date and at such time as may be designated
from time to time by the Board of Directors. At the annual meeting, directors shall be elected and any other business may be transacted
as may be properly brought before the meeting pursuant to these bylaws (as amended from time to time, these &ldquo;<U>Bylaws</U>&rdquo;).
Except as otherwise restricted by the articles of incorporation of the Corporation (as amended from time to time, the &ldquo;<U>Articles
of Incorporation</U>&rdquo;) or applicable law, including, without limitation, the Nevada Revised Statutes (as amended from time to time,
the &ldquo;<U>NRS</U>&rdquo;), the Board of Directors may postpone, reschedule or cancel any annual meeting of stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Special
Meetings</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to any rights of stockholders set forth in the Articles of Incorporation, special meetings of the stockholders may be called only by the
chair of the Board of Directors (the &ldquo;<U>Chair</U>&rdquo;), and shall be called by the secretary upon the written request (which
request shall state the purpose or purposes of the meeting) of (i)&#8239;the Chair or at least a majority of the Board of Directors and
(ii)&#8239;prior to the date on which Zimmer Financial Services Group LLC, a Delaware limited liability company (&ldquo;<U>ZFSG</U>&rdquo;)
and its Affiliates (as such term is defined in <U>Section&#8239;2.2(c)</U>) collectively cease to beneficially own </FONT>(within the meaning
of Rules&#8239;13d-3 and 13d-5 of the <FONT STYLE="font-size: 10pt">Securities Exchange Act of 1934, as amended and inclusive of rules&#8239;and
regulations thereunder (the &ldquo;<U>Exchange Act</U>&rdquo;</FONT>) <FONT STYLE="font-size: 10pt">more than 50% of the outstanding voting
power of the Corporation&rsquo;s capital stock (such date, the &ldquo;<U>Trigger Date</U>&rdquo;), stockholders holding at least a majority
of the outstanding shares of the Corporation&rsquo;s common stock; <U>provided</U> that, on and after the Trigger Date, the stockholders
of the Corporation shall have no right to request or call a special meeting of stockholders. Except as otherwise restricted by the Articles
of Incorporation or applicable law, the Board of Directors may postpone, reschedule or cancel any special meeting of stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
business shall be acted upon at a special meeting of stockholders except as set forth in the notice of the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">As
used in these Bylaws, &ldquo;<U>Affiliate</U>&rdquo; means, with respect to any specified Person (as defined below), any other Person
who or which, directly or indirectly, controls, is controlled by or is under common control with the specified Person or any of such Person&rsquo;s
Affiliates, including any stockholder, partner, officer, director, manager or member of the specified Person and any investment fund now
or hereafter managed by, or which is controlled by or is under common control with, one or more general partners of the specified Person.&#8239;
In the case of a natural Person, his or her Affiliates include members of such Person&rsquo;s immediate family, natural lineal descendants
of such Person or a trust or other similar entity established for the exclusive benefit of such Person and his or her immediate family
and natural lineal descendants.&#8239; For the purposes of this definition, &ldquo;<U>control</U>&rdquo; (including, with its correlative
meanings, the terms &ldquo;<U>controlled by</U>&rdquo; and &ldquo;<U>under common control with</U>&rdquo;), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct, or cause the direction of the management and policies
of such Person, whether through the ownership of securities, by contract or otherwise. For purposes hereof, the Company and its subsidiaries
will not be deemed to be an Affiliate of any specified Person. For purposes of this <U>Section&#8239;2.2</U>, &ldquo;<U>Person</U>&rdquo;
means a natural person, corporation, general or limited partnership, limited liability company, joint venture, trust, association, trust,
unincorporated organization, government (or agency or political subdivision thereof) or any other entity or group (as defined in Section&#8239;13(d)&#8239;of
the Exchange Act).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Place
of Meetings</U>. Any meeting of the stockholders of the Corporation to be held at a physical location may be held at the Corporation&rsquo;s
registered office in the State of Nevada or at such other physical location in or out of the State of Nevada and the United States as
may be designated in the notice of meeting. A waiver of notice signed by all stockholders entitled to vote thereat may designate the physical
location, if any, for the holding of such meeting. The Board of Directors may, in its sole discretion, determine that any meeting of the
stockholders shall be held exclusively, or simultaneously with the conduct of the meeting at a physical location, by means of remote communication
(as described in NRS 78.320(4)) or other available technology permitted under the NRS, in accordance with <U>Section&#8239;2.14</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notice
of Meetings; Waiver of Notice</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
chief executive officer, the president, any vice president, the secretary, an assistant secretary or any other individual designated by
the Board of Directors shall sign and deliver or cause to be delivered to the stockholders written notice of any meeting of stockholders
not less than ten (10)&#8239;days, but not more than sixty (60) days, before the date of such meeting. The notice shall state the physical
location, if any, the date and time of the meeting, the means of remote communication, if any, by which the stockholders or the proxies
thereof shall be deemed to be present and vote and, in the case of a special meeting, the purpose or purposes for which the meeting is
called. The notice shall be delivered in accordance with, and shall contain or be accompanied by such additional information as may be
required by, the NRS, including, without limitation, NRS 78.379, 92A.120 or 92A.410.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the case of an annual meeting, subject to <U>Section&#8239;2.13</U> (if applicable), any proper business may be presented for action, except
that (i)&#8239;if a proposed plan of merger, conversion or exchange is submitted to a vote, the notice of the meeting must state that the
purpose, or one of the purposes, of the meeting is to consider the plan of merger, conversion or exchange and must contain or be accompanied
by a copy or summary of the plan; and (ii)&#8239;if a proposed action creating dissenter&rsquo;s rights is to be submitted to a vote, the
notice of the meeting must state that the stockholders are or may be entitled to assert dissenter&rsquo;s rights under NRS 92A.300 to
92A.500, inclusive, and be accompanied by a copy of those statutes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
copy of the notice shall be personally delivered or mailed postage prepaid to each stockholder of record at the address appearing on the
records of the Corporation. Upon mailing, service of the notice is complete, and the time of the notice begins to run from the date upon
which the notice is deposited in the mail. If the address of any stockholder does not appear upon the records of the Corporation or is
incomplete, it will be sufficient to address any notice to such stockholder at the registered office of the Corporation. Notwithstanding
the foregoing and in addition thereto, any notice to stockholders given by the Corporation pursuant to NRS Title 7 (including, without
limitation, NRS Chapters 75, 78 and 92A), the Articles of Incorporation or these Bylaws may be given pursuant to any form of electronic
transmission permitted under the NRS. Notice shall be deemed given (i)&#8239;by facsimile when directed to a number consented to by the
stockholder to receive notice, (ii)&#8239;by e-mail when directed to an e-mail address designed or used by the stockholder to receive notice,
(iii)&#8239;by posting on an electronic network together with a separate notice to the stockholder of the specific posting on the later
of the specific posting or the giving of the separate notice or (iv)&#8239;by any other electronic transmission as consented to by and
when directed to the stockholder. The stockholder consent necessary to permit electronic transmission to such stockholder shall be deemed
revoked and of no force and effect if (A)&#8239;the Corporation is unable to deliver by electronic transmission two consecutive notices
given by the Corporation in accordance with the stockholder&rsquo;s consent and (B)&#8239;the inability to deliver by electronic transmission
becomes known to the secretary, assistant secretary, transfer agent or other agent of the Corporation responsible for the giving of notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
written certificate of an individual signing a notice of meeting, setting forth the substance of the notice or having a copy thereof attached
thereto, the date the notice was mailed or personally delivered to the stockholders and the addresses to which the notice was mailed,
shall be prima facie evidence of the manner and fact of giving such notice and, in the absence of fraud, an affidavit of the individual
signing a notice of a meeting that the notice thereof has been given by a form of electronic transmission shall be prima facie evidence
of the facts stated in the affidavit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
stockholder may waive notice of any meeting by a signed writing or by transmission of an electronic record, either before or after the
meeting. Such waiver of notice shall be deemed the equivalent of the giving of such notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary in these Bylaws, any notice of a meeting of stockholders delivered pursuant to and in accordance with NRS 78.370(9)&#8239;shall
be deemed to have satisfied any and all requirements applicable to such notice under these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Determination
of Stockholders of Record</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
the purpose of determining the stockholders entitled to (i)&#8239;notice of and to vote at any meeting of stockholders or any adjournment
thereof, (ii)&#8239;receive payment of any distribution or the allotment of any rights, or (iii)&#8239;exercise any rights in respect of
any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix, in advance,
a record date, which shall not be more than sixty (60) days nor less than ten (10)&#8239;days before the date of such meeting, if applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
stockholder action by written consent is permitted under the Articles of Incorporation and these Bylaws, the Board of Directors may adopt
a resolution prescribing a date upon which the stockholders of record entitled to give written consent must be determined. The date set
by the Board of Directors must not precede or be more than ten (10)&#8239;days after the date the resolution setting such date is adopted
by the Board of Directors. If the Board of Directors does not adopt a resolution setting a date upon which the stockholders of record
entitled to give written consent must be determined, and:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">no
prior action by the Board of Directors is required by the NRS, then the date shall be the first date on which a valid written consent
is delivered to the Corporation in accordance with the NRS, the Articles of Incorporation and these Bylaws; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">prior
action by the Board of Directors is required by the NRS, then the date shall be the close of business on the date that the Board of Directors
adopts the resolution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
no record date is fixed, the record date for determining stockholders: (i)&#8239;entitled to notice of and to vote at a meeting of stockholders
shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of
business on the day next preceding the day on which the meeting is held; and (ii)&#8239;for any other purpose shall be at the close of
business on the day on which the Board of Directors adopts the resolution relating thereto. A determination of stockholders of record
entitled to notice of or to vote at any meeting of stockholders shall apply to any postponement of any meeting of stockholders to a date
not more than sixty (60) days after the record date or to any adjournment of the meeting; <U>provided</U> that the Board of Directors
may fix a new record date for the adjourned meeting and must fix a new record date if the meeting is adjourned to a date more than sixty
(60) days later than the date set for the original meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Quorum;
Adjourned Meetings</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Unless
the Articles of Incorporation provide for a different proportion, stockholders holding at least a majority of the voting power of the
Corporation&rsquo;s capital stock, represented in person or by proxy (regardless of whether the proxy has authority to vote on any matter),
are necessary to constitute a quorum for the transaction of business at any meeting. If, on any issue, voting by classes or series is
required by the laws of the State of Nevada, the Articles of Incorporation or these Bylaws, at least a majority of the voting power, represented
in person or by proxy (regardless of whether the proxy has authority to vote on any matter), within each such class or series is necessary
to constitute a quorum of each such class or series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
a quorum is not represented, a majority of the voting power represented or the person presiding at the meeting may adjourn the meeting
from time to time until a quorum shall be represented. At any such adjourned meeting at which a quorum shall be represented, any business
may be transacted which might otherwise have been transacted at the adjourned meeting as originally called. When a meeting of stockholders
is adjourned to another time or place hereunder, notice need not be given of the adjourned meeting if the time and place thereof are announced
at the meeting at which the adjournment is taken. However, if a new record date is fixed for the adjourned meeting, notice of the adjourned
meeting must be given to each stockholder of record as of the new record date. The stockholders present at a duly convened meeting at
which a quorum is present may continue to transact business until adjournment, notwithstanding the departure of enough stockholders to
leave less than a quorum of the voting power.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Voting</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Unless
otherwise provided in the NRS, the Articles of Incorporation, or any resolution providing for the issuance of preferred stock adopted
by the Board of Directors pursuant to authority expressly vested in it by the provisions of the Articles of Incorporation, each stockholder
of record, or such stockholder&rsquo;s duly authorized proxy, shall be entitled to one (1)&#8239;vote for each share of voting stock standing
registered in such stockholder&rsquo;s name at the close of business on the record date or the date established by the Board of Directors
in connection with stockholder action by written consent (if stockholder action by written consent is permitted under the Articles of
Incorporation and these Bylaws), as applicable.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as otherwise provided in these Bylaws, all votes with respect to shares (including pledged shares) standing in the name of an individual
at the close of business on the record date (or the date established by the Board of Directors in connection with stockholder action by
written consent, as applicable) shall be cast only by that individual or such individual&rsquo;s duly authorized proxy. With respect to
shares held by a representative of the estate of a deceased stockholder, or a guardian, conservator, custodian or trustee, even though
the shares do not stand in the name of such holder, votes may be cast by such holder upon proof of such representative capacity. In the
case of shares under the control of a receiver , the receiver may vote such shares even though the shares do not stand of record in the
name of the receiver but only if and to the extent that the order of a court of competent jurisdiction which appoints the receiver contains
the authority to vote such shares. If shares stand of record in the name of a minor, votes may be cast by the duly appointed guardian
of the estate of such minor only if such guardian has provided the Corporation with written proof of such appointment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">With
respect to shares standing of record in the name of another corporation, partnership, limited liability company or other legal entity
on the record date, votes may be cast: (i)&#8239;in the case of a corporation, by such individual as the bylaws of such other corporation
prescribe, by such individual as may be appointed by resolution of the board of directors of such other corporation or by such individual
(including, without limitation, the officer making the authorization) authorized in writing to do so by the Chair, the vice chair of the
Board of Directors (the &ldquo;<U>Vice Chair</U>&rdquo;), the chief executive officer, the president or any vice president of such corporation;
and (ii)&#8239;in the case of a partnership, limited liability company or other legal entity, by an individual representing such stockholder
upon presentation to the Corporation of satisfactory evidence of his or her authority to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary contained in these Bylaws and except for the Corporation&rsquo;s shares held in a fiduciary capacity, the Corporation
shall not vote or cause to be voted, directly or indirectly, shares of its own stock owned or held as treasury shares (as defined in NRS
78.283(1)), and such treasury shares shall not be counted in determining the total number of outstanding shares entitled to vote.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
holder of shares entitled to vote on any matter may cast a portion of the votes in favor of such matter and refrain from casting the remaining
votes or cast the same against the proposal, except in the case of elections of directors. If such holder entitled to vote does vote any
of such stockholder&rsquo;s shares affirmatively and fails to specify the number of affirmative votes, it will be conclusively presumed
that the holder is casting affirmative votes with respect to all shares held.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">With
respect to shares standing of record in the name of two or more persons, whether fiduciaries, members of a partnership, joint tenants,
tenants in common, spouses as community property, tenants by the entirety, voting trustees or otherwise and shares held by two or more
persons (including proxy holders) having the same fiduciary relationship in respect to the same shares, votes may be cast in the following
manner:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
only one person votes, the vote of such person binds all.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
more than one person casts votes, the act of the majority so voting binds all.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
more than one person casts votes, but the vote is evenly split on a particular matter, the votes shall be deemed cast proportionately,
as split.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
a quorum is present, unless the Articles of Incorporation, these Bylaws, the NRS, or other applicable law provide for a different proportion,
action by the stockholders entitled to vote on a matter, other than the election of directors, is approved by and is the act of the stockholders
if the number of votes cast in favor of the action exceeds the number of votes cast in opposition to the action, unless voting by classes
or series is required for any action of the stockholders by the laws of the State of Nevada, the Articles of Incorporation or these Bylaws,
in which case the number of votes cast in favor of the action by the voting power of each such class or series must exceed the number
of votes cast in opposition to the action by the voting power of each such class or series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
a quorum is present, directors shall be elected by a plurality of the votes cast.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Proxies</U>.
At any meeting of stockholders, any holder of shares entitled to vote may designate, in a manner permitted by the laws of the State of
Nevada, another person or persons to act as a proxy or proxies. If a stockholder designates two or more persons to act as proxies, then
a majority of those persons present at a meeting has and may exercise all of the powers conferred by the stockholder or, if only one is
present, then that one has and may exercise all of the powers conferred by the stockholder, unless the stockholder&rsquo;s designation
of proxy provides otherwise. Every proxy shall continue in full force and effect until its expiration or revocation in a manner permitted
by the laws of the State of Nevada.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.9</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Stockholder
Action by Written Consent</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Prior
to the Trigger Date, any action required or permitted to be taken at any annual or special meeting of stockholders of the Corporation
may be taken without a meeting if, before or after the action, a written consent thereto is (a)&#8239;signed by stockholders holding at
least a majority of the voting power of the outstanding capital stock of the Corporation entitled to vote on such action (except that
if a greater proportion of the voting power would be required for such an action at a meeting, then that proportion of written consents
is required), and (b)&#8239;delivered to the Corporation by delivery to its registered office in the State of Nevada, its principal place
of business, or an officer or agent of the Corporation having custody of the books in which proceedings of meetings of stockholders are
recorded. Any such delivery made to the Corporation&rsquo;s registered office shall be made by hand, overnight courier or by certified
or registered mail, return receipt requested. In no instance where action is duly and properly authorized by written consent need a meeting
of stockholders be called or, unless otherwise required by applicable law or any certificate of designation relating to any series of
Preferred Stock, notice given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">On
and after the Trigger Date (i)&#8239;no action shall be taken by the stockholders except at an annual or special meeting of stockholders
called and noticed in the manner required by these Bylaws and (ii)&#8239;the stockholders may not in any circumstance take action by written
consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.10</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Organization</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Meetings
of stockholders shall be presided over by the Chair, or, in the absence of the Chair, by the Vice Chair, or if there be no Vice Chair
or in the absence of the Vice Chair, by the chief executive officer, or if there be no chief executive officer or in the absence of the
chief executive officer, by the president, or, in the absence of the president, or, in the absence of any of the foregoing persons, by
a chair designated by the Board of Directors, or by a chair chosen at the meeting by the stockholders entitled to cast a majority of the
votes which all stockholders present in person or by proxy are entitled to cast, provided that such chair shall be a director or officer
of the Corporation. The individual acting as chair of the meeting may delegate any or all of his or her authority and responsibilities
as such to any director or officer of the Corporation present in person at the meeting. The secretary, or in the absence of the secretary
an assistant secretary, shall act as secretary of the meeting, but in the absence of the secretary and any assistant secretary, the chair
of the meeting may appoint any person to act as secretary of the meeting. The order of business at each such meeting shall be as determined
by the chair of the meeting. The chair of the meeting shall have the right and authority to prescribe such rules, regulations and procedures
and to do all such acts and things as are necessary or desirable for the proper conduct of the meeting, including, without limitation,
(i)&#8239;the establishment of procedures for the maintenance of order and safety, (ii)&#8239;limitation on participation in the meeting
to stockholders of record of the Corporation, their duly authorized and constituted proxies and such other persons as the chair of the
meeting shall permit, (iii)&#8239;limitation on the time allotted for consideration of each agenda item and for questions or comments by
meeting participants, (iv)&#8239;restrictions on entry to such meeting after the time prescribed for the commencement thereof and (v)&#8239;the
opening and closing of the voting polls. The Board of Directors, in its discretion, or the chair of the meeting, in his or her discretion,
may require that any votes cast at such meeting shall be cast by written ballot.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
chair of the meeting may appoint one or more inspectors of elections. The inspector or inspectors may (i)&#8239;ascertain the number of
shares outstanding and the voting power of each; (ii)&#8239;determine the number of shares represented at a meeting and the validity of
proxies or ballots; (iii)&#8239;count all votes and ballots; (iv)&#8239;determine any challenges made to any determination made by the inspector(s);
and (v)&#8239;certify the determination of the number of shares represented at the meeting and the count of all votes and ballots.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Only
such persons who are nominated in accordance with the procedures set forth in <U>Section&#8239;2.12</U> shall be eligible to be elected
at any meeting of stockholders of the Corporation to serve as directors and only such business shall be conducted at a meeting of stockholders
as shall have been brought before the meeting in accordance with the procedures set forth in <U>Section&#8239;2.12</U>. If any proposed
nomination or business was not made or proposed in compliance with <U>Section&#8239;2.12</U> (including proper notice under <U>Section&#8239;2.13</U>,
if applicable, and including whether the stockholder or beneficial owner, if any, on whose behalf the nomination or proposal is made solicited
(or is part of a group which solicited) or did not so solicit, as the case may be, proxies in compliance with such stockholder&rsquo;s
representation pursuant to clause (a)(iv)(D)&#8239;of <U>Section&#8239;2.13</U>, if applicable), then the chair of the meeting shall have
the power to declare that such nomination shall be disregarded or that such proposed business shall not be transacted. If the stockholder
(or a qualified representative of the stockholder) does not appear at the annual or special meeting of stockholders of the Corporation
to present a nomination or proposed business, such nomination shall be disregarded and such proposed business shall not be transacted,
notwithstanding that proxies in respect of such vote may have been received by the Corporation. For purposes of this <U>Section&#8239;2.10</U>,
to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of such
stockholder or authorized by a writing executed by such stockholder (or a reliable reproduction or electronic transmission of the writing)
delivered to the Corporation prior to the making of such nomination or proposal at such meeting by such stockholder stating that such
person is authorized to act for such stockholder as proxy at the meeting of stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.11</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Consent
to Meetings</U>. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person objects
at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called, noticed or convened and
except that attendance at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice,
to the extent such notice is required, if such objection is expressly made at the time any such matters are presented at the meeting.
Neither the business to be transacted at nor the purpose of any regular or special meeting of stockholders need be specified in any written
waiver of notice or consent, except as otherwise provided in these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.12</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Director
Nominations and Business Conducted at Meetings of Stockholders</U>. Nominations of persons for election to the Board of Directors of the
Corporation and the proposal of business to be considered by the stockholders may be made at an annual meeting of stockholders (i)&#8239;by
or at the direction of the Board of Directors or the Chair or (ii)&#8239;by any stockholder of the Corporation who is entitled to vote
on such matter at the meeting, who complied with the applicable notice procedures set forth in <U>Section&#8239;2.13</U> and who was a
stockholder of record at the time such notice is delivered to the secretary of the Corporation. Nominations of persons for election to
the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation's
notice of meeting (i)&#8239;by or at the direction of the Board of Directors or the Chair, or (ii)&#8239;by any stockholder of the Corporation
who is entitled to vote on such matter at the meeting, who complied with the applicable notice procedures set forth in <U>Section&#8239;2.13</U>
and who was a stockholder of record at the time such notice is delivered to the secretary of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.13</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Advance
Notice of Director Nominations and Stockholder Proposals by Stockholders</U>. The provisions of this <U>Section&#8239;2.13</U> shall apply
only on and after the Trigger Date and at no time (including on and after the Trigger Date) shall apply to ZFSG and its Affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
nominations or other business to be properly brought before an annual meeting by a stockholder and for nominations to be properly brought
before a special meeting by a stockholder in each case pursuant to <U>Section&#8239;2.12</U>, the stockholder of record must have given
timely notice thereof in writing to the secretary of the Corporation, and, in the case of business other than nominations, such other
business must be a proper matter for stockholder action. To be timely, a stockholder&rsquo;s notice shall be delivered to the secretary
at the principal executive offices of the Corporation not later than the close of business on the 90<SUP>th</SUP> day nor earlier than
the close of business on the 120<SUP>th</SUP> day prior to the first anniversary of the immediately preceding year&rsquo;s annual meeting;
<U>provided</U> that in the event that the date of the annual meeting is more than thirty (30) days before or more than seventy (70) days
after such anniversary date, or if no annual meeting was held in the preceding year, notice by the stockholder to be timely must be so
delivered not earlier than the close of business on the 120<SUP>th</SUP> day prior to such annual meeting and not later than the close
of business on the later of the 90<SUP>th</SUP> day prior to such annual meeting or the 10th day following the day on which public announcement
(as defined below) of the date of such meeting is first made by the Corporation. In no event shall the public announcement of an adjournment
or postponement of an annual meeting commence a new time period (or extend any time period) for the giving of a stockholder&rsquo;s notice
as described above. The notice must be provided by a stockholder of record and must set forth:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">as
to each person whom the stockholder proposes to nominate for election or re-election as a director all information relating to such person
that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant
to Regulation 14A under the Exchange Act, including such person's written consent to being named in the proxy statement as a nominee and
to serving as a director if elected;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">as
to any other business that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought
before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration and in the
event that such business includes a proposal to amend these Bylaws, the language of the proposed amendment), the reasons for conducting
such business at the meeting and any substantial interest (within the meaning of Item 5 of Schedule 14A under the Exchange Act) in such
business of such stockholder and the beneficial owner, if any, on whose behalf the proposal is made;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">as
to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination is made or the business is proposed:
(A)&#8239;the name and address of such stockholder, as they appear on the Corporation's books, and the name and address of such beneficial
owner, (B)&#8239;the class and number of shares of stock of the Corporation which are owned of record by such stockholder and such beneficial
owner as of the date of the notice, and a representation that the stockholder will notify the Corporation in writing within five (5)&#8239;business
days after the record date for such meeting of the class and number of shares of stock of the Corporation owned of record by the stockholder
and such beneficial owner as of the record date for the meeting, and (C)&#8239;a representation that the stockholder intends to appear
in person or by proxy at the meeting to propose such nomination or business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">as
to the stockholder giving the notice or, if the notice is given on behalf of a beneficial owner on whose behalf the nomination is made
or the business is proposed, as to such beneficial owner, and if such stockholder or beneficial owner is an entity, as to each director,
executive, managing member or control person of such entity (any such person, a &ldquo;control person&rdquo;): (A)&#8239;the class and
number of shares of stock of the Corporation which are beneficially owned (as defined below) by such stockholder or beneficial owner and
by any control person as of the date of the notice, and a representation that the stockholder will notify the Corporation in writing within
five (5)&#8239;business days after the record date for such meeting of the class and number of shares of stock of the Corporation beneficially
owned by such stockholder or beneficial owner and by any control person as of the record date for the meeting, (B)&#8239;a description
of any agreement, arrangement or understanding with respect to the nomination or other business between or among such stockholder or beneficial
owner or control person and any other person, including without limitation any agreements that would be required to be disclosed pursuant
to Item 5 or Item 6 of Exchange Act Schedule 13D (regardless of whether the requirement to file a Schedule 13D is applicable to the stockholder,
beneficial owner or control person) and a representation that the stockholder will notify the Corporation in writing within five (5)&#8239;business
days after the record date for such meeting of any such agreement, arrangement or understanding in effect as of the record date for the
meeting, (C)&#8239;a description of any agreement, arrangement or understanding (including any derivative or short positions, profit interests,
options, hedging transactions, and borrowed or loaned shares) that has been entered into as of the date of the stockholder's notice by,
or on behalf of, such stockholder or beneficial owner and by any control person or any other person acting in concert with any of the
foregoing, the effect or intent of which is to mitigate loss, manage risk or benefit from changes in the share price of any class of the
Corporation's stock, or maintain, increase or decrease the voting power of the stockholder or beneficial owner with respect to shares
of stock of the Corporation, and a representation that the stockholder will notify the Corporation in writing within five (5)&#8239;business
days after the record date for such meeting of any such agreement, arrangement or understanding in effect as of the record date for the
meeting, (D)&#8239;a representation whether the stockholder or the beneficial owner, if any, and any control person will engage in a solicitation
with respect to the nomination or business and, if so, the name of each participant (as defined in Item 4 of Schedule 14A under the Exchange
Act) in such solicitation and whether such person intends or is part of a group which intends to deliver a proxy statement and/or form
of proxy to holders of at least the percentage of the Corporation's outstanding stock required to approve or adopt the business to be
proposed (in person or by proxy) by the stockholder; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
certification that the stockholder giving the notice and the beneficial owner(s), if any, on whose behalf the nomination is made or the
business is proposed, has or have complied with all applicable federal, state and other legal requirements in connection with such stockholder&rsquo;s
and/or each such beneficial owner&rsquo;s acquisition of shares of capital stock or other securities of the Corporation and/or such stockholder&rsquo;s
and/or each such beneficial owner&rsquo;s acts or omissions as a stockholder of the Corporation, including, without limitation, in connection
with such nomination or proposal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Corporation may require any proposed nominee to furnish such other information as may reasonably be required by the Corporation to determine
the eligibility of such proposed nominee to serve as a director of the Corporation, including information relevant to a determination
whether such proposed nominee can be considered an independent director.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
purposes of <U>Section&#8239;2.13(a)</U>, a &ldquo;public announcement&rdquo; shall mean disclosure in a press release reported by the
Dow Jones News Service, Associated Press or a comparable national news service or in a document publicly filed by the Corporation with
the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d)&#8239;of the Exchange Act. For purposes of clause (a)(iv)(A)&#8239;of
this <U>Section&#8239;2.13</U>, shares shall be treated as &ldquo;beneficially owned&rdquo; by a person if the person beneficially owns
such shares, directly or indirectly, for purposes of Section&#8239;13(d)&#8239;of the Exchange Act and Regulations 13D and 13G thereunder
or has or shares pursuant to any agreement, arrangement or understanding (whether or not in writing): (i)&#8239;the right to acquire such
shares (whether such right is exercisable immediately or only after the passage of time or the fulfillment of a condition or both), (ii)&#8239;the
right to vote such shares, alone or in concert with others and/or (iii)&#8239;investment power with respect to such shares, including the
power to dispose of, or to direct the disposition of, such shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">This
<U>Section&#8239;2.13</U> shall not apply to notice of a proposal to be made by a stockholder if the stockholder has notified the Corporation
of his or her intention to present the proposal at an annual or special meeting only pursuant to and in compliance with Rule&#8239;14a-8
under the Exchange Act and such proposal has been included in a proxy statement that has been prepared by the Corporation to solicit proxies
for such meeting. Any nomination of a person for election to the Board of Directors pursuant to Sections 2.12 and 2.13 of these Bylaws
shall be subject to, and must comply with, the provisions of Rule&#8239;14a-19 under the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the stockholder does not provide the information required under clause&#8239;(a)(iii)(B)&#8239;and clauses (a)(iv)(A)-(C)&#8239;of this <U>Section&#8239;2.13</U>
to the Corporation within the time frames specified herein, or in the event of noncompliance with the provisions of Rule&#8239;14a-19 under
the Exchange Act with respect to a nomination of a person for election to the Board of Directors, or if the stockholder (or a qualified
representative of the stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present a nomination
or proposed business, such nomination shall be disregarded and such proposed business shall not be transacted, notwithstanding that proxies
in respect of such vote may have been received by the Corporation. The chair of the meeting shall have the power to determine whether
notice of a nomination or of any business proposed to be brought before the meeting was properly made in accordance with the procedures
set forth in this <U>Section&#8239;2.13</U>. Notwithstanding the foregoing provisions hereof, a stockholder shall also comply with all
applicable requirements of the Act, and the rules&#8239;and regulations thereunder with respect to the matters set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;2.14</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Meetings
Through Remote Communications</U>. Stockholders may participate in a meeting of the stockholders by any means of remote communication
or other available technology utilized by the Corporation, including without limitation, videoconferencing, teleconferencing, webcast
or other similar method of communication by which all individuals participating in the meeting can hear each other. If any such means
are utilized, the Corporation shall, to the extent required under the NRS, implement reasonable measures to (a)&#8239;verify the identity
of each person participating through such means as a stockholder and (b)&#8239;provide the stockholders a reasonable opportunity to participate
in the meeting and to vote on matters submitted to the stockholders, including an opportunity to communicate, and to read or hear the
proceedings of the meeting in a substantially concurrent manner with such proceedings. Participation in a meeting pursuant to this <U>Section&#8239;2.14</U>
constitutes presence in person at the meeting. Notwithstanding anything to the contrary in these Bylaws, a meeting of stockholders may
be held solely by remote communication pursuant to and in accordance with NRS 78.320(4)-(6).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Article&#8239;III<U><BR>
DIRECTORS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>General
Powers; Performance of Duties</U>. The business and affairs of the Corporation shall be managed by or under the direction of the Board
of Directors, except as otherwise provided in the NRS or the Articles of Incorporation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Number,
Tenure, and Qualifications</U>. The Board of Directors shall consist of at least one (1)&#8239;individual, with the number of directors
fixed and thereafter changed from time to time, without the need for an amendment to these Bylaws or the Articles of Incorporation (i)&#8239;prior
to the Trigger Date, by resolution adopted by (a)&#8239;the Board of Directors, <U>provided</U> that the directors voting in favor of the
change to the number of directors on the Board of Directors must include the Chair, or in his or her absence, the Vice Chair, or (b)&#8239;the
holders of at least a majority of the outstanding shares of the Corporation&rsquo;s common stock; and (ii)&#8239;on and after the Trigger
Date, solely by resolution adopted by the Board of Directors, <U>provided</U> that the directors voting in favor of the change to the
number of directors on the Board of Directors must include the Chair or, in his or her absence, the Vice Chair; <U>provided</U> further
that after the 25% Trigger Date (as defined below), the number of directors shall be fixed solely by resolution adopted by the Board of
Directors. Each director shall hold office until his or her successor shall be elected or appointed and qualified or until his or her
earlier death, retirement, disqualification, resignation or removal. No reduction of the number of directors shall have the effect of
removing any director prior to the expiration of his or her term of office. Subject to the terms of the Stockholders Agreement, no provision
of this <U>Section&#8239;3.2</U> shall restrict the right of the Board of Directors to fill vacancies or the right of the stockholders
to remove directors, each as provided in these Bylaws.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Chair
of the Board</U>. The Board of Directors shall elect the Chair from the members of the Board of Directors, who shall preside at all meetings
of the Board of Directors and stockholders at which he or she shall be present and shall have and may exercise such powers as may, from
time to time, be assigned to him or her by the Board of Directors, these Bylaws or as provided by law; <U>provided</U> that, prior to
the date on which ZFSG and its Affiliates collectively cease to hold at least 25% of the outstanding shares of the Corporation&rsquo;s
common stock (the &ldquo;<U>25% Trigger Date</U>&rdquo;), the Chair shall be appointed from among the members of the Board as set forth
in the Stockholders Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Vice
Chair of the Board</U>. The Board of Directors shall elect the Vice Chair from the members of the Board of Directors who, in the absence
of the Chair, shall preside at all meetings of the Board of Directors and stockholders at which he or she shall be present and shall have
and may exercise such powers as may, from time to time, be assigned to him or her by the Board of Directors, these Bylaws or as provided
by law; <U>provided</U> that, prior to the 25% Trigger Date, the directors voting for the election of the Vice Chair must include the
Chair.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Classification
and Elections</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Prior
to the Trigger Date, the directors shall not be classified.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">On
and after the Trigger Date:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
directors shall be classified with respect to the time for which they shall hold their respective offices, by dividing them into three
classes, to be known as &ldquo;Class&#8239;I,&rdquo; &ldquo;Class&#8239;II&rdquo; and &ldquo;Class&#8239;III,&rdquo; as determined by the
Board of Directors at such time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
director shall hold office for a three-year term or until the next annual meeting of stockholders at which his or her successor is elected
and qualified. At each annual meeting of stockholders, successors to the directors of the class whose term of office expires at such annual
meeting shall be elected to hold office until the third succeeding annual meeting of stockholders, so that the term of office of only
one class of directors shall expire at each annual meeting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
number of directors in each class, which shall be such that as near as possible to one-third and at least one-fourth (or such other fraction
as required by the NRS) in number are elected at each annual meeting, shall be established from time to time by resolution of the Board
of Directors and shall be increased or decreased by resolution of the Board of Directors, as the Board of Directors deems appropriate
whenever the total number of directors is increased or decreased.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Removal
and Resignation of Directors</U>. Subject to any rights of the holders of preferred stock, if any, and except as otherwise provided in
the NRS, any director may be removed from office, with or without cause, by the affirmative vote of the holders of not less than two-thirds
(2/3) of the voting power of the issued and outstanding stock of the Corporation entitled to vote generally in the election of directors
(voting as a single class) excluding stock entitled to vote only upon the happening of a fact or event unless such fact or event shall
have occurred; <U>provided</U> that on and after the Trigger Date, a director may be removed only for cause. In addition, a director may
be removed pursuant to and in accordance with NRS 78.335(8)&#8239;by majority vote of the other directors (even if less than a quorum),
acting at a meeting and not by written consent, and without a vote of the stockholders. Any director may resign effective upon giving
written notice, unless the notice specifies a later time for effectiveness of such resignation, to the Chair, the chief executive officer,
the president or the secretary, or in the absence of all of them, to any other officer of the Corporation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Vacancies;
Newly Created Directorships</U>. Subject to the terms of the Stockholders Agreement and to any rights of the holders of preferred stock,
if any, any vacancies on the Board of Directors resulting from death, resignation, retirement, disqualification, removal from office,
or other cause, and newly created directorships resulting from any increase in the authorized number of directors, may be filled by the
affirmative vote of a majority of the directors then in office or by a sole remaining director, in either case though less than a quorum,
or by the stockholders; <U>provided</U> that, after the Trigger Date, any such vacancies shall be filled only by the affirmative vote
of a majority of the directors then in office or by a sole remaining director, in either case though less than a quorum, and not by the
stockholders. The director(s)&#8239;so chosen to fill any vacancies shall hold office for a term expiring at the next annual meeting of
stockholders and when their successors are elected or appointed, at which the term of the class to which he or she has been elected expires,
or until his or her earlier resignation or removal. No decrease in the number of directors constituting the Board of Directors shall shorten
the term of any incumbent directors.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Annual
and Regular Meetings</U>. The Board of Directors, including directors newly elected, if any, may hold its annual meeting without call
or notice other than this <U>Section&#8239;3.8</U>, to transact such business as the Board of Directors deems necessary or appropriate.
The Board of Directors may provide by resolution the physical location, date, and hour for holding regular meetings between annual meetings,
and if the Board of Directors so provides with respect to a regular meeting, notice of such regular meeting shall not be required.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.9</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Special
Meetings</U>. Subject to any rights of the holders of preferred stock, if any, and except as otherwise required by law, special meetings
of the Board of Directors may be called only by the Chair (or in his or her absence, the Vice Chair), or if there be no Chair or Vice
Chair, by the chief executive officer, or by the president or the secretary, and shall be called by the Chair (or in his or her absence,
the Vice Chair), the chief executive officer, the president, or the secretary upon the request of at least a majority of the Board of
Directors. If the Chair (or in his or her absence the Vice Chair), or if there be no Chair or Vice Chair, each of the chief executive
officer, the president, and the secretary, fails for any reason to call such special meeting, a special meeting may be called by a notice
signed by at least a majority of the Board of Directors.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.10</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Place
of Meetings</U>. Any regular or special meeting of the Board of Directors may be held at such place as the Board of Directors, or in the
absence of such designation, as the notice calling such meeting, may designate. A waiver of notice signed by the directors may designate
any place for the holding of such meeting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.11</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notice
of Meetings</U>. Except as otherwise provided in <U>Section&#8239;3.8</U>, there shall be delivered to each director at the address appearing
for him or her on the records of the Corporation, at least forty-eight (48) hours before the time of such meeting, a copy of a written
notice of any meeting (i)&#8239;by delivery of such notice personally, (ii)&#8239;by mailing such notice postage prepaid, (iii)&#8239;by
facsimile, (iv)&#8239;by overnight courier, or (v)&#8239;by electronic transmission or electronic writing, including, without limitation,
e-mail. If mailed to an address inside the United States, the notice shall be deemed delivered two (2)&#8239;business days following the
date the same is deposited in the United States mail, postage prepaid. If mailed to an address outside the United States, the notice shall
be deemed delivered four (4)&#8239;business days following the date the same is deposited in the United States mail, postage prepaid. If
sent via overnight courier, the notice shall be deemed delivered the business day following the delivery of such notice to the courier.
If sent via facsimile, the notice shall be deemed delivered upon sender&rsquo;s receipt of confirmation of the successful transmission.
If sent by electronic transmission (including, without limitation, e-mail), the notice shall be deemed delivered when directed to the
e-mail address of the director appearing on the records of the Corporation and otherwise pursuant to the applicable provisions of NRS
Chapter 75. If the address of any director is incomplete or does not appear upon the records of the Corporation, it will be sufficient
to address any notice to such director at the registered office of the Corporation. Any director may waive notice of any meeting, and
the attendance of a director at a meeting and oral consent entered on the minutes of such meeting shall constitute waiver of notice of
the meeting unless such director objects, prior to the transaction of any business, that the meeting was not lawfully called, noticed
or convened. Attendance for the express purpose of objecting to the transaction of business thereat because the meeting was not properly
called or convened shall not constitute presence or a waiver of notice for purposes hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.12</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Quorum;
Adjourned Meetings</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
majority of the directors in office at a meeting duly assembled is necessary to constitute a quorum for the transaction of business; <U>provided</U>
that, prior to the Trigger Date, such quorum must include the Chair, or in his or her absence, the Vice Chair.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
any meeting of the Board of Directors where a quorum is not present, a majority of those present may adjourn, from time to time, until
a quorum is present, and no notice of such adjournment shall be required. At any adjourned meeting where a quorum is present, any business
may be transacted which could have been transacted at the meeting originally called.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.13</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Manner
of Acting</U>. The affirmative vote of a majority of the directors present at a meeting at which a quorum is present is the act of the
Board of Directors.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.14</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Meetings
Through Electronic Communications</U>. Members of the Board of Directors or of any committee designated by the Board of Directors may
participate in a meeting of the Board of Directors or such committee by any means of remote communication or other available technology
utilized by the Corporation, including, without limitation, videoconferencing, teleconferencing, webcast or other similar method of communication
by which all individuals participating in the meeting can hear each other. If any such means are utilized, the Corporation shall, to the
extent required under the NRS, implement reasonable measures to (a)&#8239;verify the identity of each person participating through such
means as a director or member of the committee, as the case may be, and (b)&#8239;provide the directors or members of the committee a reasonable
opportunity to participate in the meeting and to vote on matters submitted to the directors or members of the committee, including an
opportunity to communicate, and to read or hear the proceedings of the meeting in a substantially concurrent manner with such proceedings.
Participation in a meeting pursuant to this <U>Section&#8239;3.14</U> constitutes presence in person at the meeting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.15</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Action
Without Meeting</U>. Any action required or permitted to be taken at a meeting of the Board of Directors or of a committee thereof may
be taken without a meeting if, before or after the action, a written consent thereto is signed by all of the members of the Board of Directors
or the committee, excluding any director(s)&#8239;not required to sign such consent pursuant to and in accordance with NRS 78.315(2). The
written consent may be signed manually or electronically (or by any other means then permitted under the NRS) and in counterparts, including,
without limitation, counterparts delivered by facsimile or electronic transmission, and shall be filed with the minutes of the proceedings
of the Board of Directors or committee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.16</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Powers
and Duties</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as otherwise restricted by NRS Chapter 78 or the Articles of Incorporation, the Board of Directors has full control over the business
and affairs of the Corporation. The Board of Directors may delegate any of its authority to manage, control or conduct the business of
the Corporation to any standing or special committee, or to any officer or agent, and to appoint any persons to be agents of the Corporation
with such powers, including the power to subdelegate, and upon such terms as it deems fit.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board of Directors, in its discretion, or the chair presiding at a meeting of stockholders, in his or her discretion, may submit any contract
or act for approval or ratification at any annual meeting of the stockholders or any special meeting properly called and noticed for the
purpose of considering any such contract or act, if a quorum is present.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the terms of the Stockholders Agreement, the Board of Directors may, by resolution passed by at least a majority of the Board of Directors,
designate one or more committees, <U>provided</U> that each such committee must have at least one director of the Corporation as a member.
Unless the Articles of Incorporation, the charter of the committee, or the resolutions designating the committee expressly require that
all members of such committee be directors of the Corporation, the Board of Directors may appoint natural persons who are not directors
of the Corporation to serve on such committee. The Board of Directors may designate one or more individuals as alternate members of any
committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a
member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he, she or
they constitute a quorum, may unanimously appoint another individual to act at the meeting in the place of any such absent or disqualified
member. Subject to applicable law and to the extent provided in the resolution of the Board of Directors, any such committee shall have
and may exercise all the powers of the Board of Directors in the management of the business and affairs of the Corporation. Such committee
or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of Directors. The
committees shall keep regular minutes of their proceedings and report the same to the Board of Directors when required.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.17</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Compensation</U>.
The Board of Directors, without regard to personal interest, may establish the compensation of directors for services in any capacity.
If the Board of Directors establishes the compensation of directors pursuant to this <U>Section&#8239;3.17</U>, such compensation is presumed
to be fair to the Corporation unless proven unfair by a preponderance of the evidence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;3.18</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Organization</U>.
Meetings of the Board of Directors shall be presided over by the Chair, or in the absence of the Chair by the Vice Chair, or in his or
her absence by a chair chosen at the meeting. The secretary, or in the absence, of the secretary an assistant secretary, shall act as
secretary of the meeting, but in the absence of the secretary and any assistant secretary, the chair of the meeting may appoint any person
to act as secretary of the meeting. The order of business at each such meeting shall be as determined by the chair of the meeting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Article&#8239;IV<U><BR>
OFFICERS</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;4.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Election</U>.
The Board of Directors shall elect or appoint a chief executive officer, a secretary and a chief financial officer or the equivalents
thereof in accordance with NRS 78.130(1); <U>provided</U> that, prior to the 25% Trigger Date, the directors voting in favor of the election
or appointment of the chief executive officer must include the Chair, and in the Chair&rsquo;s absence, the Vice Chair. The Board of Directors
may from time to time, by resolution, elect or appoint such other officers and agents as it may deem advisable, who shall hold office
at the pleasure of the Board of Directors, and shall have such powers and duties and be paid such compensation as may be directed by the
Board of Directors; <U>provided</U> that the Board of Directors may empower the chief executive officer or, in the absence of a chief
executive officer, the president, to appoint such other officers as the business of the Corporation may require. Each officer of the Corporation
shall serve until their respective successors are elected and appointed and shall qualify or until their earlier resignation or removal.
Any individual may simultaneously hold two or more offices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;4.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Removal;
Resignation</U>. Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors with or
without cause; <U>provided</U> that, prior to the 25% Trigger Date, the directors voting in favor of the removal of the chief executive
officer must include the Chair, and in the Chair&rsquo;s absence, the Vice Chair. Any officer may resign at any time upon written notice
to the Corporation. Any such removal or resignation shall be subject to the rights, if any, of the respective parties under any contract
between the Corporation and such officer or agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;4.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Vacancies</U>.
Any vacancy in any office because of death, resignation, removal or otherwise may be filled by the Board of Directors for the unexpired
portion of the term of such office; provided, that prior to the 25% Trigger Date, the directors voting to fill a vacancy in the office
of chief executive officer must include the Chair, and in the Chair&rsquo;s absence, the Vice Chair.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;4.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Chief
Executive Officer</U>. The Board of Directors shall elect a chief executive officer who, subject to the supervision and control of the
Board of Directors, shall have the ultimate responsibility for the management and control of the business and affairs of the Corporation,
and perform such other duties and have such other powers which are delegated to him or her by the Board of Directors, these Bylaws or
as provided by law. In the absence of a president, the chief executive officer shall perform the duties and have the powers of the president.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;4.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>President</U>.
The president, subject to the supervision and control of the Board of Directors, shall in general actively supervise and control the business
and affairs of the Corporation. The president shall keep the Board of Directors fully informed as the Board of Directors may request and
shall consult the Board of Directors concerning the business of the Corporation. The president shall perform such other duties and have
such other powers which are delegated and assigned to him or her by the Board of Directors, the chief executive officer, these Bylaws
or as provided by law. If a chief executive officer of the Corporation is not elected or appointed, the president shall also be deemed
the chief executive officer of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;4.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Secretary</U>.
The secretary shall attend all meetings of the stockholders, the Board of Directors and any committees thereof, and shall keep, or cause
to be kept, the minutes of proceedings thereof in books provided for that purpose. He or she shall keep, or cause to be kept, a register
of the stockholders of the Corporation and shall be responsible for the giving of notice of meetings of the stockholders, the Board of
Directors and any committees, and shall see that all notices are duly given in accordance with the provisions of these Bylaws or as required
by law. The secretary shall be custodian of the corporate seal, if any, the records of the Corporation, the stock certificate books, transfer
books and stock ledgers, and such other books and papers as the Board of Directors or any appropriate committee may direct. The secretary
shall perform all other duties commonly incident to his or her office and shall perform such other duties which are assigned to him or
her by the Board of Directors, the chief executive officer, the president, these Bylaws or as provided by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;4.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Chief
Financial Officer</U>. The chief financial officer shall have the care and custody of, and be responsible for, all of the money, funds,
securities, receipts and valuable papers, documents and instruments of the Corporation, and all books and records relating thereto. The
chief financial officer shall keep, or cause to be kept, full and accurate books of accounts of the Corporation&rsquo;s transactions,
which shall be the property of the Corporation, and shall render financial reports and statements of condition of the Corporation when
so requested by the Board of Directors, the Chair, the chief executive officer, or the president. The chief financial officer shall perform
all other duties commonly incident to his or her office and such other duties as may, from time to time, be assigned to him or her by
the Board of Directors, the chief executive officer, the president, these Bylaws or as provided by law. The chief financial officer shall,
if required by the Board of Directors, give a bond to the Corporation in such sum and with such security as shall be approved by the Board
of Directors for the faithful performance of all the duties of the chief financial officer and for restoration to the Corporation, in
the event of the chief financial officer&rsquo;s death, resignation, retirement or removal from office, of all books, records, papers,
vouchers, money and other property in the chief financial officer&rsquo;s custody or control and belonging to the Corporation. The expense
of such bond shall be borne by the Corporation. If a treasurer of the Corporation is not elected or appointed, the chief financial officer
shall also be deemed the treasurer of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;4.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Execution
of Negotiable Instruments, Deeds and Contracts</U>. All (i)&#8239;checks, drafts, notes, bonds, bills of exchange, and orders for the payment
of money of the Corporation, (ii)&#8239;deeds, mortgages, proxies, powers of attorney and other written contracts, documents, instruments
and agreements to which the Corporation shall be a party and (iii)&#8239;assignments or endorsements of stock certificates, registered
bonds or other securities owned by the Corporation shall be signed in the name of the Corporation by such officers or other persons as
the Board of Directors may from time to time designate. The Board of Directors may authorize the use of the facsimile signatures of any
such persons. Any officer of the Corporation shall be authorized to attend, act and vote, or designate another officer or an agent of
the Corporation to attend, act and vote, at any meeting of the owners of any entity in which the Corporation may own an interest or to
take action by written consent in lieu thereof. Such officer or agent, at any such meeting or by such written action, shall possess and
may exercise on behalf of the Corporation any and all rights and powers incident to the ownership of such interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Article&#8239;V<U><BR>
CAPITAL STOCK</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;5.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Issuance</U>.
Shares of the Corporation&rsquo;s authorized capital stock shall, subject to any provisions or limitations of the laws of the State of
Nevada, the Articles of Incorporation or any contracts or agreements to which the Corporation may be a party, be issued in such manner,
at such times, upon such conditions and for such consideration as shall be prescribed by the Board of Directors.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;5.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Stock
Certificates and Uncertificated Shares</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board of Directors may authorize the issuance of uncertificated shares of some or all of any or all classes or series of the Corporation&rsquo;s
stock. Any such issuance of uncertificated shares shall have no effect on existing certificates for shares until such certificates are
surrendered to the Corporation, or on the respective rights and obligations of the stockholders. Within a reasonable time after the issuance
or transfer of uncertificated shares on the books of the Corporation, the Corporation shall send to the registered holder thereof a written
statement certifying the number and class (and the designation of the series, if any) of the shares owned by such stockholder in the Corporation
and any restrictions on the transfer or registration of such shares imposed by the Articles of Incorporation, these Bylaws, any agreement
among stockholders or any agreement between the stockholders and the Corporation, and, within ten (10)&#8239;days after receipt of a written
request therefor from the stockholder of record, the Corporation shall provide to such stockholder of record holding uncertificated shares,
a written statement confirming the information contained in such written statement previously sent to the stockholder of record. Except
as otherwise expressly provided by the NRS, the rights and obligations of the stockholders of the Corporation shall be identical whether
or not their shares of stock are represented by certificates.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board of Directors may authorize the issuance of certificated shares, in which event every holder of stock in the Corporation shall be
entitled to have a certificate signed by or in the name of the Corporation by (i)&#8239;the chief executive officer, the president, or
a vice president and (ii)&#8239;the secretary, an assistant secretary, the chief financial officer or the treasurer of the Corporation
(or any other two officers or agents so authorized by the Board of Directors), certifying the number of shares of stock owned by him,
her or it in the Corporation. Whenever any such certificate is countersigned or otherwise authenticated by a transfer agent or a transfer
clerk and by a registrar (other than the Corporation), then a facsimile of the signatures of any corporate officers or agents, the transfer
agent, transfer clerk or the registrar of the Corporation may be printed or lithographed upon the certificate in lieu of the actual signatures.
In the event that any officer or officers who have signed, or whose facsimile signatures have been used on any certificate or certificates
for stock cease to be an officer or officers because of death, resignation or other reason, before the certificate or certificates for
stock have been delivered by the Corporation, the certificate or certificates may nevertheless be adopted by the Corporation and be issued
and delivered as though the person or persons who signed the certificate or certificates, or whose facsimile signature or signatures have
been used thereon, had not ceased to be an officer or officers of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
certificate representing shares shall state the following upon the face thereof: the name of the state of the Corporation&rsquo;s organization;
the name of the person to whom issued; the number and class of shares and the designation of the series, if any, which such certificate
represents; the par value of each share, if any, represented by such certificate or a statement that the shares are without par value.
Certificates of stock shall be in such form consistent with law as shall be prescribed by the Board of Directors. No certificate shall
be issued until the shares represented thereby are fully paid. In addition to the foregoing, all certificates evidencing shares of the
Corporation&rsquo;s stock or other securities issued by the Corporation shall contain such legend or legends as may from time to time
be required by the NRS or such other federal, state or local laws or regulations then in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;5.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Surrendered;
Lost or Destroyed Certificates</U>. All certificates surrendered to the Corporation, except those representing treasury shares, shall
be canceled and no new certificate shall be issued until the former certificate for a like number of shares shall have been canceled,
except that in case of a lost, stolen, destroyed or mutilated certificate, a new one may be issued therefor. However, any stockholder
applying for the issuance of a stock certificate in lieu of one alleged to have been lost, stolen, destroyed or mutilated shall, prior
to the issuance of a replacement, provide the Corporation with his, her or its affidavit of the facts surrounding the loss, theft, destruction
or mutilation and, if required by the Board of Directors, an indemnity bond in an amount not less than twice the then-current market value
of the stock, and upon such terms as the treasurer or the Board of Directors shall require which shall indemnify the Corporation against
any loss, damage, cost or inconvenience arising as a consequence of the issuance of a replacement certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;5.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Replacement
Certificate</U>. When the Articles of Incorporation are amended in any way affecting the statements contained in the certificates for
outstanding shares of capital stock of the Corporation or it becomes desirable for any reason, in the discretion of the Board of Directors,
including, without limitation, the merger of the Corporation with another Corporation or the conversion or reorganization of the Corporation,
to cancel any outstanding certificate for shares and issue a new certificate therefor conforming to the rights of the holder, the Board
of Directors may order any holders of outstanding certificates for shares to surrender and exchange the same for new certificates within
a reasonable time to be fixed by the Board of Directors. The order may provide that a holder of any certificate(s)&#8239;ordered to be
surrendered shall not be entitled to vote, receive distributions or exercise any other rights of stockholders of record until the holder
has complied with the order, but the order operates to suspend such rights only after notice and until compliance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;5.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Transfer
of Shares</U>. No transfer of stock shall be valid as against the Corporation except on surrender and cancellation of any certificate(s)&#8239;therefor
accompanied by an assignment or transfer by the registered owner made either in person or under assignment. Whenever any transfer shall
be expressly made for collateral security and not absolutely, the collateral nature of the transfer shall be reflected in the entry of
transfer in the records of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;5.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Transfer
Agent; Registrars</U>. The Board of Directors may appoint one or more transfer agents, transfer clerks and registrars of transfer and
may require all certificates for shares of stock to bear the signature of such transfer agents, transfer clerks and/or registrars of transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;5.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Miscellaneous</U>.
The Board of Directors shall have the power and authority to make such rules&#8239;and regulations not inconsistent herewith as it may
deem expedient concerning the issue, transfer, and registration of certificates for shares of the Corporation&rsquo;s stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;5.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Inapplicability
of Acquisition of Controlling Interest Statutes</U>. Notwithstanding any other provision in these Bylaws to the contrary, and in accordance
with the provisions of NRS 78.378, the provisions of NRS 78.378 to 78.3793, inclusive, or any successor statutes, relating to acquisitions
of controlling interests in the Corporation shall not apply to any acquisition of any shares of the Corporation&rsquo;s capital stock
by ZFSG and its Affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Article&#8239;VI<U><BR>
DISTRIBUTIONS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions (as defined
in NRS 78.191) may be declared, subject to the provisions of the laws of the State of Nevada and the Articles of Incorporation, by the
Board of Directors and may be paid in money, shares of corporate stock, property or any other medium not prohibited under applicable law.
The Board of Directors may fix in advance a record date, in accordance with and as provided in <U>Section&#8239;2.5</U>, prior to the distribution
for the purpose of determining stockholders entitled to receive any distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Article&#8239;VII<U><BR>
RECORDS AND REPORTS; CORPORATE SEAL; FISCAL YEAR</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;7.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Records</U>.
All original records of the Corporation, shall be kept at the principal office of the Corporation by or under the direction of the secretary
or at such other place or by such other person as may be prescribed by these Bylaws or the Board of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;7.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Corporate
Seal</U>. The Board of Directors may, by resolution, authorize a seal, and the seal may be used by causing it, or a facsimile, to be impressed
or affixed or reproduced or otherwise. Except as otherwise specifically provided in these Bylaws, any officer of the Corporation shall
have the authority to affix the seal to any document requiring it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;7.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Fiscal
Year-End</U>. The fiscal year-end of the Corporation shall be such date as may be fixed from time to time by resolution of the Board of
Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Article&#8239;VIII<U><BR>
INDEMNIFICATION</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;8.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification
and Insurance</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification
of Directors and Officers</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
purposes of this <U>Article&#8239;VIII</U>, (A)&#8239;&ldquo;<B>Indemnitee</B>&rdquo; shall mean each director or officer who was or is
a party to, or is threatened to be made a party to, or is otherwise involved in, any Proceeding (as defined below), by reason of the fact
that he or she is or was a director, officer, employee or agent (including, without limitation, as a trustee, fiduciary, administrator
or manager) of the Corporation or any predecessor entity thereof, or is or was serving in any capacity at the request of the Corporation
as a director, officer, employee or agent (including, without limitation, as a trustee, fiduciary administrator, partner, member or manager)
of, or in any other capacity for, another corporation or any partnership, joint venture, limited liability company, trust, or other enterprise;
and (B)&#8239;&ldquo;<B>Proceeding</B>&rdquo; shall mean any threatened, pending, or completed action, suit or proceeding (including, without
limitation, an action, suit or proceeding by or in the right of the Corporation), whether civil, criminal, administrative, or investigative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Indemnitee shall be indemnified and held harmless by the Corporation to the fullest extent permitted by the laws of the State of Nevada,
against all expense, liability and loss (including, without limitation, attorneys&rsquo; fees, judgments, fines, taxes, penalties, and
amounts paid or to be paid in settlement) reasonably incurred or suffered by the Indemnitee in connection with any Proceeding; <U>provided</U>
that such Indemnitee either is not liable pursuant to NRS 78.138 or acted in good faith and in a manner such Indemnitee reasonably believed
to be in or not opposed to the best interests of the Corporation and, with respect to any Proceeding that is criminal in nature, had no
reasonable cause to believe that his or her conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction
or upon a plea of <I>nolo contendere</I> or its equivalent, does not, of itself, create a presumption that the Indemnitee is liable pursuant
to NRS 78.138 or did not act in good faith and in a manner in which he or she reasonably believed to be in or not opposed to the best
interests of the Corporation, or that, with respect to any criminal proceeding he or she had reasonable cause to believe that his or her
conduct was unlawful. The Corporation shall not indemnify an Indemnitee for any claim, issue or matter as to which the Indemnitee has
been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Corporation or for
any amounts paid in settlement to the Corporation, unless and only to the extent that the court in which the Proceeding was brought or
other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the Indemnitee is
fairly and reasonably entitled to indemnity for such amounts as the court deems proper. Except as so ordered by a court and for advancement
of expenses pursuant to this <U>Section&#8239;8.1</U>, indemnification may not be made to or on behalf of an Indemnitee if a final adjudication
establishes that his or her acts or omissions involved intentional misconduct, fraud or a knowing violation of law and was material to
the cause of action. Notwithstanding anything to the contrary contained in these Bylaws, no director or officer may be indemnified for
expenses incurred in defending any threatened, pending, or completed action, suit or proceeding (including without limitation, an action,
suit or proceeding by or in the right of the Corporation), whether civil, criminal, administrative or investigative, that such director
or officer incurred in his or her capacity as a stockholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Indemnification
pursuant to this <U>Section&#8239;8.1</U> shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent
of the Corporation or any predecessor entity thereof or a director, officer, employee, agent, partner, member, manager or fiduciary of,
or to serve in any other capacity for, another corporation or any partnership, joint venture, limited liability company, trust, or other
enterprise and shall inure to the benefit of his or her heirs, executors and administrators.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
expenses of Indemnitees must be paid by the Corporation or through insurance purchased and maintained by the Corporation or through other
financial arrangements made by the Corporation, as such expenses are incurred and in advance of the final disposition of the Proceeding,
upon receipt of an undertaking by or on behalf of such Indemnitee to repay the amount if it is ultimately determined by a court of competent
jurisdiction that he or she is not entitled to be indemnified by the Corporation. To the extent that an Indemnitee is successful on the
merits or otherwise in defense of any Proceeding, or in the defense of any claim, issue or matter therein, the Corporation shall indemnify
him or her against expenses, including attorneys&rsquo; fees, actually and reasonably incurred in by him or her in connection with the
defense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification
of Employees and Other Persons</U>. The Corporation may, by action of its Board of Directors and to the extent provided in such action,
indemnify employees and other persons as though they were Indemnitees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Non-Exclusivity
of Rights</U>. The rights to indemnification provided in this <U>Article&#8239;VIII</U> shall not be exclusive of any other rights that
any person may have or hereafter acquire under any statute, provision of the Articles of Incorporation or these Bylaws, agreement, vote
of stockholders or directors, or otherwise. Given that certain claims may be jointly indemnifiable (&ldquo;<U>Jointly Indemnifiable Claims</U>&rdquo;)
by the Corporation, its Controlled Entities (as defined below) or Indemnitee-Related Entities (as defined below) in respect of the service
of Indemnitee as a director and/or officer of the Corporation and/or a director, officer, employee, consultant, fiduciary or agent of
other company, corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (i)&#8239;controlled
by the Corporation (the &ldquo;<U>Controlled Entities</U>&rdquo;), or (ii)&#8239;from whom an Indemnitee may be entitled to indemnification
or advancement of expenses with respect to which, in whole or in part, the Corporation or any Controlled Entity may also have an indemnification
or advancement obligation (other than the Corporation, any Controlled Entity or the insurer under and pursuant to an insurance policy
of the Corporation or any Controlled Entity, &ldquo;<U>Indemnitee-Related Entities</U>&rdquo;), in each case of (i)&#8239;and (ii)&#8239;above,
by reason of any action alleged to have been taken or omitted in any such capacity, the Corporation acknowledges and agrees that the Corporation
shall, and to the extent applicable shall cause the Controlled Entities to, be fully and primarily responsible for the payment to the
Indemnitee in respect of indemnification or advancement of expenses in connection with any such Jointly Indemnifiable Claim, pursuant
to and in accordance with (as applicable) the terms of (a)&#8239;the NRS, (b)&#8239;the Articles of Incorporation, (c)&#8239;any other agreement
between the Corporation or any Controlled Entity and the Indemnitee pursuant to which the Indemnitee is indemnified, (d)&#8239;the laws
of the jurisdiction of incorporation or organization of any Controlled Entity and/or (e)&#8239;the articles or certificate of incorporation,
articles or certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of
limited partnership or other organizational or governing documents of any Controlled Entity ((a)&#8239;through (e)&#8239;collectively, the
 &ldquo;<U>Indemnification Sources</U>&rdquo;), irrespective of any right of recovery the Indemnitee may have from the Indemnitee-Related
Entities. Under no circumstance shall the Corporation or any Controlled Entity be entitled to any right of subrogation or contribution
by the Indemnitee-Related Entities and no right of advancement or recovery the Indemnitee may have from the Indemnitee-Related Entities
shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Corporation or any Controlled Entity under the
Indemnification Sources. In the event that any of the Indemnitee-Related Entities shall make any payment to the Indemnitee in respect
of indemnification or advancement of expenses with respect to any Jointly Indemnifiable Claim, (i)&#8239;the Corporation shall, and to
the extent applicable shall cause the Controlled Entities to, reimburse the Indemnitee-Related Entity making such payment to the extent
of such payment promptly upon written demand from such Indemnitee-Related Entity, (ii)&#8239;to the extent not previously and fully reimbursed
by the Corporation and/or any Controlled Entity pursuant to clause (i), the Indemnitee-Related Entity making such payment shall be subrogated
to the extent of the outstanding balance of such payment to all of the rights of recovery of the Indemnitee against the Corporation and/or
any Controlled Entity or under any insurance policy, as applicable, and (iii)&#8239;the Indemnitee and the Corporation and, as applicable,
any Controlled Entity shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure
such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring
suit to enforce such rights. The Corporation and the Indemnitee agree that each of the Indemnitee-Related Entities shall be third-party
beneficiaries with respect to this <U>Section&#8239;8.1</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Insurance</U>.
The Corporation may purchase and maintain insurance or make other financial arrangements on behalf of any Indemnitee for any liability
asserted against him or her and liability and expenses incurred by him or her in his or her capacity as a director, officer, employee,
member, managing member or agent, or arising out of his or her status as such, whether or not the Corporation has the authority to indemnify
him or her against such liability and expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Other
Financial Arrangements</U>. The other financial arrangements which may be made by the Corporation may include the following (i)&#8239;the
creation of a trust fund; (ii)&#8239;the establishment of a program of self-insurance; (iii)&#8239;the securing of its obligation of indemnification
by granting a security interest or other lien on any assets of the Corporation; and (iv)&#8239;the establishment of a letter of credit,
guarantee or surety. No financial arrangement made pursuant to this subsection may provide protection for a person adjudged by a court
of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable for intentional misconduct, fraud, or a knowing violation
of law, except with respect to advancement of expenses or indemnification ordered by a court.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Other
Matters Relating to Insurance or Financial Arrangements</U>. Any insurance or other financial arrangement made on behalf of a person pursuant
to this <U>Section&#8239;8.1</U> may be provided by the Corporation or any other person approved by the Board of Directors, even if all
or part of the other person&rsquo;s stock or other securities is owned by the Corporation. In the absence of fraud, (i)&#8239;the decision
of the Board of Directors as to the propriety of the terms and conditions of any insurance or other financial arrangement made pursuant
to this <U>Section&#8239;8.1</U> and the choice of the person to provide the insurance or other financial arrangement is conclusive; and
(ii)&#8239;the insurance or other financial arrangement is not void or voidable and does not subject any director approving it to personal
liability for his action; even if a director approving the insurance or other financial arrangement is a beneficiary of the insurance
or other financial arrangement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;8.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Amendment</U>.
The provisions of this <U>Article&#8239;VIII</U> relating to indemnification shall constitute a contract between the Corporation and each
of its directors and officers which may be modified as to any director or officer only with that person&rsquo;s consent or as specifically
provided in this <U>Section&#8239;8.2</U>. Notwithstanding any other provision of these Bylaws relating to their amendment generally, any
repeal or amendment of this <U>Article&#8239;VIII</U> which is adverse to any director or officer shall apply to such director or officer
only on a prospective basis, and shall not limit the rights of an Indemnitee to indemnification with respect to any action or failure
to act occurring prior to the time of such repeal or amendment. Notwithstanding any other provision of these Bylaws (including, without
limitation, <U>Article&#8239;X</U>), no repeal or amendment of these Bylaws shall affect any or all of this <U>Article&#8239;VIII</U> so
as to limit or reduce the indemnification in any manner unless adopted by (i)&#8239;the unanimous vote of the directors of the Corporation
then serving, or (ii)&#8239;by the stockholders as set forth in <U>Article&#8239;X</U>; <U>provided</U> that no such amendment shall have
a retroactive effect inconsistent with the preceding sentence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Article&#8239;IX<U><BR>
CHANGES IN NEVADA LAW</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">References in these Bylaws
to the laws of the State of Nevada or the NRS or to any provision thereof shall be to such law as it existed on the date these Bylaws
were adopted or as such law thereafter may be changed; <U>provided</U> that (i)&#8239;in the case of any change which expands the liability
of directors or officers or limits the indemnification rights or the rights to advancement of expenses which the Corporation may provide
in <U>Article&#8239;VIII</U>, the rights to limited liability, to indemnification and to the advancement of expenses provided in the Articles
of Incorporation and/or these Bylaws shall continue as theretofore to the extent permitted by law; and (ii)&#8239;if such change permits
the Corporation, without the requirement of any further action by stockholders or directors, to limit further the liability of directors
or limit the liability of officers or to provide broader indemnification rights or rights to the advancement of expenses than the Corporation
was permitted to provide prior to such change, then liability thereupon shall be so limited and the rights to indemnification and the
advancement of expenses shall be so broadened to the extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Article&#8239;X<U><BR>
AMENDMENT OR REPEAL</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In furtherance and not in
limitation of the powers conferred by statute, the Board of Directors is expressly authorized (both before and after the Trigger Date)
to amend or repeal these Bylaws or to adopt new bylaws; <U>provided</U> that, prior to the Trigger Date, these Bylaws may also be amended
or repealed in any respect, and new bylaws may be adopted, in each case by the affirmative vote of the holders of at least a majority
of the outstanding voting power of the Corporation, voting together as a single class, and from and after the Trigger Date, these Bylaws
may also be amended or repealed in any respect, and new bylaws may be adopted, in each case by the affirmative vote of the holders of
at least two-thirds (2/3) of the outstanding voting power of the Corporation, voting together as a single class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Article&#8239;XI<U><BR>
forum for adjudication of disputes</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the fullest extent permitted
by law, and unless the Corporation consents in writing to the selection of an alternative forum, the Eighth Judicial District Court of
Clark County, Nevada, shall be the sole and exclusive forum for any actions, suits or proceedings, whether civil, administrative or investigative,
(a)&#8239;brought in the name or right of the Corporation or on its behalf, (b)&#8239;asserting a claim for breach of any fiduciary duty
owed by any current or former director, officer, stockholder, employee, or agent or fiduciary of the Corporation to the Corporation or
the Corporation&rsquo;s stockholders, (c)&#8239;for any internal action (as defined in NRS 78.046), including any action asserting a claim
against the Corporation arising pursuant to any provision of NRS Chapters 78 or 92A, the Articles of Incorporation or these Bylaws, any
agreement entered into pursuant to NRS 78.365 or as to which the NRS confers jurisdiction on the district court of the State of Nevada,
(d)&#8239;to interpret, apply, enforce or determine the validity of the Articles of Incorporation or these Bylaws or (e)&#8239;asserting
a claim governed by the internal affairs doctrine; <I>provided</I> that such exclusive forum provisions will not apply to suits brought
to enforce any liability or duty created by the Securities Exchange Act or any other claim for which the federal courts have exclusive
jurisdiction. In the event that the Eighth Judicial District Court of Clark County, Nevada does not have jurisdiction over any such action,
suit or proceeding, then any other state district court located in the State of Nevada shall be the sole and exclusive forum therefor
and in the event that no state district court in the State of Nevada has jurisdiction over any such action, suit or proceeding, then a
federal court located within the State of Nevada shall be the sole and exclusive forum therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the Company consents
in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the sole and
exclusive forum for the resolution of any claim asserting a cause of action arising under the Securities Act of 1933, as amended, against
any person in connection with any offering of the Company&rsquo;s securities, including, for the avoidance of doubt, any auditor, underwriter,
expert, control person, or other defendant, which person shall have the right to enforce this clause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Article&#8239;XII<U><BR>
MISCELLANEOUS PROVISIONS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;12.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Deemed
Notice and Consent</U>. To the fullest extent permitted by law, each and every natural person, corporation, general or limited partnership,
limited liability company, joint venture, trust, association or any other entity purchasing or otherwise acquiring any interest (of any
nature whatsoever) in any shares of the capital stock of the Corporation shall be deemed, by reason of and from and after the time of
such purchase or other acquisition, to have notice of and to have consented to all of the provisions of (a)&#8239;these Bylaws (including
<U>Article&#8239;XI</U> and this Article&#8239;XII), (b)&#8239;the Articles of Incorporation and (c)&#8239;any amendment to these Bylaws or
the Articles of Incorporation enacted or adopted in accordance with these Bylaws, the Articles of Incorporation and applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;12.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Severability</U>.
If any provision or provisions of these Bylaws shall be held to be invalid, illegal or unenforceable as applied to any person or entity
or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of
such provision or provisions in any other circumstance and of the remaining provisions of these Bylaws (including, without limitation,
each portion of any paragraph of these Bylaws containing any such provision held to be invalid, illegal or unenforceable that is not itself
held to be invalid, illegal or unenforceable) and the application of such provision or provisions to other persons, entities and circumstances
shall not in any way be affected or impaired thereby</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, as the duly
elected Secretary of Ategrity Specialty Insurance Company Holdings, a Nevada corporation (the &ldquo;<U>Corporation</U>&rdquo;), does
hereby certify that the Board of Directors of the Corporation adopted the foregoing Bylaws as of ___________, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Secretary</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>tm2428146d9_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Form of</B> <B>Exhibit&nbsp;5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>Brownstein</B></FONT></TD>
    <TD STYLE="width: 32%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Brownstein Hyatt Farber Schreck, LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">702.382.2101 main<BR>
    100 North City Parkway, Suite&nbsp;1600<BR>
    Las Vegas, Nevada 89106</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ategrity Specialty Insurance Company Holdings<BR>
9 West 57th Street, 33rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the addressee set forth above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as local Nevada counsel to Ategrity
Specialty Holdings LLC, a Delaware limited liability company (the &ldquo;<U>Company</U>&rdquo;), in connection with the filing by the
Company of Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-1 (File No.&nbsp;333-286059) (as so amended, the &ldquo;<U>Registration
Statement</U>&rdquo;) with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) under the Securities Act of 1933,
as amended (the &ldquo;<U>Act</U>&rdquo;), including the preliminary prospectus contained therein (the &ldquo;<U>Prospectus</U>&rdquo;),
relating to the offering and sale by the Company, after its conversion from a Delaware limited liability company to Ategrity Specialty
Insurance Company Holdings, a Nevada corporation (the &ldquo;<U>Nevada Corporation</U>&rdquo;, and such conversion, the &ldquo;<U>Conversion</U>&rdquo;),
pursuant to an underwriting agreement by and between the Company and J.P. Morgan Securities LLC and Barclays Capital Inc., as representatives
of the underwriters (the &ldquo;<U>Underwriting Agreement</U>&rdquo;), of up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares (the &ldquo;<U>Firm Shares</U>&rdquo;) of the Nevada
Corporation&rsquo;s common stock, par value $0.001 per share (the &ldquo;<U>Common Stock</U>&rdquo;), and up to an additional  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of
Common Stock (the &ldquo;<U>Option Shares</U>&rdquo; and, together with the Firm Shares, the &ldquo;<U>Shares</U>&rdquo;) pursuant to
an over-allotment option under the Underwriting Agreement. This opinion letter is being furnished at your request in accordance with the
requirements of Item 601(b)(5)&nbsp;of Regulation S-K under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our capacity as such counsel, we are familiar
with the proceedings taken and proposed to be taken by the Company and the Nevada Corporation in connection with the registration of the
Shares as described in the Registration Statement and the Prospectus. For purposes of this opinion letter, and except to the extent set
forth in the opinion paragraph below, we have assumed that all such proceedings have been timely completed or will be timely completed
in the manner presently proposed in the Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of issuing this opinion letter, we
have made such legal and factual examinations and inquiries, including an examination of originals or copies certified or otherwise identified
to our satisfaction as being true copies of (i)&nbsp;the Registration Statement (including the Prospectus), (ii)&nbsp;the forms of the
articles of incorporation and bylaws of the Nevada Corporation filed as exhibits to the Registration Statement (collectively, the &ldquo;<U>Governing
Documents</U>&rdquo;), (iii)&nbsp;the form of the Underwriting Agreement filed as an exhibit to the Registration Statement, and (iv)&nbsp;such
agreements, instruments and other documents, or forms thereof, as we have deemed necessary or appropriate, and we have obtained from officers
and other representatives and agents of the Company, and have relied upon, such certificates, representations and assurances as we have
deemed necessary or appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ategrity Specialty Holdings LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&#8239;2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limiting the generality of the
foregoing, in our examination and in issuing this opinion letter, we have, with your permission, assumed without independent
verification that (i)&nbsp;the Underwriting Agreement has been or will be duly authorized, executed and delivered by each party
thereto, in substantially the form thereof filed as an exhibit to the Registration Statement; (ii)&nbsp;the obligations of each
party set forth in the Underwriting Agreement will be its valid and binding obligations, enforceable in accordance with their
respective terms; (iii)&nbsp;(A)&nbsp;the Company has taken or will take all limited liability company action required under
Delaware law in connection with the authorization, execution and delivery of the Underwriting Agreement, (B)&nbsp;the Conversion
will be effective under the laws of the State of Delaware and the laws of the State of Nevada prior to any issuance of Shares,
(C)&nbsp;each of the Governing Documents, in the respective forms thereofof that have been filed as exhibits to the Registration
Statement, will be effective and in full force and effect prior to any issuance of Shares, and (D)&nbsp;all Shares will be offered,
issued and sold in compliance with all applicable laws, the Governing Documents and the Underwriting Agreement (romanettes
(iii)(A)&nbsp;through (iii)(D)&nbsp;above are referred to collectively herein as the &ldquo;<U>Corporate Proceedings</U>&rdquo;));
(iv)&nbsp;except to the extent set forth in the opinion paragraph below, the statements of fact and representations and warranties
set forth in the documents we have reviewed, including the Underwriting Agreement, are or will at all relevant times be, true and
correct as to factual matters; (v)&nbsp;each natural person executing a document, at the time of such execution, has or will have
sufficient legal capacity to do so; and (vi)&nbsp;all documents submitted to us as originals are authentic, the signatures on all
documents that we have examined are genuine, and all documents submitted to us as certified, conformed, photostatic, electronic or
facsimile copies conform to the original documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are qualified to practice law in the State of
Nevada. The opinion set forth herein is expressly limited to and based exclusively on the general corporate laws of the State of Nevada,
and we do not purport to be experts on, or to express any opinion with respect to the applicability thereto or the effect thereon of,
the laws of any other jurisdiction. We express no opinion concerning, and we assume no responsibility as to laws or judicial decisions
related to, or any orders, consents or other authorizations or approvals as may be required by, any federal laws, rules&nbsp;or regulations,
including, without limitation, any federal securities laws, rules&nbsp;or regulations, or any state securities or &ldquo;blue sky&rdquo;
laws, rules&nbsp;or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ategrity Specialty Holdings LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&#8239;3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon the foregoing and in reliance thereon,
and having regard to legal considerations and other information that we deem relevant, we are of the opinion that if and when all Corporate
Proceedings have been taken and completed, including in respect of any offering, issuance or sale of the Shares, the Shares will be duly
authorized by the Nevada Corporation, and if, when and to the extent such Shares are issued and sold in accordance with all applicable
terms and conditions set forth in, and in the manner contemplated by, the Underwriting Agreement (including payment in full of any and
all consideration required for such Shares as prescribed thereunder), and as described in the Registration Statement and the Prospectus,
such Shares will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinion expressed herein is based upon the
applicable laws of the State of Nevada and the facts in existence on the date hereof. In delivering this opinion letter to you, we disclaim
any obligation to update or supplement the opinion set forth herein or to apprise you of any changes in such laws or facts after such
time as the Registration Statement is declared effective. No opinion is offered or implied as to any matter, and no inference may be drawn,
beyond the strict scope of the specific issues expressly addressed by the opinion set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We consent to your filing this opinion letter as
an exhibit to the Registration Statement and to the reference to our firmin the Prospectus under the heading &ldquo;Legal Matters&rdquo;.
In giving such consent, we do not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Act
or the rules&nbsp;and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[DRAFT]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>6
<FILENAME>tm2428146d9_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Exhibit&nbsp;10.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>STOCKHOLDERS
AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>by
and between</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Ategrity
Specialty Insurance Company Holdings</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>And</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>The Initial
Stockholders</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>[&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;],
2025</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U></U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 10%"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 85%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-size: 10pt"><B><U>Page</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">SECTION I.</FONT></TD>
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">DEFINITIONS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Drafting Conventions; No Construction Against Drafter</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Defined Terms</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">SECTION II.</FONT></TD>
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">REPRESENTATIONS AND WARRANTIES</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Representations and Warranties of the Initial Stockholders</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Representations and Warranties of the Company</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">SECTION III.</FONT></TD>
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">REGISTRATION RIGHTS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Demand and Piggyback Rights</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Notices, Cutbacks and Other Matters</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.3</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Facilitating Registrations and Offerings</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.4</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Indemnification</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.5</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Rule 144</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">SECTION IV.</FONT></TD>
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">CORPORATE GOVERNANCE</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Agreement of Company</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">SECTION V.</FONT></TD>
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">MISCELLANEOUS PROVISIONS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Access Rights</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Confidentiality</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.3</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Reliance</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.4</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Access to Agreement; Amendment and Waiver; Actions of the Board</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.5</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.6</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Counterparts; Electronic Delivery</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.7</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Remedies; Severability</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.8</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Entire Agreement</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.9</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Termination</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.10</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.11</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Successors and Assigns; Beneficiaries</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.12</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Consent to Jurisdiction; Specific Performance; WAIVER OF JURY TRIAL</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.13</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Further Assurances</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.14</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Regulatory Matters</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.15</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No Third Party Liability</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.16</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Removal of Legends</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.17</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Inconsistent Agreements</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>EXHIBIT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit&nbsp;A: Form&nbsp;of Joinder Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>STOCKHOLDERS
AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Stockholders Agreement
(this &ldquo;<U>Agreement</U>&rdquo;) is entered into as of [ &#8239;&#8239;&#8239;&#8239;], 2025 by and between Ategrity Specialty Insurance Company Holdings, a
Nevada corporation (the &ldquo;<U>Company</U>&rdquo;), Zimmer Financial Services Group LLC, a Delaware limited liability company (&ldquo;<U>ZFSG</U>&rdquo;),
Zimmer Management Services LLC, a Delaware limited liability company (&ldquo;<U>ZMS</U>&rdquo;) and [each of the other signatories hereto]
(collectively, the &ldquo;<U>Initial Stockholders</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Recitals</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">WHEREAS,
the Company is proposing to consummate an initial public offering (the &ldquo;<U>Initial Public Offering</U>&rdquo;) of its common stock,
par value $0.001 per share (the &ldquo;<U>Common Stock</U>&rdquo;), pursuant to an Underwriting Agreement, dated [ ], 2025 (the &ldquo;<U>Underwriting
Agreement</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">WHEREAS,
the Initial Stockholders and the Company desire to enter into this Agreement and the Board of Directors of the Company (the &ldquo;<U>Board
of Directors</U>&rdquo;) has approved this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">C.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">WHEREAS,
the parties to this Agreement desire to agree upon the respective rights and obligations after the Initial Public Offering with respect
to the securities of the Company now or hereafter issued and outstanding and held by the parties to this Agreement and certain matters
with respect to their investment in the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, in consideration
of the foregoing, and the mutual agreements and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">SECTION&nbsp;I.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>DEFINITIONS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Drafting
Conventions; No Construction Against Drafter</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
headings in this Agreement are provided for convenience and do not affect its meaning. The words &ldquo;include,&rdquo; &ldquo;includes&rdquo;
and &ldquo;including&rdquo; are to be read as if they were followed by the phrase &ldquo;without limitation.&rdquo; Unless specified otherwise,
any reference to an agreement means that agreement as amended or supplemented, subject to any restrictions on amendment contained in such
agreement. Unless specified otherwise, any reference to a statute or regulation means that statute or regulation as amended or supplemented
from time to time and any corresponding provisions of successor statutes or regulations. If any date specified in this Agreement as a
date for taking action falls on a day that is not a business day, then that action may be taken on the next business day. Unless specified
otherwise, the words &ldquo;party&rdquo; and &ldquo;parties&rdquo; refer only to a party named in this Agreement or one who joins this
Agreement as a party pursuant to the terms hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent. If an ambiguity
or question of intent or interpretation arises, this Agreement is to be construed as if drafted jointly by the parties and there is to
be no presumption or burden of proof or rule&nbsp;of strict construction favoring or disfavoring any party because of the authorship of
any provision of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Defined
Terms</U>. The following capitalized terms, as used in this Agreement, have the meanings set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means with respect to any specified Person, any other Person who or which, directly or indirectly, controls, is controlled by or is under
common control with the specified Person or any of such Person&rsquo;s Affiliates, including any stockholder, partner, officer, director,
manager or member of the specified Person and any investment fund now or hereafter managed by, or which is controlled by or is under common
control with, one or more general partners of the specified Person. In the case of a natural Person, his or her Affiliates include members
of such Person&rsquo;s immediate family, natural lineal descendants of such Person or a trust or other similar entity established for
the exclusive benefit of such Person and his or her immediate family and natural lineal descendants. For the purposes of this definition,
 &ldquo;control&rdquo; (including, with its correlative meanings, the terms &ldquo;controlled by&rdquo; and &ldquo;under common control
with&rdquo;), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct, or cause
the direction of the management and policies of such Person, whether through the ownership of securities, by contract or otherwise. For
purposes of this definition, the Company and its subsidiaries will not be deemed to be Affiliates of any specified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Board of Directors</U>&rdquo;
has the meaning set forth in the recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Closing</U>&rdquo;
means the closing of the Initial Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Common Stock</U>&rdquo;
has the meaning set forth in the recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company</U>&rdquo;
has the meaning set forth in the preamble and shall include any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Director</U>&rdquo;
means a member of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange Act</U>&rdquo;
means the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial Public Offering</U>&rdquo;
has the meaning set forth in the recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial Stockholder</U>&rdquo;
has the meaning set forth in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Joinder Agreement</U>&rdquo; means the
joinder agreement substantially in the form of <U>Exhibit&nbsp;A.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Necessary Action</U>&rdquo;
means, with respect to a specified result, all commercially reasonable actions required to cause such result that are within the power
of a specified Person, including (i)&nbsp;voting or providing a written consent or proxy with respect to the Company Shares, (ii)&nbsp;causing
the adoption of stockholders&rsquo; resolutions and amendments to the organizational documents of the Company, (iii)&nbsp;executing agreements
and instruments, (iv)&nbsp;making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations
or similar actions that are required to achieve such result and (v)&nbsp;causing members of the Board of Directors, subject to any fiduciary
duties that such members may have as directors of the Company (including pursuant to Section&nbsp;4.1(d)), to act in a certain manner,
including causing members of the Board of Directors or any nominating or similar committee of the Board of Directors to recommend the
appointment of any ZFSG Stockholders&rsquo; Designees as provided by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Nominating Committee</U>&rdquo;
has the meaning set forth in Section&nbsp;4.1(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Transferee</U>&rdquo;
means, with respect to any Stockholder, (i)&nbsp;any Affiliate of such Stockholder, (ii)&nbsp;any director, officer or employee of any
Affiliate of such Stockholder, or (iii)&nbsp;any direct or indirect member or general or limited partner of such Stockholder that is the
transferee of Shares pursuant to a pro rata distribution of Shares by such Stockholder to its partners or members, as applicable (or any
subsequent transfer of such Shares by the transferee to another Permitted Transferee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization,
government (or agency or political subdivision thereof) or any other entity or group (as defined in Section&nbsp;13(d)&nbsp;of the Exchange
Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SEC</U>&rdquo; means
the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities Act</U>&rdquo;
means the Securities Act of 1933, as amended, and the rules&nbsp;and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Shares</U>&rdquo;
means, at any time, (i)&nbsp;shares of Common Stock and (ii)&nbsp;any other equity securities now or hereafter issued by the Company,
together with any options thereon and any other shares of stock or other equity securities issued or issuable with respect thereto (whether
by way of a stock dividend, stock split or in exchange for or in replacement or upon conversion of such shares or otherwise in connection
with a combination of shares, recapitalization, merger, consolidation or other corporate reorganization).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Stockholders</U>&rdquo;
means the Initial Stockholders and any other stockholders who from time to time become party to this Agreement by execution of a Joinder
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transfer</U>&rdquo;
means any direct or indirect transfer, donation, sale, assignment, pledge, hypothecation, grant of a security interest in or other disposal
or attempted disposal of all or any portion of a security, any interest or rights in a security, or any rights under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transferee</U>&rdquo;
means the recipient of a Transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Underwriting Agreement</U>&rdquo;
has the meaning set forth in the recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>WKSI</U>&rdquo;
means a well-known seasoned issuer, as defined in Rule&nbsp;405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ZFSG</U>&rdquo;
has the meaning set forth in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ZFSG Director</U>&rdquo;
a ZFSG Designee that is elected as a Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ZFSG Stockholders</U>&rdquo;
means (i)&nbsp;ZFSG and any other investment funds affiliated with or advised by ZFSG and (ii)&nbsp;any Permitted Transferee or Affiliate
of ZFSG (x)&nbsp;which is issued Common Stock or becomes the beneficial owner of any Common Stock or is Transferred any Common Stock by
any other Person and (y)&nbsp;which becomes a party hereto by executing a Joinder Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ZFSG Designee</U>&rdquo;
has the meaning set forth in Section&nbsp;4.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">SECTION&nbsp;II.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>REPRESENTATIONS
AND WARRANTIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Representations
and Warranties of the Initial Stockholders</U></FONT>. <FONT STYLE="font-size: 10pt">The Initial Stockholders have the power and authority
to enter into this Agreement and carry out their obligations hereunder. The Initial Stockholders hereby represent, warrant and covenant
to the Company as follows: (a)&nbsp;this Agreement has been duly authorized, executed and delivered by such Initial Stockholder; (b)&nbsp;this
Agreement constitutes the valid and binding obligation of such Initial Stockholder enforceable against it in accordance with its terms;
and (c)&nbsp;the execution, delivery and performance by such Initial Stockholder of this Agreement: (i)&nbsp;does not and will not violate
any laws, rules&nbsp;or regulations of the United States or any state or other jurisdiction applicable to such Initial Stockholder, or
require such Initial Stockholder to obtain any approval, consent or waiver of, or to make any filing with, any Person that has not been
obtained or made; and (ii)&nbsp;does not constitute a breach of or default under any material agreement to which such Initial Stockholder
is a party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Representations
and Warranties of the Company</U>. The Company hereby represents, warrants and covenants to the Initial Stockholders as follows: (a)&nbsp;the
Company has full corporate power and authority to enter into this Agreement and perform its obligations hereunder; (b)&nbsp;this Agreement
constitutes the valid and binding obligation of the Company enforceable against it in accordance with its terms; and (c)&nbsp;the execution,
delivery and performance by the Company of this Agreement: (i)&nbsp;does not and will not violate any laws, rules&nbsp;or regulations
of the United States or any state or other jurisdiction applicable to the Company, or require the Company to obtain any approval, consent
or waiver of, or to make any filing with, any Person that has not been obtained or made; and (ii)&nbsp;does not and will not result in
a breach of, constitute a default under, accelerate any obligation under or give rise to a right of termination of any indenture or loan
or credit agreement or any other material agreement, contract, instrument, mortgage, lien, lease, permit, authorization, order, writ,
judgment, injunction, decree, determination or arbitration award to which the Company is a party or by which the property of the Company
is bound or affected, or result in the creation or imposition of any mortgage, pledge, lien, security interest or other charge or encumbrance
on any of the assets or properties of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">SECTION&nbsp;III.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>REGISTRATION
RIGHTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Demand
and Piggyback Rights</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Right
to Demand a Registered Offering</U>. Upon the demand of one or more ZFSG Stockholders, the Company will facilitate in the manner described
in this Agreement a registered offering of the Shares or Shares underlying convertible securities requested by the demanding ZFSG Stockholders
to be included in such offering. A demand by ZFSG Stockholders for a registered underwritten offering may not be made unless the Shares
requested to be sold by the demanding ZFSG Stockholders in such offering have an aggregate market value (based on the most recent closing
price of the Common Stock at the time of the demand) of at least $50 million or such lesser amount if all Shares held by the demanding
ZFSG Stockholders are requested to be sold. Any demanded registered offering may, at the Company&rsquo;s option, include Shares to be
sold by the Company for its own account and will also include Shares to be sold by other Stockholders or other holders of Shares with
similar rights, if any, that exercise their related piggyback rights on a timely basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Right
to Piggyback on a Non-Shelf Registered Offering</U>. In connection with any registered offering of Common Stock covered by a non-shelf
registration statement (whether pursuant to the exercise of demand rights or at the initiative of the Company), the Stockholders may exercise
piggyback rights to have included in such offering Shares or Shares underlying convertible securities held by them. The Company will facilitate
in the manner described in this Agreement any such non-shelf registered offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Right
to Demand and be Included in a Shelf Registration</U>. Upon the demand of one or more ZFSG Stockholders, the Company will facilitate in
the manner described in this Agreement a shelf registration of Shares held by them (such registration statement, a &ldquo;Shelf Registration
Statement&rdquo;) on Form&nbsp;S-1 or Form&nbsp;S-3. If at any time or from time to time, the Company proposes to file a shelf registration
statement for itself or on behalf of any other stockholder, for a delayed or continuous offering pursuant to Rule&nbsp;415 under the Securities
Act or any successor rule&nbsp;thereto, then the Company shall give each Stockholder written notice prior to filing a Shelf Registration
Statement and, upon the written request of any Stockholder, the Company shall include in such Shelf Registration Statement a number of
Shares or Shares underlying convertible securities held by such Stockholder equal to the aggregate number of Shares requested to be included
by such Stockholder. If at the time of such request the Company is a WKSI, such shelf registration may cover an unspecified number of
Shares to be sold by the Company and the Stockholders and only a generic description of the holder of such securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Demand
and Piggyback Rights for Shelf Takedowns</U>. Upon the demand of one or more ZFSG Stockholders made at any time and from time to time,
the Company will facilitate in the manner described in this Agreement a &ldquo;takedown&rdquo; of Shares or Shares underlying convertible
securities off of an effective Shelf Registration Statement. In connection with any underwritten shelf takedown (whether pursuant to the
exercise of such demand rights or at the initiative of the Company), the Stockholders may exercise piggyback rights to have included in
such takedown Shares or Shares underlying convertible securities held by them that are registered on such shelf. Notwithstanding the foregoing,
ZFSG Stockholders may not demand an underwritten shelf takedown for an offering unless the Shares requested to be sold by the demanding
Stockholders in such takedown have an aggregate market value (based on the most recent closing price of the Common Stock at the time of
the demand) of at least $50 million or such lesser amount if all Shares held by the demanding ZFSG Stockholders are requested to be sold.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Limitations
on Demand and Piggyback Rights</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
demand for the filing of a registration statement or for a registered offering or takedown will be subject to the constraints of any applicable
lockup arrangements, and such demand must be deferred until such lockup arrangements no longer apply. If a demand has been made for a
non-shelf registered offering or for an underwritten takedown, no further demands may be made so long as the related offering is still
being pursued. Notwithstanding anything in this Agreement to the contrary, the Stockholders will not have piggyback or other registration
rights with respect to registered primary offerings by the Company (i)&nbsp;in connection with registrations on Form&nbsp;S-4 or Form&nbsp;S-8
promulgated by the SEC or any successor or similar forms, (ii)&nbsp;where the Shares are not being sold for cash or (iii)&nbsp;where the
offering is a bona fide offering of securities other than Shares, even if such securities are convertible into or exchangeable or exercisable
for Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Stockholders shall not be permitted to sell any securities pursuant to Section&nbsp;3.1 at any time that the Board of Directors determines
in good faith that it would be materially detrimental to the Company or its stockholders for sales of securities to be made; provided
that all Stockholders shall be treated consistently in connection with each such determination; and provided further, that the Company
shall promptly notify each Stockholder in writing of any such action and provided further, that any such delay may not last more than
forty-five (45) days and such delays may not be in effect more than ninety (90) days during any three hundred and sixty-five (365) day
period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notices,
Cutbacks and Other Matters</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notifications
Regarding Registration Statements and Shelf Takedowns</U>. In order for one or more ZFSG Stockholders to exercise their right to demand
that a registration statement be filed, they must so notify the Company in writing indicating the number of Shares sought to be registered
and the proposed plan of distribution. The Company will use its best efforts to keep the ZFSG Stockholders reasonably apprised of all
pertinent aspects of its pursuit of any registration or Shelf Takedown, whether pursuant to a ZFSG Stockholder demand or otherwise, with
respect to which a piggyback opportunity is available (and in any event, provide written notice of such registration statement or Shelf
Takedown at least ten (10)&nbsp;business days before a filing of a registration statement or Shelf Takedown). Pending any required public
disclosure and subject to applicable legal requirements, the parties will maintain the confidentiality of these discussions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notifications
Regarding Registration Piggyback Rights</U>. Any Stockholder wishing to exercise its piggyback rights with respect to a registration statement
must notify the Company and the other Stockholders of the number of Shares it seeks to have included in such registration statement. Such
notice must be given as soon as practicable, but in no event later than 5:00 pm, New York City time, on the third trading day prior to
(i)&nbsp;if applicable, the date on which the preliminary prospectus intended to be used in connection with pre-effective marketing efforts
for the relevant offering is expected to be finalized, and (ii)&nbsp;if no marketing takes place, the date on which the pricing of the
relevant offering is expected to occur.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Plan
of Distribution, Underwriters and Counsel</U>. If (i)&nbsp;a majority of the Shares proposed to be sold in an underwritten offering through
a non-shelf registration statement or through a shelf takedown are being sold by the Company for its own account and (ii)&nbsp;such offering
was initiated by the Company and not by any ZFSG Stockholder, the Company will be entitled to determine the plan of distribution and select
the managing underwriters for such offering. Otherwise, the Stockholders holding a majority of the Shares requested to be included in
such offering will be entitled to determine the plan of distribution and select the managing underwriters, and such majority will also
be entitled to select counsel for the selling Stockholders in any transaction (which may be the same as counsel for the Company). In the
case of a Shelf Registration Statement, the plan of distribution will provide as much flexibility as is reasonably possible, including
with respect to resales by transferees and pledgees of Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Cutbacks</U>.
If the managing underwriters advise the Company and the selling Stockholders that, in their opinion, the number of Shares requested to
be included in an underwritten offering exceeds the amount that can be sold in such offering without adversely affecting the distribution
of the Shares being offered, such offering will include only the number of Shares that the underwriters advise can be sold in such offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the case of a registered offering upon the demand of one or more ZFSG Stockholders, the selling Stockholders (including those Stockholders
exercising piggyback rights pursuant to Section&nbsp;3.1(b)) collectively will have first priority and will be subject to cutback pro
rata based on the number of Shares initially requested by them to be included in such offering. To the extent of any remaining capacity,
all other stockholders having similar registration rights will have second priority and will be subject to cutback pro rata based on the
number of Shares initially requested by them to be included in such offering. To the extent of any remaining capacity, the Company will
have third priority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the case of a registered offering upon the initiative of the Company, the Company will have first priority. To the extent of any remaining
capacity, the selling Stockholders as a group will have second priority and will be subject to cutback pro rata based on the number of
Shares initially requested by such selling Stockholders to be included in such offering. To the extent of any remaining capacity, all
other stockholders having similar registration rights as a group will have third priority and will be subject to cutback pro rata based
on the number of Shares initially requested by such group to be included in such offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Withdrawals</U>.
Even if Shares held by a ZFSG Stockholder have been part of a registered underwritten offering, such ZFSG Stockholder may, no later than
the time at which the public offering price and underwriters&rsquo; discount are determined with the managing underwriter, decline to
sell all or any portion of the Shares being offered for its account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Lockups</U>.
In connection with any underwritten offering of Shares following the Initial Public Offering, the Company and each participating Stockholder
hereby agree to be bound by the underwriting agreement&rsquo;s lockup restrictions (which must apply, and continue to apply, in like manner
to all of them) that are agreed to by the Company or by directors, officers and other selling stockholders; provided, however, that in
no event following the Initial Public Offering shall such lockup restrictions last more than 90 days; provided, further, if any party
to a lock-up is released from its holdback period by the underwriters prior to the end of the applicable holdback period, then each other
Stockholder shall be similarly released to the same extent and on a pro rata basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Expenses</U>.
All expenses incurred in connection with any registration statement or registered offering covering Shares held by Stockholders, including,
without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel to the Company and to the Stockholders
(provided that the Company shall only be responsible for the fees and disbursements of one outside counsel for all of the Stockholders)
and of the independent certified public accountants, and the expense of qualifying such Shares under state blue sky laws, will be borne
by the Company. However, underwriters&rsquo;, brokers&rsquo; and dealers&rsquo; discounts and commissions applicable to Shares sold for
the account of a Stockholder will be borne by such Stockholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Facilitating
Registrations and Offerings</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>General</U>.
If the Company becomes obligated under this Agreement to facilitate a registration and offering of Shares on behalf of the Stockholders,
the Company will do so with the same degree of care and dispatch as would reasonably be expected in the case of a registration and offering
by the Company of Shares for its own account. Without limiting this general obligation, the Company will fulfill its specific obligations
as described in this Section&nbsp;3.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Registration
Statements</U>. In connection with each registration statement that is demanded by the ZFSG Stockholders or as to which piggyback rights
otherwise apply, the Company will:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">prepare
and file (or confidentially submit) with the SEC a registration statement covering the applicable Shares, (ii)&nbsp;prepare and file (or
confidentially submit) such amendments or supplements to such registration statement and the prospectus used in connection therewith as
may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration
statement have been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration
statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration
statement relates to an underwritten public offering, such longer period as in the opinion of counsel for the underwriters a prospectus
is required by law to be delivered in connection with the sale of Shares by an underwriter or dealer), (iii)&nbsp;seek the effectiveness
thereof, and (iv)&nbsp;file with the SEC prospectuses and prospectus supplements as may be required, all in consultation with the ZFSG
Stockholders and as reasonably necessary in order to permit the offer and sale of the such Shares in accordance with the applicable plan
of distribution;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">within
a reasonable time prior to the filing of any registration statement, any prospectus, any amendment to a registration statement, amendment
or supplement to a prospectus or any free writing prospectus, provide copies of such documents to the selling Stockholders and to the
underwriter or underwriters of an underwritten offering, if applicable, and to their respective counsel; fairly consider such reasonable
changes in any such documents prior to or after the filing thereof as the counsel to the Stockholders or the underwriter or the underwriters
may request; and make such of the representatives of the Company as shall be reasonably requested by the selling Stockholders or any underwriter
available for discussion of such documents;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">cause
each registration statement and the related prospectus and any amendment or supplement thereto, as of the effective date of such registration
statement, amendment or supplement and during the distribution of the registered Shares (x)&nbsp;to comply in all material respects with
the requirements of the Securities Act and the rules&nbsp;and regulations of the SEC and (y)&nbsp;not to contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">notify
each Stockholder promptly, and, if requested by such Stockholder, confirm such advice in writing, (i)&nbsp;when a registration statement
has become effective and when any post-effective amendments and supplements thereto become effective if such registration statement or
post-effective amendment is not automatically effective upon filing pursuant to Rule&nbsp;462 under the Securities Act, (ii)&nbsp;of the
issuance by the SEC or any state securities authority of any stop order, injunction or other order or requirement suspending the effectiveness
of a registration statement or the initiation or threatening of any proceedings for that purpose, (iii)&nbsp;if, between the effective
date of a registration statement and the closing of any sale of securities covered thereby pursuant to any agreement to which the Company
is a party, the representations and warranties of the Company contained in such agreement cease to be true and correct in all material
respects or if the Company receives any notification with respect to the suspension of the qualification of the Shares for sale in any
jurisdiction or the initiation of any proceeding for such purpose, and (iv)&nbsp;of the happening of any event during the period a registration
statement is effective as a result of which such registration statement or the related prospectus contains any untrue statement of a material
fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading and,
if required by applicable law, prepare and file a supplement or amendment to such registration statement or prospectus so that, as thereafter
delivered to the purchasers of Shares registered thereby, such registration statement or prospectus will not contain an untrue statement
of a material fact or omit to state any fact necessary to make the statements therein not misleading;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">furnish
counsel for each underwriter, if any, and for the Stockholders copies of any correspondence with the SEC or any state securities authority
relating to the registration statement or prospectus;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">otherwise
comply with all applicable rules&nbsp;and regulations of the SEC, including making available to its security holders an earnings statement
covering at least 12 months which shall satisfy the provisions of Section&nbsp;11(a)&nbsp;of the Securities Act and Rule&nbsp;158 thereunder
(or any similar provision then in force);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">use
all reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a registration statement at the earliest
possible time;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Non-Shelf
Registered Offerings and Shelf Takedowns</U>. In connection with any non-shelf registered offering or shelf takedown that is demanded
by the ZFSG Stockholders or as to which piggyback rights otherwise apply, the Company will:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">cooperate
with the selling Stockholders and the sole underwriter or managing underwriter(s)&nbsp;of an underwritten offering of Shares, if any,
to facilitate the timely preparation and delivery of certificates representing the Shares to be sold and not bearing any restrictive legends;
and enable such Shares to be in such denominations (consistent with the provisions of the governing documents thereof) and registered
in such names as the selling Stockholders or the sole underwriter or managing underwriter(s)&nbsp;of an underwritten offering of Shares,
if any, may reasonably request at least five days prior to any sale of such Shares;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">furnish
to each Stockholder and to each underwriter, if any, participating in the relevant offering, without charge, as many copies of the applicable
prospectus, including each preliminary prospectus, and any amendment or supplement thereto and such other documents as such Stockholder
or underwriter may reasonably request in order to facilitate the public sale or other disposition of the Shares; the Company hereby consents
to the use of the prospectus, including each preliminary prospectus, by each such Stockholder and underwriter in connection with the offering
and sale of the Shares covered by the prospectus or the preliminary prospectus;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)&nbsp;use
all reasonable efforts to register or qualify the Shares being offered and sold, no later than the time the applicable registration statement
becomes effective, under all applicable state securities or &ldquo;blue sky&rdquo; laws of such jurisdictions as each underwriter, if
any, or any Stockholder holding Shares covered by a registration statement, shall reasonably request; (ii)&nbsp;use all reasonable efforts
to keep each such registration or qualification effective during the period such registration statement is required to be kept effective;
(iii)&nbsp;comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in the registration
statement and (iv)&nbsp;do any and all other acts and things which may be reasonably necessary or advisable to enable each such underwriter,
if any, and Stockholder to consummate the disposition in each such jurisdiction of such Shares owned by such Stockholder; <I>provided</I>,
<I>however</I>, that the Company shall not be obligated to qualify as a foreign corporation or as a dealer in securities in any jurisdiction
in which it is not so qualified or to consent to be subject to general service of process (other than service of process in connection
with such registration or qualification or any sale of Shares in connection therewith) in any such jurisdiction;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">cause
all Shares being sold to be qualified for inclusion in or listed on the principal U.S. securities exchange on which the Common Stock is
then so qualified or listed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">cooperate
and assist in any filings required to be made with Financial Industry Regulatory Authority and in the performance of any due diligence
investigation by any underwriter in an underwritten offering;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">use
all reasonable efforts to facilitate the distribution and sale of any Shares to be offered pursuant to this Agreement, including without
limitation by making road show presentations, holding meetings with and making calls to potential investors and taking such other actions
as shall be requested by the Stockholders or the lead managing underwriter of an underwritten offering; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">enter
into customary agreements (including, in the case of an underwritten offering, underwriting agreements in customary form, and including
provisions with respect to indemnification and contribution in customary form and consistent with the provisions relating to indemnification
and contribution contained herein) and take all other customary and appropriate actions in order to expedite or facilitate the disposition
of such Shares and in connection therewith:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">make
such representations and warranties to the selling Stockholders and the underwriters, if any, in form, substance and scope as are customarily
made by issuers to underwriters in similar underwritten offerings;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">obtain
opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably
satisfactory to the lead managing underwriter, if any) addressed to each selling Stockholder and the underwriters, if any, covering the
matters customarily covered in opinions requested in sales of securities or underwritten offerings and such other matters as may be reasonably
requested by such Stockholders and underwriters;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">obtain
 &ldquo;cold comfort&rdquo; letters and updates thereof from the Company&rsquo;s independent certified public accountants addressed to
the selling Stockholders, if permissible, and the underwriters, if any, which letters shall be customary in form and shall cover matters
of the type customarily covered in &ldquo;cold comfort&rdquo; letters to underwriters in connection with primary underwritten offerings;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the extent requested by the ZFSG Shareholders, cause the Company&rsquo;s directors and executive officers to enter into lock-up agreements
in customary form; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the extent requested and customary for the relevant transaction, enter into a securities sales agreement with the Stockholders providing
for, among other things, the appointment of such representative as agent for the selling Stockholders for the purpose of soliciting purchases
of Shares, which agreement shall be customary in form, substance and scope and shall contain customary representations, warranties and
covenants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">The above shall be done at such times
as customarily occur in similar registered offerings or shelf takedowns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Due
Diligence</U>. In connection with each registration and offering of Shares to be sold by Stockholders, the Company will, in accordance
with customary practice, make available for inspection by representatives of the Stockholders participating in such offering and underwriters
and any counsel or accountant retained by such Stockholder or underwriters all relevant financial and other records, pertinent corporate
documents and properties of the Company and cause appropriate officers, managers and employees of the Company to supply all information
reasonably requested by any such representative, underwriter, counsel or accountant in connection with their due diligence exercise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Information
from Stockholders</U>. Each Stockholder that holds Shares covered by any registration statement will furnish to the Company such information
regarding itself as is required to be included in the registration statement, the ownership of Shares by such Stockholder and the proposed
distribution by such Stockholder of such Shares as the Company may from time to time reasonably request in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification
by the Company</U>. In the event of any registration under the Securities Act by any registration statement pursuant to rights granted
in this Agreement of Shares held by the Stockholders, the Company will hold harmless the Stockholders and each underwriter of such securities
and each other person, if any, who controls any Stockholder or such underwriter within the meaning of the Securities Act, against any
losses, claims, damages, or liabilities (including legal fees and costs of court), joint or several, to which the Stockholders or such
underwriter or controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages, or
liabilities (or any actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any
material fact (i)&nbsp;contained, on its effective date, in any registration statement under which such securities were registered under
the Securities Act or any amendment or supplement to any of the foregoing, and which arise out of or are based upon the omission or alleged
omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii)&nbsp;contained
in any preliminary prospectus, if used prior to the effective date of such registration statement, in the final prospectus (as amended
or supplemented if the Company shall have filed with the SEC any amendment or supplement to the final prospectus), any free writing prospectus,
any testing-the-waters materials or any road show, and which arise out of or are based upon the omission or alleged omission (if so used)
to state a material fact required to be stated in such prospectus or necessary to make the statements in such prospectus not misleading;
and will reimburse the Stockholders and each such underwriter and each such controlling person for any legal or any other expenses reasonably
incurred by them in connection with investigating or defending any such loss, claim, damage, or liability; provided, however, that the
Company shall not be liable to any Stockholder or its underwriters or controlling persons in any such case to the extent that any such
loss, claim, damage, or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged
omission made in such registration statement or such amendment or supplement, in reliance upon and in conformity with information furnished
to the Company by such Stockholder or such underwriter specifically for use in the preparation thereof. The Company and the Stockholders
hereby acknowledge and agree that, unless otherwise expressly agreed to in writing by the applicable Stockholders, the only information
furnished or to be furnished to the Company for such use are statements specifically relating to (a)&nbsp;the beneficial ownership of
Shares by such Stockholder and its Affiliates and (b)&nbsp;the name and address of such Stockholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification
by the Stockholders</U>. Each Stockholder will indemnify and hold harmless (in the same manner and to the same extent as set forth in
Section&nbsp;3.4(a)) the Company, each director of the Company, each officer of the Company who shall sign the registration statement,
and any person who controls the Company within the meaning of the Securities Act, against any losses, claims, damages, or liabilities
(including legal fees and costs of court), joint or several, to which the Company or such controlling person may become subject under
the Securities Act or otherwise, insofar as such losses, claims, damages, or liabilities (or any actions in respect thereof) arise out
of or are based upon any untrue statement or alleged untrue statement of any material fact (i)&nbsp;contained, on its effective date,
in any registration statement under which such securities were registered under the Securities Act or any amendment or supplement to any
of the foregoing, and which arise out of or are based upon the omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein not misleading or (ii)&nbsp;contained in any preliminary prospectus, if used prior
to the effective date of such registration statement, in the final prospectus (as amended or supplemented if the Company shall have filed
with the SEC any amendment or supplement to the final prospectus), any free writing prospectus, any testing-the-waters materials or any
road show, and which arise out of or are based upon the omission or alleged omission (if so used) to state a material fact required to
be stated in such prospectus or necessary to make the statements in such prospectus not misleading, if such statement or omission was
made in reliance upon and in conformity with information furnished to the Company by such Stockholder specifically regarding such Stockholder
for use in the preparation of such registration statement or amendment or supplement, and (ii)&nbsp;with respect to compliance by such
Stockholder with applicable laws in effecting the sale or other disposition of the securities covered by such registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification
Procedures</U>. Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred
to in Section&nbsp;3.4(a)&nbsp;and Section&nbsp;3.4(b), the indemnified party will, if a resulting claim is to be made or may be made
against and indemnifying party, give written notice to the indemnifying party of the commencement of the action. The failure of any indemnified
party to give notice shall not relieve the indemnifying party of its obligations in this Section&nbsp;3.4, except to the extent that the
indemnifying party is actually prejudiced by the failure to give notice. If any such action is brought against an indemnified party, the
indemnifying party will be entitled to participate in and to assume the defense of the action with counsel reasonably satisfactory to
the indemnified party, and after notice from the indemnifying party to such indemnified party of its election to assume defense of the
action, the indemnifying party will not be liable to such indemnified party for any legal or other expenses incurred by the latter in
connection with the action&rsquo;s defense. An indemnified party shall have the right to employ separate counsel in any action or proceeding
and participate in the defense thereof, but the fees and expenses of such counsel shall be at such indemnified party&rsquo;s expense unless
(a)&nbsp;the employment of such counsel has been specifically authorized in writing by the indemnifying party, which authorization shall
not be unreasonably withheld, (ii)&nbsp;the indemnifying party has not assumed the defense and employed counsel reasonably satisfactory
to the indemnified party within 30 days after notice of any such action or proceeding, or (iii)&nbsp;the named parties to any such action
or proceeding (including any impleaded parties) include the indemnified party and the indemnifying party and the indemnified party shall
have been advised by such counsel that there may be one or more legal defenses available to the indemnified party that are different from
or additional to those available to the indemnifying party (in which case the indemnifying party shall not have the right to assume the
defense of such action or proceeding on behalf of the indemnified party), it being understood, however, that the indemnifying party shall
not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of
attorneys (in addition to all local counsel which is necessary, in the good faith opinion of both counsel for the indemnifying party and
counsel for the indemnified party in order to adequately represent the indemnified parties) for the indemnified party and that all such
fees and expenses shall be reimbursed as they are incurred upon written request and presentation of invoices. Whether or not a defense
is assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its
consent. No indemnifying party will consent to entry of any judgment or enter into any settlement which (i)&nbsp;does not include as an
unconditional term the giving by the claimant or plaintiff, to the indemnified party, of a release from all liability in respect of such
claim or litigation or (ii)&nbsp;involves the imposition of equitable remedies or the imposition of any non-financial obligations on the
indemnified party.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Contribution</U>.
If the indemnification required by this Section&nbsp;3.4 from the indemnifying party is unavailable to or insufficient to hold harmless
an indemnified party in respect of any indemnifiable losses, claims, damages, liabilities, or expenses, then the indemnifying party shall
contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities, or expenses
in such proportion as is appropriate to reflect (i)&nbsp;the relative benefit of the indemnifying and indemnified parties and (ii)&nbsp;if
the allocation in clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect the relative benefit
referred to in clause (i)&nbsp;and also the relative fault of the indemnified and indemnifying parties, in connection with the actions
which resulted in such losses, claims, damages, liabilities, or expenses, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and the indemnified party shall be determined by reference to, among other things, whether any
action in question, including any untrue or alleged untrue statement of a material fact, has been made by, or relates to information supplied
by, such indemnifying party or parties, and the parties&rsquo; relative intent, knowledge, access to information, and opportunity to correct
or prevent such action. The amount paid or payable by a party as a result of the losses, claims, damage, liabilities, and expenses referred
to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation
or proceeding. The Company and the Stockholders agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;3.4(d)&nbsp;were
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred
to in the prior provisions of this Section&nbsp;3.4(d). Notwithstanding the provisions of this Section&nbsp;3.4(d), no indemnifying party
shall be required to contribute any amount in excess of the amount by which the total price at which the securities were offered to the
public by the indemnifying party exceeds the amount of any damages which the indemnifying party has otherwise been required to pay by
reason of an untrue statement or omission. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such a fraudulent misrepresentation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Non-Exclusive
Remedy.</U> The indemnification and contribution provided for under this Agreement will be in addition to any other rights to indemnification
or contribution that any indemnified party may have pursuant to law or contract (and the Company and its subsidiaries shall be considered
the indemnitors of first resort in all such circumstances to which this Section&nbsp;3 applies) and will remain in full force and effect
regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified
party and will survive the transfer of Shares and the termination or expiration of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Rule&nbsp;144</U>.
If the Company is subject to the requirements of Section&nbsp;13, 14 or 15(d)&nbsp;of the Exchange Act, the Company covenants that it
will file any reports required to be filed by it under the Securities Act and the Exchange Act (or, if the Company is subject to the requirements
of Section&nbsp;13, 14 or 15(d)&nbsp;of the Exchange Act but is not required to file such reports, it will, upon the request of the ZFSG
Stockholder, make publicly available such information) and it will take such further action as any Stockholder may reasonably request,
so as to enable such Stockholder to sell Shares without registration under the Securities Act within the limitation of the exemptions
provided by (a)&nbsp;Rule&nbsp;144 under the Securities Act, as such Rule&nbsp;may be amended from time to time, or (b)&nbsp;any similar
rule&nbsp;or regulation hereafter adopted by the SEC. Upon the request of any Stockholder, the Company will deliver to such Stockholder
a written statement as to whether it has complied with such requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">SECTION&nbsp;IV.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>CORPORATE
GOVERNANCE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Board
of Directors</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Composition
of Initial Board</U>. As of the Closing, the Board of Directors shall be comprised of seven (7)&nbsp;directors serving as a single class:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>ZFSG
Stockholders&rsquo; Representation</U>. For so long as ZFSG and its Affiliates hold, in the aggregate, a number of shares of Common Stock
representing at least the percentages shown below, the Company shall take all Necessary Action to include in the slate of nominees recommended
by the Board of Directors for election as directors at each applicable annual or special meeting of stockholders at which directors are
to be elected that number of individuals designated by ZFSG (each, a &ldquo;<U>ZFSG Designee</U>&rdquo;) that, if elected, will result
in the number of ZFSG Directors serving on the Board of Directors that is shown below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-bottom: 4pt; width: 69%; padding-left: 5.35pt"><U>Percentage</U></TD>
    <TD STYLE="border-top: black 1pt solid; padding-bottom: 4pt; width: 31%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><U>Number of Directors</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt">40% or greater</TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 4pt; border-bottom: black 1pt solid; text-align: center">4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt">Less than 40% but greater than or equal to 30%</TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 4pt; border-bottom: black 1pt solid; text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt">Less than 30% but greater than or equal to 20%</TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 4pt; border-bottom: black 1pt solid; text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt">Less than 20% but greater than or equal to 10%</TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 4pt; border-bottom: black 1pt solid; text-align: center">1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt">Less than 10%</TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 4pt; border-bottom: black 1pt solid; text-align: center">0</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Board
Size Increases and Decreases.</U> If the size of the Board shall be increased, ZFSG shall have the right to designate a proportional number
of persons for nomination and election to the Board (rounded up to the nearest whole, even number) as prior to such increase. If the size
of the Board shall be decreased, ZFSG shall have the right to designate the same number of persons for nomination and election to the
Board as set forth above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Additional
Obligations</U>. An individual designated by ZFSG for election (including pursuant to Section&nbsp;4.1(b)) as a director shall comply
with any applicable requirements of the Company&rsquo;s articles of incorporation, bylaws and corporate governance guidelines (collectively,
the &ldquo;<U>Company Director Requirements</U>&rdquo;), and the charter or related guidelines of any committee of the Board of Directors
responsible for nominating directors (such committee, if any, a &ldquo;<U>Nominating Committee</U>&rdquo;). Notwithstanding anything to
the contrary in this Section&nbsp;4, in the event that the Board of Directors determines in good faith, after consultation with outside
legal counsel, that its nomination, appointment or election of a particular ZFSG Designee pursuant to this Section&nbsp;4.1 would constitute
a breach of its fiduciary duties to the Company or does not otherwise comply with any requirements of the Company Director Requirements,
or the charter or related guidelines of the Nominating Committee, if any, then the Board of Directors shall inform ZFSG of such determination
in writing and explain in reasonable detail the basis for such determination and ZFSG shall designate another individual for nomination,
election or appointment to the Board of Directors (subject in each case to this Section&nbsp;4.1(c)), and the Board of Directors and the
Company shall take all of the actions required by this Section&nbsp;4 with respect to the election of such substitute ZFSG Designee. It
is hereby acknowledged and agreed that the fact that a particular ZFSG Designee is an Affiliate, director, professional, partner, member,
manager, employee or agent of the ZFSG Stockholders or is not an independent director shall not in and of itself constitute an acceptable
basis for such determination by the Board of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Vacancies</U>.
ZFSG shall have the exclusive right to designate directors for election to the Board of Directors to fill vacancies (for the remainder
of the then current term) created by reason of death, disability, removal or resignation of ZFSG Directors to the Board of Directors,
and the Company shall take all Necessary Action to cause any such vacancies to be filled by replacement directors designated by ZFSG as
promptly as reasonably practicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Chair;
Committees</U>. For so long as ZFSG and its Affilaites hold, in the aggregate, at least 25% of the Shares of Common Stock outstanding,
ZFSG shall have the right to appoint the Chair of the Board and the Vice Chair of the Board from among the directors elected. In accordance
with the Company&rsquo;s articles of incorporation and bylaws, (i)&nbsp;the Board shall establish and maintain an audit committee of the
Board, as well as all other committees of the Board the Company is required to have in accordance with applicable Laws and stock exchange
regulations at such time, and (ii)&nbsp;the Board may from time to time by resolution establish and maintain other committees of the Board.
Subject to applicable laws and stock exchange regulations, and subject to requisite independence requirements applicable at such time
to such committee, ZFSG shall have the right to appoint at least one (1)&nbsp;ZFSG Director to serve on each committee of the Board for
so long as ZFSG has the right to designate at least one (1)&nbsp; director for nomination to the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Agreement
of Company</U></FONT>. <FONT STYLE="font-size: 10pt">The Company hereby agrees that it will take all Necessary Actions to cause the matters
addressed by this Section&nbsp;4 to be carried out in accordance with the provisions thereof. Without limiting the foregoing, the Secretary
of the Company or such other officer or employee of the Company who may be fulfilling the duties of the Secretary, shall not record any
vote or consent or other action contrary to the terms of this Section&nbsp;4. The Company shall avail itself of all available &ldquo;controlled
company&rdquo; exceptions to the corporate governance listing standards of any securities exchange on which shares of Common Stock are
listed, unless waived in writing by ZFSG.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">SECTION&nbsp;V.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>MISCELLANEOUS
PROVISIONS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Access
Rights</U>. The Company shall, and shall cause its subsidiaries, officers, directors, employees, auditors and other agents to (a)&nbsp;afford
the ZFSG Stockholders and their officers, employees, auditors and other agents, during normal business hours and upon reasonable notice,
at all reasonable times access to the Company&rsquo;s and its subsidiaries&rsquo; officers, employees, auditors, legal counsel, properties,
offices, plants and other facilities and to all books and records, and (b)&nbsp;afford the ZFSG Stockholders and their officers, employees,
auditors and other agents the opportunity to discuss the affairs, finances and accounts of the Company and its subsidiaries with their
respective officers from time to time as each such ZFSG Stockholder may reasonably request, in each case, until such time as such ZFSG
Stockholder shall cease to own 10% of the Shares outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Confidentiality</U>.
Each Stockholder agrees that it will keep confidential and will not disclose, divulge or use for any purpose, other than to monitor its
investment in the Company and its subsidiaries, any confidential information obtained from the Company pursuant to Section&nbsp;5.1, unless
such confidential information (a)&nbsp;is known or becomes known to the public in general (other than as a result of a breach of any confidentiality
obligation by such Stockholder or its affiliates), (b)&nbsp;is or has been independently developed or conceived by such Stockholder without
use of or reliance on the Company&rsquo;s confidential information or (c)&nbsp;is or has been made known or disclosed to such Stockholder
by a third party (other than an Affiliate of such Stockholder) without a breach of any confidentiality obligations such third party may
have to the Company that is known to such Stockholder; <U>provided</U>, <U>that</U>, a Stockholder may disclose confidential information
(i)&nbsp;to its attorneys, accountants, consultants and other professional advisors to the extent necessary to obtain their services in
connection with monitoring its investment in the Company, (ii)&nbsp;to any prospective purchaser of any Shares from such Stockholder as
long as such prospective purchaser executes a confidentiality agreement with the Company, in form and substance satisfactory to the Company,
(iii)&nbsp;to any Affiliate, partner, member, limited partners, prospective partners or related investment fund of such Stockholder and
their respective directors, employees, consultants and representatives, in each case in the ordinary course of business (provided that
the recipients of such confidential information are subject to a customary confidentiality and non-disclosure obligation, and provided
further that Stockholder will remain liable to the Company for any breaches of confidentiality and nondisclosure obligations by such persons),
or (iv)&nbsp;as may otherwise be required by law or legal, judicial or regulatory process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Reliance</U>.
Each covenant and agreement made by a party in this Agreement or in any certificate, instrument or other document delivered pursuant to
this Agreement is material, shall be deemed to have been relied upon by the other parties and shall remain operative and in full force
and effect regardless of any investigation. This Agreement shall not be construed so as to confer any right or benefit upon any Person
other than the parties hereto and their respective successors and permitted assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Access
to Agreement; Amendment and Waiver; Actions of the Board</U>. For so long as this Agreement shall be in effect, this Agreement shall be
made available for inspection by any Stockholder at the principal executive offices of the Company. Any party may waive in writing any
provision hereof intended for its benefit, provided, that, in the case of any waiver by the Company, such waiver is consented to in writing
by ZFSG. No failure or delay on the part of any party in exercising any right, power or remedy hereunder shall operate as a waiver thereof.
The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to any party at law or in
equity or otherwise. This Agreement may be amended only with the prior written consent of ZFSG and the Company; provided that any amendment
to this Agreement that adversely affects any Stockholder in a disproportionate manner shall not be effective against such Stockholder
without the prior written consent of such Stockholder. Any consent given as provided in the preceding sentence shall be binding on all
parties (subject to the proviso in the preceding sentence). Further, with the prior written consent of ZFSG and the Company, at any time
hereafter Permitted Transferees may be made parties hereto, with any such additional parties shall be treated as &ldquo;Stockholders&rdquo;
for all purposes hereunder, by executing a counterpart signature page&nbsp;in the form attached as <U>Exhibit&nbsp;A</U> hereto, which
signature page&nbsp;shall be attached to this Agreement and become a part hereof without any further action of any other party hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
All notices, requests, demands and other communications provided for hereunder shall be in writing and mailed (by first class registered
or certified mail, electronic mail, facsimile or postage prepaid), sent by express overnight courier service, or delivered to the applicable
party at the respective address indicated below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>If to the Company:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Ategrity Specialty
Insurance Company Holdings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">West 57th Street,
33rd Floor,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Attn: Eric Crespolini
([***])</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>With a copy (which shall
not constitute notice):</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Latham&nbsp;&amp; Watkins LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">1271 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">New York, New York 10020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Attention:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Marc Jaffe ([***])</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Erika Weinberg ([***])</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>If to the ZFSG Stockholders:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Zimmer Financial
Services Group LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">West 57th Street,
33rd Floor,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Attention: Jelena Napolitano ([***])</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>If to any other Stockholder:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At such Person&rsquo;s address
for notice as set forth in the books and records of the Company, or, as to each of the foregoing, at such other address as shall be designated
by a party in a written notice to other parties complying as to delivery with the terms of this Section&nbsp;5.5. All such notices, requests,
demands and other communications shall, when mailed, telegraphed or sent, respectively, be effective (i)&nbsp;two days after being deposited
in the mail or (ii)&nbsp;one day after being deposited with the express overnight courier service, respectively, addressed as aforesaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Counterparts;
Electronic Delivery</U></FONT>. <FONT STYLE="font-size: 10pt">This Agreement may be executed in two or more counterparts, and delivered
via facsimile, .pdf or other electronic transmission, each of which shall be deemed an original, but all of which together shall constitute
one and the same agreement. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in
connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered
by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using a facsimile machine or electronic
mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding
legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such
agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties.
No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic mail to deliver a signature
or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or electronic
mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Remedies;
Severability</U>. It is specifically understood and agreed that any breach of the provisions of this Agreement by any party will result
in irreparable injury to the other parties, that the remedy at law alone will be an inadequate remedy for such breach, and that, in addition
to any other legal or equitable remedies which they may have, such other parties may enforce their respective rights by actions for specific
performance or injunctive relief (to the extent permitted at law or in equity). If any one or more of the provisions of this Agreement,
or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein are not to
be in any way impaired thereby, it being intended that all of the rights and privileges of the parties be enforceable to the fullest
extent permitted by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U>. This Agreement constitutes the entire agreement of the Parties with respect to the subject matter hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.9</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Termination</U>.
This Agreement shall terminate on the earlier of (i)&nbsp;the election of ZFSG, (ii)&nbsp;with respect to each ZFSG Stockholder, such
date as the ZFSG Stockholder ceases to hold any Shares or (iii)&nbsp;with respect any Stockholder other than an ZFSG Stockholder, such
date as the Stockholder may sell all of its Shares without regard to volume restrictions under Rule&nbsp;144 under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.10</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Governing
Law</U>. This Agreement is to be construed and enforced in accordance with the laws of the State of Nevada, without giving effect to its
principles or rules&nbsp;of conflict of laws to the extent such principles or rules&nbsp;are not mandatorily applicable by statute and
would require or permit the application of the laws of another jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.11</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Successors
and Assigns; Beneficiaries</U>. This Agreement shall be binding upon and inure to the benefit of the parties and the respective successors
and assigns of the parties as contemplated herein. Any successor to the Company by way of merger or otherwise must specifically agree
to be bound by the terms hereof as a condition of such succession.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.12</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Consent
to Jurisdiction; Specific Performance; WAIVER OF JURY TRIAL</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
of the parties hereto irrevocably and unconditionally consents to the sole and exclusive jurisdiction of the state and federal courts
located in the Eighth Judicial District Court of Clark County, Nevada to resolve all disputes, claims or controversies arising out of
or relating to this Agreement or any other agreement executed and delivered pursuant to or in connection with this Agreement or the negotiation,
breach, validity, termination or performance hereof and thereof or the transactions contemplated hereby and thereby and agrees that it
will not bring any such action in any court other than the federal or state courts located in Eighth Judicial District Court of Clark
County, Nevada. Each party further irrevocably waives any objection to proceeding in such courts based upon lack of personal jurisdiction
or to the laying of venue in such courts and further irrevocably and unconditionally waives and agrees not to make a claim that such courts
are an inconvenient forum. Each of the parties hereto hereby consents to service of process by registered mail at the address to which
notices are to be given as provided in Section&nbsp;5.5. Each of the parties hereto agrees that its or his submission to jurisdiction
and its or his consent to service of process by mail is made for the express benefit of the other parties hereto. The choice of forum
set forth in this Section&nbsp;shall not be deemed to preclude the enforcement of any judgment of a Nevada federal or state court, or
the taking of any action under this Agreement to enforce such a judgment, in any other appropriate jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, this being in
addition to any other remedy to which such party is entitled at law or in equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">EACH
PARTY TO THIS AGREEMENT WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THEM AGAINST THE OTHER ARISING
OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, OR ANY OTHER AGREEMENTS EXECUTED AND DELIVERED PURSUANT TO OR IN CONNECTION HEREWITH
OR THE NEGOTIATION, BREACH, VALIDITY, TERMINATION OR PERFORMANCE HEREOF AND THEREOF OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.
FURTHER, (I)&nbsp;NO PARTY TO THIS AGREEMENT SHALL SEEK A JURY TRIAL IN ANY SUCH ACTION AND (II)&nbsp;NO PARTY WILL SEEK TO CONSOLIDATE
ANY SUCH ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH
PARTY TO THIS AGREEMENT CERTIFIES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT OR INSTRUMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS SET FORTH ABOVE IN THIS SECTION&nbsp;5.12. NO PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY OTHER
PARTY THAT THE PROVISIONS OF THIS SECTION&nbsp;WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.13</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Further
Assurances</U>. The parties hereto agree to cooperate with each other, and at the request of any other party, to execute and deliver any
further instruments or documents and to take all such further action as any other party may reasonably request in order to evidence or
effectuate the provisions of this Agreement and to otherwise carry out the intent of the parties hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.14</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Regulatory
Matters</U>. The Company shall and shall cause its subsidiaries to keep the ZFSG Stockholders informed, on a current basis, of any events,
discussions, notices or changes with respect to any criminal or regulatory investigation or action involving the Company or any of its
subsidiaries, so that the ZFSG Stockholders and their respective Affiliates will have the opportunity to take appropriate steps to avoid
or mitigate any regulatory consequences to them that might arise from such investigation or action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.15</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Third Party Liability</U></FONT>. <FONT STYLE="font-size: 10pt">This Agreement may only be enforced against the named parties hereto.
All claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement, or the
negotiation, execution or performance of this Agreement (including any representation or warranty made in or in connection with this Agreement
or as an inducement to enter into this Agreement), may be made only against the entities that are expressly identified as parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.16</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Removal
of Legends</U>. The Company shall remove any restrictive legends on any Shares held by any Stockholder promptly upon request by such Stockholder
if such legend is not, in the reasonable determination of the Company upon the advice of legal counsel, required to comply with applicable
securities laws; provided that the Company may require an opinion of legal counsel reasonably acceptable to the Company prior to any such
removal other than in connection with a transfer made pursuant to an effective registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.17</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Inconsistent
Agreements</U>. Neither the Company nor any Stockholder shall enter into any agreement or side letter with, or grant any proxy to, any
Stockholder, the Company or any other Person (whether or not such proxy, agreements or side letters are with other Stockholders, holders
of Shares that are not parties to this Agreement or otherwise) that conflicts with the provisions of this Agreement or which would obligate
such Person to breach any provision of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>[SIGNATURE PAGE FOLLOWS]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
are signing this Stockholders Agreement as of the date first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>ATEGRITY SPECIALTY INSURANCE COMPANY HOLDINGS</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 42%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;to Stockholders Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>ZIMMER FINANCIAL SERVICES GROUP LLC</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 42%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>ZIMMER MANAGEMENT SERVICES LLC</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>[</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT><B>]</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;to Stockholders Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Joinder Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By execution of this signature page, [_______________]
hereby agrees to become a Party to, and to be bound by the obligations of, and receive the benefits of, that certain Stockholders Agreement,
dated as of [&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;], 2025, by and among Ategrity Specialty Insurance Company Holdings, a Nevada Corporation, [&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;],
and certain other Parties named therein, as amended from time to time thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">[NAME]</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 45%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Notice Address:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Accepted:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">ATEGRITY SPECIALTY INSURANCE COMPANY HOLDINGS</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 45%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>7
<FILENAME>tm2428146d9_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 38%; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant Certificate No.&nbsp;[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 43%; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of Warrants: [<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]<SUP>1</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant Holder: </FONT>Zimmer Financial<BR>
 Services Group LLC</TD>
    <TD STYLE="white-space: nowrap; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue Date: October&nbsp;21, 2024</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>WARRANT
TO PURCHASE Units<BR>
OF<BR>
Ategrity Specialty Holdings LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS WARRANT CERTIFICATE AND
THE SECURITIES ISSUABLE UPON EXERCISE HEREOF ARE SUBJECT TO VARIOUS CONDITIONS. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR
OTHER DISPOSITION OF THIS WARRANT CERTIFICATE OR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY&nbsp;BE MADE EXCEPT IN ACCORDANCE WITH
THE PROVISIONS OF SUCH WARRANT CERTIFICATE AND (A)&nbsp;PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;), OR (B)&nbsp;PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER AND UNDER APPLICABLE
STATE SECURITIES LAWS. THE HOLDER OF THIS WARRANT CERTIFICATE, BY ACCEPTANCE OF THIS WARRANT CERTIFICATE, AGREES TO BE BOUND BY ALL OF
THE PROVISIONS OF SUCH WARRANT CERTIFICATE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ategrity
Specialty Holdings LLC</B></FONT>, a Delaware limited liability company (the &ldquo;<U>Company</U>&rdquo;), hereby certifies that
Zimmer Financial Services Group LLC, a Delaware limited liability company (&ldquo;Zimmer&rdquo; and, together with its successors
and assigns and any transferee of any Warrant, and his, her or its successors and assigns, the &ldquo;<U>Holder</U>&rdquo;), is
entitled, subject to the terms and conditions set forth in this warrant certificate (this &ldquo;<U>Warrant Certificate</U>&rdquo;),
to acquire from the Company, at any time or times on or after the date hereof, but not after 5:00 P.M., Eastern Time on the date
that is the tenth (10th) anniversary of the Issue Date (the &ldquo;<U>Expiration Date</U>&rdquo;), one duly authorized, validly
issued, fully paid, nonassessable unit of the Company&rsquo;s limited liability interests (the &ldquo;<U>Units</U>&rdquo;) for each
Warrant represented by this Warrant Certificate, which shall be adjusted or readjusted from time to time as provided in this Warrant
Certificate (as adjusted, the &ldquo;<U>Warrant Units</U>&rdquo;), at a purchase price per share equal to $[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
(the &ldquo;<U>Initial Exercise Price</U>&rdquo;), which shall be adjusted from time to time as provided in this Warrant Certificate
(as adjusted, the &ldquo;<U>Exercise Price</U>&rdquo;). The Warrants are issued pursuant to the terms of that certain Subscription
Agreement, dated as of the date hereof, by and between the Company and Zimmer (the &ldquo;<U>Subscription Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
To be 11,511,275 in Tranche 1 and 4,000,000 in Tranche 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
To be $3.00 in Tranche 1 and $2.00 in Tranche 2.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Exercise;
Exchange of Warrant</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Manner
of Exercise; Exchange</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to <U>Section&nbsp;1.1(d)</U>&nbsp;hereof,
the Holder may exercise these Warrants, in whole or in part, at any time and from time to time during normal business hours on any Business
Day on or prior to the Expiration Date, by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;surrendering
this Warrant Certificate (subject to <U>Section&nbsp;1.1(c)&nbsp;</U>hereof) and (in every case) delivering a notice of exercise in the
form attached hereto as <U>Exhibit&nbsp;A</U> (the &ldquo;<U>Exercise Notice</U>&rdquo;), duly completed and executed on behalf of the
Holder, at the principal executive office of the Company (or such other office or agency of the Company in the United States as it could
designate by notice in writing to the Holder at the address of the Holder appearing on the books of the Company), and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;tendering
payment of the aggregate Exercise Price equal to the product of (A)&nbsp;the Exercise Price then in effect and (B)&nbsp;the number of
Warrant Units thereby purchased, at the election of the Holder in one of the following manners:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;by
check or wire transfer payable to the order of the Company to an account designated in writing by the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
lieu of cash payment described in clause (A)&nbsp;above, but otherwise in accordance with the requirements of this <U>Section&nbsp;1.1</U>,
on a &ldquo;cashless&rdquo; basis by having the Company issue to the Holder a number of Units determined by the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -0.5in">N<SUB>W</SUB> =
N<SUB>E</SUB> <I>x </I>((P<SUB>C &ndash; </SUB>P<SUB>E</SUB>) / P<SUB>C</SUB>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -0.5in">where &mdash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.55in; text-align: left">N<SUB>W</SUB></TD><TD STYLE="text-align: justify">is the number of Warrant
Units to be issued to the Holder;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.55in; text-align: left">N<SUB>E</SUB></TD><TD STYLE="text-align: justify">is the number of Warrant
Units for which the Warrants are then being exercised (including the Warrant Units surrendered to the Company in payment of the aggregate
Exercise Price);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.55in; text-align: left">P<SUB>C</SUB></TD><TD STYLE="text-align: justify">is the Fair Market
Value of the Units; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.55in; text-align: left">P<SUB>E</SUB></TD><TD STYLE="text-align: justify">is the Exercise Price.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Fractional Units</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No fractional units shall
be issued upon the exercise of the Warrants as a consequence of any adjustment pursuant hereto. All Units (including fractions) issuable
upon exercise of this Warrant Certificate may be aggregated for purposes of determining whether the exercise would result in the issuance
of any fractional unit. If, after aggregation, the exercise would result in the issuance of a fractional unit, the Company shall, round
up such fractional unit to the nearest whole unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Surrender
of Warrant Certificate</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon exercise of any portion
of these Warrants in accordance with the terms hereof, the Holder shall not be required to physically surrender this Warrant Certificate
to the Company unless such Holder is purchasing the full number of previously unexercised Warrants represented by this Warrant Certificate,
in which case the Holder shall promptly surrender this Warrant Certificate, and such surrendered Warrants shall be cancelled. The Holder
and the Company shall each maintain records showing the number of Warrants so exercised and the number of Warrant Units issued in connection
with each exercise of these Warrants and the dates of such exercises or shall use such other method, reasonably satisfactory to the Holder
and the Company, so as not to require physical surrender of this Warrant Certificate upon each such partial exercise. Notwithstanding
the foregoing and subject to <U>Section&nbsp;4.2</U>, if any of these Warrants are exercised as aforesaid, the Holder may not transfer
or assign the remaining Warrants unless such Holder first physically surrenders this Warrant Certificate to the Company, whereupon the
Company will forthwith issue and deliver upon order of the Holder a new Warrant Certificate of like tenor, registered on the books of
the Company as the Holder may reasonably request, representing the number of Warrants not theretofore exercised. Any new Warrant Certificate
issued and delivered pursuant to this <U>Section&nbsp;1.1(c)</U>&nbsp;shall in all other respects be identical to this Warrant Certificate.
The Holder and any assignee, by acceptance of this Warrant Certificate or a new Warrant Certificate, acknowledge and agree that by reason
of the provisions of this <U>Section&nbsp;1.1</U>, following exercise of any portion of these Warrants, the number of Warrant Units into
which the Warrants represented by this Warrant Certificate may be exercised may be less than the number of Warrant Units for which the
Warrants set forth on the face hereof may be exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>When
Exercise Effective</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The person(s)&nbsp;in whose
name(s)&nbsp;any Warrant Units so issued, as designated by the Holder in accordance with <U>Section&nbsp;4.2</U> hereof, will be deemed
to be the holder(s)&nbsp;of record of such Warrants as of the close of business on the Exercise Date, notwithstanding that the stock transfer
books of the Company may then be closed or certificates representing such Warrant Units may not be actually delivered on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Delivery
of Units Upon Exercise</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certificates for Warrant Units
issued upon exercise of these Warrants will be issued in such name(s)&nbsp;as the Holder may designate in accordance with <U>Section&nbsp;4.2</U>
hereof and will be delivered to such named person(s)&nbsp;within a reasonable time, not to exceed five (5)&nbsp;Business Days after any
Exercise Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Restricted
Securities</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Warrants and the Warrant
Units purchasable hereunder constitute &ldquo;restricted securities&rdquo; under the federal securities laws inasmuch as they are, or
will be, acquired from the Company in transactions not involving a public offering and accordingly may not, under such laws and applicable
regulations, be resold or transferred without registration under the Securities Act, or an applicable exemption from such registration.
A securities legend to the foregoing effect in the form as set forth in the <U>Section&nbsp;4.1</U> hereof shall be placed on any Warrant
Units issued to the Holder upon exercise of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Treatment
of Warrant upon a Change of Control</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of a Change of
Control in which Holder has not fully exercised this Warrant prior to such date, then Holder shall be entitled to elect to receive the
type and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that the
Holder would have been entitled to receive in such Change of Control transaction had the Holder owned a number of Units immediately prior
to such Change of Control equal to the number of Warrant Units the Holder would have received if the Holder had exercised such Warrants
immediately prior to the closing of such Change of Control; <I>provided</I>, <I>however</I>, the Company shall give notice to Holder of
the proposed Change of Control no later than two (2)&nbsp;Business Days prior to the consummation of such Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Adjustments
to Exercise Price and Warrant Units</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Adjustments</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of Warrant Units
that the Holder shall be entitled to receive upon exercise of the Warrants shall be determined by multiplying the number of Warrant Units
which would otherwise (but for the provisions of this <U>Section&nbsp;2</U>) be issuable upon such exercise, as designated by the Holder
in the Exercise Notice, by a fraction, (a)&nbsp;the numerator of which shall be the Initial Exercise Price, and (b)&nbsp;the denominator
of which shall be Exercise Price as currently in effect on the date of such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Effect
of Recapitalization, Dividends, Reclassification,&nbsp;etc.</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event of any event or transaction, including, without limitation, the conversion of the Company to a corporation (other than a Change
of Control in which the Holder makes the election described in Section&nbsp;1.5 hereof) and, as a result of which, the Company&rsquo;s
Units are converted into, or are exchanged for, or represent solely the right to receive, other securities, then, notwithstanding anything
to the contrary herein, the consideration due upon exercise of any Warrant will be determined in the same manner as if each reference
to any number of Units were instead a reference to the same number of such other securities. For the avoidance of doubt, in the event
of a conversion of the Company to a corporation, the references herein to &ldquo;Units&rdquo; shall instead be deemed to refer to the
shares of common stock in such corporation. In the case of any share split, reverse share split, combination or subdivision, if the Company
subdivides the outstanding Units, by reclassification or otherwise, into a greater number of Units, or if the Company makes a dividend
or distribution (whether in cash, securities or other property, or any combination of the foregoing) for which the Holder does not exercise
the participation rights in Section&nbsp;5.1 herein, the number of Warrant Units purchasable hereunder shall be proportionately increased
and the Exercise Price shall be proportionately decreased. If the outstanding Units are combined or consolidated, by reclassification
or otherwise, into a lesser number of Units, the Exercise Price shall be proportionately increased and the number of Warrant Units purchasable
hereunder shall be proportionately decreased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
any event occurs as to which the provisions of this <U>Section&nbsp;2</U> are not strictly applicable or, if strictly applicable, would
not, in the good faith judgment of the Board of the Company, fairly and adequately protect the purchase rights of the Holder in accordance
with the essential intent and principles of such provisions, then the Board of the Company shall make such adjustments in the application
of such provisions, in accordance with such essential intent and principles, as shall be reasonably necessary, in the good faith opinion
of the Board of the Company, to protect such purchase rights as aforesaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
adjustments pursuant to this <U>Section&nbsp;2</U> shall be made successively whenever an event referred to herein shall occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Notice/Certificate
as to Adjustments</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon each adjustment of the
Exercise Price, class and/or number of Warrant Units pursuant to this <U>Section&nbsp;2</U>, the Company, at the Company&rsquo;s expense,
shall promptly notify the Holders in writing, setting forth the adjustments to the Exercise Price, class and/or number of Warrant Units
and facts upon which such adjustment is based. The Company shall, upon written request from any Holder, furnish such Holder with a certificate
of its Chief Financial Officer or other authorized officer, including computations of such adjustment and the Exercise Price, class and
number of Warrant Units in effect upon the date of such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Covenants
of the Company</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>The
Company covenants and agrees that:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;it
has the power and authority to execute, deliver and perform its obligations under the Warrants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Warrants are duly authorized and validly issued;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;all
Units that may be issued upon the exercise of the Warrants shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable
and free of any taxes, liens and encumbrances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
the Company converts to a corporation during the period within which the Warrants may be exercised, it will at all times have authorized
and reserved a sufficient number of Units to provide for the exercise of the Warrants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
any Units reserved or to be reserved to provide for the exercise of the Warrants require registration with or approval of any </FONT>governmental,
administrative or other regulatory body under any federal or state law or stock exchange rule&nbsp;before such shares may be validly issued,
then it shall in good faith and as expeditiously as possible using its commercially reasonable efforts endeavor to secure such registration
or approval, as the case may be;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;it
shall not, by amendment to its certificate of formation or incorporation, as applicable (whether by way of merger, operation of law, or
otherwise) or through any reorganization, transfer of assets, consolidation, merger, dissolution, issuance or sale of securities, agreement
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder
by the Company and shall at all times in good faith and using its commercially reasonable efforts, assist in the carrying out of all the
provisions of this Warrant Certificate and in the taking of all such action as may be necessary or appropriate in order to protect the
rights of the Holder against impairment as if the Holder was a unitholder of the Company entitled to the benefit of fiduciary duties afforded
to unitholders under laws of the State of Delaware. Any successor to the Company shall agree in writing, as a condition to such succession,
to carry out and observe the obligations of the Company hereunder with respect to the Warrants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;no
consent, waiver or authorization of, or filing with any other person or entity (including without limitation, any </FONT>governmental,
administrative or other regulatory body) is required in connection with the issuance of the Warrant or with the validity or enforceability
against the Company of the Warrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the event any Holder proposes to transfer or assign any Warrant and the Warrant Units issuable upon exercise of any Warrant, in whole
or in part, pursuant to <U>Section&nbsp;4</U>, the Company will reasonably cooperate with the Holder (and any transferee or assignee)
to effectuate such transfer; <I>provided</I> that such transfer or assignment is otherwise in compliance with <U>Section&nbsp;4.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Notice
of Certain Events</B>. If the Company proposes at any time to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;effect
any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding Units&#894;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;declare
any dividend or distribution upon the outstanding Units, whether in cash, property, stock, or other securities and whether or not a regular
cash dividend&#894;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">then, in connection with each such event,
the Company shall give Holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of clause (a)&nbsp;above, at least two (2)&nbsp;Business Days&rsquo; (or such shorter period agreed with the Holder) prior written
notice of the date when the same shall take place (and specifying the anticipated date on which the holders of outstanding Units shall
be entitled to exchange their Units for the securities or other property deliverable upon the occurrence of such event and such reasonable
information as the Holder may reasonably request from the Company in writing regarding the treatment of the Warrants in connection with
such event giving rise to the notice); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of clause (b)&nbsp;above, at least two (2)&nbsp;Business Days&rsquo; (or such shorter period agreed with the Holder) prior written
notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such distribution (and specifying
the date on which the holders of outstanding Units will be entitled thereto) or for determining rights to vote, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will also provide information requested
by Holder that is reasonably necessary to enable any Holder to comply with such Holder&rsquo;s accounting or reporting (including tax
reporting) requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Restrictions
on Transfer</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Restrictive
Legend</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
certificate or book entry notation representing Units issued upon exercise of the Warrants and each certificate representing Units issued
to any subsequent transferee of any such certificate or book entry notation, shall be stamped or otherwise imprinted with a legend in
substantially the form as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO VARIOUS CONDITIONS,&nbsp;INCLUDING CERTAIN RESTRICTIONS. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY&nbsp;BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THIS CERTIFICATE
AND (A)&nbsp;PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B)&nbsp;PURSUANT TO AN EXEMPTION
FROM REGISTRATION THEREUNDER AND UNDER APPLICABLE STATE SECURITIES LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
at any time any securities other than Units shall be issuable upon the exercise of the Warrants, such securities shall bear a legend
similar to the one set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Transfer/Assignment</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to compliance with clauses (b), (c)&nbsp;and (d)&nbsp;of this <U>Section&nbsp;4.2</U>, these Warrants and all rights hereunder are transferrable,
in whole or in part, upon the books of the Company by the registered holder hereof in person or by duly authorized attorney, and a new
Warrant Certificate or Certificates representing these Warrants shall be made and delivered by the Company, of the same tenor and date
as this Warrant Certificate but registered in the name or names of one or more transferees, upon surrender of this Warrant Certificate,
duly endorsed, to the office or agency of the Company described in <U>Section&nbsp;1.1</U> hereof, subject, however, to appropriate adjustment
to reflect the prior exercise of any Warrants represented hereby. Each transferee shall execute a counterpart signature page&nbsp;hereto
as the Holder to the applicable new Warrant Certificate, and such transferee shall thereby be bound by, and subject to, all of the terms
and conditions of such new Warrant Certificate. All expenses and other charges payable in connection with the preparation, execution
and delivery of the new Warrant Certificate or Certificates pursuant to this <U>Section&nbsp;4.2</U> shall be paid by the Company, <I>provided</I>,
<I>however</I>, that the Company shall not be obligated to pay any documentary taxes, stamp or similar issue taxes or transfer taxes
in respect of the preparation, execution and delivery of such new Warrant Certificate or Certificates pursuant to this <U>Section&nbsp;4.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
the foregoing, the Warrants and Warrant Units issuable upon exercise of these Warrants may not be transferred without first obtaining
the consent of the Company (such consent not to be unreasonably withheld, conditioned or delayed); <I>provided</I>, <I>however</I>, that
subject to compliance with clauses (c)&nbsp;and (d)&nbsp;of this <U>Section&nbsp;4.2</U>, a Holder may freely transfer any Warrants or
Warrant Units issuable upon exercise of these Warrants at any time (i)&nbsp;to any Permitted Holder, (ii)&nbsp;to other existing Holders
and/or (iii)&nbsp;pursuant to Section&nbsp;4.2(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
the foregoing, the transfer of these Warrants and any rights hereunder, and any Warrant Units issued upon exercise of these Warrants,
shall be subject to the applicable provisions and limitations as set forth in the Securities Act and the Securities Exchange Act of 1934,
as amended (the &ldquo;Exchange Act&rdquo;), <I>provided</I> that any such transferee will remain subject to this transfer restriction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Without
limiting the generality of clause (c)&nbsp;above, the Warrants and Warrant Units issuable upon exercise of these Warrants shall not be
transferred except in compliance with the terms and conditions specified in this <U>Section&nbsp;4.2</U>. Any purported transfer other
than in accordance with the terms and conditions of this Warrant Certificate shall be null and void, and the Company shall not recognize
any such transfer for any purpose and shall not reflect in its records any change in record ownership pursuant to any such transfer. The
Holder, by acceptance of this Warrant Certificate, agrees to be bound by the provisions of this <U>Section&nbsp;4.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
anything to the contrary in this Warrant, and without need of any consent of, or any further action by the Company or any other Person,
the Holder shall be permitted to pledge or grant a security interest in all or a portion of its right, title and interest in such Holder&rsquo;s
Warrant (or underlying Warrant Units) to secure the obligations of such Holder, to any Person (and/or any agent, trustee or representative
of such Person) with respect to any loan, letter of credit or other extension of credit or indebtedness to or for the account of the
Holder and any transfer of any such Holder&rsquo;s right, title and interest in the Warrant (or underlying Warrant Units) in respect
of which such Holder granted a security interest in connection with a foreclosure of such security interest or other exercise of remedies
under such indebtedness shall not require the consent of the Company or any other Person and such transfer shall permitted pursuant to
this <U>Section&nbsp;4.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Certain
Rights of Holders</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Participation
Rights</B>. No dividend or other distribution on the Company&rsquo;s Units (whether in cash, securities or other property, or any combination
of the foregoing) will be declared or paid on the Units unless, at the time of such declaration and payment, the Company makes adequate
provision such that the Holder is given the option to participate, at the same time and on the same terms as holders of Units, and solely
by virtue of being a Holder of the Warrants, in such dividend or distribution without having to exercise such Holder&rsquo;s Warrants
and as if such Holder had owned, on the record date for such dividend or distribution, a number of Units equal to the number of Warrant
Units that would be issuable on an as converted basis as of the record date of such distribution as calculated pursuant to Section&nbsp;1.1(a)(ii)(B)&nbsp;
multiplied by the dividend or other distribution declared per Unit (each such dividend or distribution declared or paid on the Units,
a &ldquo;<U>Participating Dividend</U>,&rdquo; and each corresponding delivery or distribution of cash, securities or other property,
or any combination of the foregoing, to Holders pursuant to this <U>Section&nbsp;5.1</U>, a &ldquo;<U>Participating Payment/Delivery</U>&rdquo;).
The Company will provide notice to Holders of each Participating Payment/Delivery, including the related record date and payment or delivery
date, at substantially the same time at which, and in substantially the same manner in which, the Company provides the related notice(s)&nbsp;to
holders of the Units in connection with the corresponding Participating Dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Automatic
Cashless Exercise upon Expiration</B>. Upon the Expiration Date, the Fair Market Value of one Unit (or other security issuable upon the
exercise hereof) as determined in accordance with definition of &ldquo;Fair Market Value&rdquo; is greater than the Exercise Price in
effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to <U>Section&nbsp;1.1(a)(ii)(B)</U>&nbsp;above
as to all Units (or such other securities) for which it shall not previously have been exercised, and the Company shall promptly deliver
a certificate representing the Warrant Units (or such other securities) issued upon such exercise to Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Miscellaneous</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Notices</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All notices and other communications
given or made pursuant hereto shall be in writing and shall be deemed effectively given: (i)&nbsp;upon personal delivery to the party
to be notified, (ii)&nbsp;on the next Business Day when sent by email if sent during normal business hours of the recipient, (iii)&nbsp;within
five (5)&nbsp;days after having been sent by registered or certified mail, return receipt requested, postage prepaid or (iv)&nbsp;within
one (1)&nbsp;day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification
of receipt. All communications shall be sent to the respective parties at the following addresses (or at such other addresses as shall
be specified by notice given in accordance with this <U>Section&nbsp;6.1</U>):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Ategrity Specialty Insurance LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">9 West 57<SUP>th</SUP> Street, 33<SUP>rd</SUP> Floor<BR>
New York, NY 10012</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in">Attention:&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Justin Cohen</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Email:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">[***]</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If to the Holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Zimmer Financial Services Group LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">9 West 57<SUP>th</SUP> Street, 33<SUP>rd</SUP> Floor<BR>
New York, NY 10012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in">Attention:&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Barbara Burger</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Email:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">[***]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>No
Change in Warrant Terms on Adjustment</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Irrespective of any adjustment
in the Exercise Price or the number of Units, this Warrant Certificate, whether theretofore or thereafter issued or reissued, may continue
to express the same price and number of Units as are stated herein and the Exercise Price and such number of Units specified herein shall
be deemed to have been so adjusted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Issuance
and Transfer Taxes; Withholding</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall pay any documentary, stamp or similar issue or transfer tax due on the issue or delivery of these Warrants or Warrant Units
on exercise of these Warrants pursuant hereto; <I>provided</I>, <I>however</I>, that if such documentary, stamp or similar issue or transfer
tax is due because the Holder has requested that the Warrant Units be issued in a name other than that of the Holder or an Affiliate
of the Holder, then such taxes shall be paid by such Holder, the Company shall not be required to issue or deliver any stock certificate
representing the Warrant Units unless and until such Holder shall have paid to the Company the amount of such tax or shall have established
to the satisfaction of the Company that such tax have been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall be entitled to deduct and withhold, or cause to be deducted and withheld, from any payment or issuance (including in connection
with an exercise) made under this Warrant Certificate, any amounts (including by way of withholding Units or any other applicable equity
interest upon an exercise) required to be deducted or withheld under applicable law as determined by the Company in its sole discretion.
Any amounts or property so deducted and withheld in compliance with this Warrant Certificate will be treated for all purposes of the
Warrant as having been paid to the person in respect of which such deduction and withholding was made. The Holder agrees to indemnify
the Company for any withholding tax that the Company is required to pay on behalf of the Holder and any such withholding tax may be set
off against payments or issuance (including in connection with an exercise) made under this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Exchange
and Registry of Warrant or Transfer of Warrant</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Warrant Certificate is exchangeable, upon the surrender hereof by the Holder to the Company, for a new Warrant Certificate or Certificates
of like tenor and representing the right to purchase the same aggregate number of Warrant Units. The Company shall maintain a registry
showing the name and address of the Holder as the registered holder of this Warrant Certificate. This Warrant Certificate may be surrendered
for exchange or exercise, in accordance with its terms, at the office of the Company, and the Company shall be entitled to rely in all
respects, prior to written notice to the contrary, upon such registry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall register the transfer of any portion of the Warrants in the registry upon the Holder&rsquo;s compliance with <U>Section&nbsp;4.2</U>
and <U>Section&nbsp;6.3</U> hereof, <I>provided</I> that such transfer is made in compliance with this Warrant Certificate, the Securities
Act and state securities laws, including, without limitation, the legends on the face page&nbsp;of this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Loss,
Theft, Destruction or Mutilation of Warrant</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon receipt by the Company
of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant Certificate (it being understood
that an affidavit of the Holder in customary form and delivered reasonably promptly to the Company following such loss, theft, destruction
or mutilation, as appropriate, shall be sufficient notice), and in the case of any such loss, theft or destruction, upon receipt of an
indemnity or security reasonably satisfactory to the Company (it being understood that a written indemnification or security agreement
from the Holder shall be a sufficient indemnity), or, in the case of any such mutilation, upon surrender and cancellation of this Warrant
Certificate, the Company shall, at its own expense, and within a reasonable time, make and deliver, in lieu of such lost, stolen, destroyed
or mutilated Warrant Certificate, a new Warrant Certificate of like tenor and representing the right to purchase the same aggregate number
of Warrant Units as provided for in such lost, stolen, destroyed or mutilated Warrant Certificate; <I>provided</I>, that, in the case
of mutilation, no indemnity shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Successors
and Assigns</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise provided
herein, the terms and conditions of this Warrant Certificate shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties; <I>provided</I>, <I>however</I>, that the parties may not assign their rights or obligations under this Warrant
Certificate without the written consent of the Company, which shall not be unreasonably withheld, and the Holder, except as expressly
set forth in <U>Section&nbsp;4.2</U>. Nothing in this Warrant Certificate, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason
of this Warrant Certificate, except as expressly provided in this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Governing
Law</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All questions concerning
the construction, validity, and interpretation of this Warrant Certificate shall be governed by and construed in accordance with the
domestic laws of the State of Delaware without giving effect to any choice of law or conflict of law provision or rule&nbsp;(whether
of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State
of Delaware. Each of the parties hereto submits to the jurisdiction of any state or federal court sitting in Delaware in any action or
proceeding arising out of or relating to this Warrant Certificate and agrees that all claims in respect of the action or proceedings
may be heard and determined in any such court and hereby expressly submits to the personal jurisdiction and venue of such court for the
purposes hereof and expressly waives any claim of improper venue and any claim that such courts are an inconvenient forum. Any and all
service of process and any other notice in any such action, suit or proceeding will be effective against any party hereto if given as
provided herein. Nothing herein contained will be deemed to affect the right of any party to serve process in any manner permitted by
law. THE PARTIES HEREBY IRREVOCABLY WAIVE ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY
OF THEM AGAINST THE OTHERS IN ANY MATTERS ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS WARRANT CERTIFICATE. Each of the parties hereto
hereby consents to process being served by any party to this Warrant Certificate in any action or proceeding of the nature specified
in this paragraph by the mailing of a copy thereof in the manner specified by the provisions of <U>Section&nbsp;6.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Titles
and Subtitles</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The titles and subtitles
used in this Warrant Certificate are used for convenience only and are not to be considered in construing or interpreting this Warrant
Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Severability</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If one or more provisions
of this Warrant Certificate are held to be unenforceable under applicable law, such provision shall be excluded from this Warrant Certificate
and the balance of the Warrant Certificate shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Entire
Agreement</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Warrant Certificate,
the Subscription Agreement and the other documents delivered pursuant hereto constitute the full and entire understanding and agreement
between the parties with regard to the subjects hereof and thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>No
Rights as Holder of Warrants; Transfer Books</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Warrants do not entitle
the Holders to any voting rights or other rights as holder of Units of the Company prior to the date of exercise hereof; <I>provided</I>
that nothing herein is intended to limit the rights of the holders of the Warrants under the Registration Rights Agreement in accordance
with their respective terms. The Company will at no time close its transfer books against transfer of these Warrants in any manner which
interferes with the timely exercise of these Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Amendments
and Waivers</B>. The Warrants represented by this Warrant Certificate may be amended, and the observance of any term of such Warrants
may be waived, only with the written consent of the Company and the Holder, <I>provided</I> that any such amendment shall affect all
outstanding Warrants equally and ratably; <I>provided</I>, that the written consent of all holders of Warrant Certificates shall be required
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;increase
the Exercise Price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;accelerate
the Expiration Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;decrease
the number of Warrants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;modify
the terms of <U>Section&nbsp;1.1</U> hereof in a manner adverse to any Holder; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;make
any change in the amendment or waiver provisions which require each Holder&rsquo;s consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Equitable
Relief</B>. Each of the Company and the Holder acknowledges that a breach or threatened breach by such party of any of its obligations
under this Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would not be an adequate remedy
and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, the other party hereto shall,
in addition to any and all other rights and remedies that may be available to it in respect of such breach, be entitled to equitable relief,
including a restraining order, an injunction, specific performance and any other relief that may be available from a court of competent
jurisdiction. Each of the Company and the Holder waives any defense that a remedy at law is adequate and any requirement to post bond
or provide similar security in connection with actions instituted for injunctive relief or specific performance of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Counterparts</B>.
This Warrant may be executed in two or more counterparts, each of which constitutes an original, and all of which taken together constitute
one instrument. A signature delivered by facsimile or other electronic transmission (including e-mail) will be considered an original
signature. Any Person may rely on a copy of this Warrant. The words &ldquo;execution,&rdquo; &ldquo;signed,&rdquo; &ldquo;signature&rdquo;
and words of like import in this Warrant shall be deemed to include electronic signatures or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as an original executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other similar state laws based on
the Uniform Electronic Transactions Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT>The
following terms as used in this Warrant Certificate shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Affiliate</B>&rdquo;
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Affiliated
Holder</B>&rdquo; means, with respect to a Holder, a Person that is an investment fund, entity or account (or separate account), managed,
sponsored, advised, sub-advised or controlled (including by means of a voting agreement) by such Holder or an Affiliate of such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Board</B>&rdquo;
means, with respect to a Person, the board of directors (or similar body) of such Person or any committee thereof duly authorized to act
on behalf of such board of directors (or similar body).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Business
Day</B>&rdquo; means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws
of, or are in fact closed in, the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Change
of Control</B>&rdquo; means a &ldquo;person&rdquo; or &ldquo;group&rdquo; (within the meaning of Section&nbsp;13(d)(3)&nbsp;of the Exchange
Act), other than any Permitted Holder, has become the direct or indirect &ldquo;beneficial owner&rdquo; (as defined below) of shares of
the Company&rsquo;s common equity representing more than fifty percent (50%) of the voting power of all of the Company&rsquo;s then-outstanding
common equity; the consummation of (i)&nbsp;any sale, lease or other transfer, in one transaction or a series of transactions, of all
or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to any Person; or (ii)&nbsp;any transaction
or series of related transactions in connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification,
recapitalization, acquisition, liquidation or otherwise) all of the Units are exchanged for, converted into, acquired for, or constitutes
solely the right to receive, other securities, cash or other property; provided, however, that any merger, consolidation, share exchange
or combination of the Company pursuant to which the Persons that directly or indirectly &ldquo;beneficially owned&rdquo; (as defined below)
all classes of the Company&rsquo;s common equity immediately before such transaction directly or indirectly &ldquo;beneficially own,&rdquo;
immediately after such transaction, more than fifty percent (50%) of all classes of common equity of the surviving, continuing or acquiring
company or other transferee, as applicable, or the parent thereof, in substantially the same proportions vis-&agrave;-vis each other as
immediately before such transaction will be deemed not to be a Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Code</B>&rdquo;
means the Internal Revenue Code of 1986, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>control</B>&rdquo;
means, as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. The terms
 &ldquo;controlling,&rdquo; &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo; shall have correlative meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Exercise
Date</B>&rdquo; means any date, on or prior to the Expiration Date, on which the Holder exercises the right to purchase the Warrant Units,
in whole or in part, pursuant to and in accordance with the terms and conditions described herein which shall be the date on which the
Exercise Notice is delivered to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Fair
Market Value</B>&rdquo; of the Units on any date of determination means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
Units are listed on the New York Stock Exchange or NASDAQ on such date, the closing sale price per Unit (or if no closing sale price is
reported, the average of the closing bid and closing ask prices or, if more than one in either case, the average of the average closing
bid and the average closing ask prices) as reported by the New York Stock Exchange or NASDAQ, as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
the Units are not listed on the New York Stock Exchange or NASDAQ on such date, the closing sale price per Unit (or if no closing sale
price is reported, the average of the closing bid and closing ask prices or, if more than one in either case, the average of the average
closing bid and the average closing ask prices) as reported in composite transactions for the principal U.S. national or regional securities
exchange on which the Units or such other securities are traded;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
the Units are not listed on a U.S. national or regional securities exchange, the last quoted bid price for the Units on such date in the
over-the-counter market as reported by Pink OTC Markets Inc. or other similar organization; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
all other cases, as determined by the Board of the Company, in its good faith judgment, based on relevant facts and circumstances at the
time of such determination on the basis of a recent valuation by a nationally recognized investment banking, accounting or valuation firm
jointly selected by the Board with the consent of the Holder (such consent not to be unreasonably withheld, conditioned or delayed). The
fees and expenses of such valuation firm shall be borne by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Fair Market Value will be
determined without reference to early hours, after hours or extended market trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Person</B>&rdquo;
means any individual, corporation, limited liability company, partnership (including a limited partnership), joint venture, association,
joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Permitted
Holder</B>&rdquo; means (i)&nbsp;Zimmer and each of its Affiliates, (ii)&nbsp;any officer, director, employee, member, partner or stockholder
of the manager or general partner (or the general partner of the general partner) of any of the Persons referred to in clause (i), (iii)&nbsp;Stuart
Zimmer; (iv)&nbsp;the spouses, ancestors, siblings, descendants (including children or grandchildren by adoption) and the descendants
of any of the siblings of the Persons referred to in clause (ii)&nbsp;or (iii); (iv)&nbsp;in the event of the incompetence or death of
any of the Persons described in any of clauses (ii)&nbsp;through (iii), such Person&rsquo;s estate, executor, administrator, committee
or other personal representative, in each case who at any particular date shall be the beneficial owner or have the right to acquire,
directly or indirectly, equity securities of the Company; (v)&nbsp;any trust created for the benefit of the Persons described in any of
clauses (i)&nbsp;through (iv)&nbsp;or any trust for the benefit of any such trust; or (vi)&nbsp;any Person controlled by any of the Persons
described in any of the clauses (i)&nbsp;through (v)&nbsp;and (vi)&nbsp;any group (within the meaning of Section&nbsp;13(d)(3)&nbsp;or
Section&nbsp;14(d)(2)&nbsp;of the Exchange Act or any successor provision) of which any of the persons described in clauses (i)&nbsp;through
(v)&nbsp;above are members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>IPO</B>&rdquo;
means the initial public offering of the equity securities of the Company or any successor entity thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Registration
Rights Agreement</B>&rdquo; means the Registration Rights Agreement, between the Company and the other parties from time to time party
thereto to be entered into in connection with an IPO, as amended, supplemented or modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Warrants</B>&rdquo;
means any and all of the warrants to acquire Units issued pursuant to the Subscription Agreement, and any replacement warrants issued
in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Signature Page&nbsp;Follows)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Company
has caused this Warrant Certificate to be executed by its duly authorized as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD COLSPAN="2" STYLE="text-align: left">COMPANY:</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="text-transform: uppercase">Ategrity
Specialty Holdings LLC</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="text-align: left; width: 5%">&nbsp;</TD><TD STYLE="text-align: justify; width: 45%">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">By:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Name:</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Title:</TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&nbsp;to Warrant]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2">AGREED AND ACKNOWLEDGED:</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2">HOLDER:</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2"><FONT STYLE="text-transform: uppercase">Zimmer
    Financial Services Group LLC</FONT></TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%">&nbsp;</TD><TD STYLE="text-align: left; width: 45%">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>By:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Name:</TD><TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Title:</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&nbsp;to Warrant]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>EXHIBIT&nbsp;A<BR>
FORM&nbsp;OF EXERCISE NOTICE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70%"></TD><TD STYLE="width: 5%; text-align: left">Date:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 25%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">TO:</TD><TD STYLE="text-align: justify">Ategrity
Specialty Holdings LLC</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">RE:</TD><TD STYLE="text-align: justify">Election
to Exercise Warrants</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, being the
holder of the Warrant Certificate issued by Ategrity Specialty Holdings LLC (the &ldquo;<B><U>Company</U></B>&rdquo;) identified below
hereby elects to exercise the number of Warrants represented by such Warrant Certificate indicated below and, in accordance with Section&nbsp;1
of the Warrant Certificate, hereby agrees to pay the aggregate Exercise Price for such Units in the manner set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By submission of this notice
of exercise, the undersigned represents and warrants to the Company that it is an &ldquo;accredited investor&rdquo; within the meaning
of Rule&nbsp;501(a)&nbsp;under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), and that the securities
have been acquired for investment and not with a view to, or in connection with, the sale or distribution thereof. The undersigned understands,
acknowledges and agrees that the Units issued upon exercise hereof are subject to the limitations as set forth in the Warrant Certificate
and have not been registered under the Securities Act, or under any applicable state securities laws, and that no sale or disposition
thereof may be made without compliance with the limitations as set forth in the Warrant Certificate and pursuant to an effective registration
statement related thereto or upon receipt by the Company of an opinion of counsel satisfactory to the Company that such registration is
not required under the Securities Act, or applicable state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; width: 66%; font-size: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant Certificate Number</FONT></TD>
    <TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 30%; font-size: 10pt; text-align: justify"></TD>
    <TD STYLE="padding-top: 5pt; border-right: Black 1pt solid; border-top: Black 1pt solid; width: 4%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5pt; font-size: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Warrants Being Exercised</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify"></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5pt; font-size: 10pt; text-align: justify; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<U></U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5pt; font-size: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method of Payment of Exercise Price (note if cashless exercise pursuant to Section&nbsp;1.1(A)(ii)(B)&nbsp;of the Warrant Certificate):</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify"></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font-size: 5pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; font-size: 5pt; text-align: justify; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 7%; text-align: left">Holder:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 43%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">By:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Name:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Title:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>8
<FILENAME>tm2428146d9_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;10.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt; border: Black 1pt solid; width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ATEGRITY SPECIALTY INSURANCE COMPANY HOLDINGS</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>2025
    INCENTIVE AWARD PLAN</B></FONT></P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;I.<BR>
Purpose</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan&rsquo;s purpose is
to enhance the Company&rsquo;s ability to attract, retain and motivate persons who make (or are expected to make) important contributions
to the Company by providing these individuals with equity ownership opportunities and/or equity-linked compensatory opportunities. Capitalized
terms used in the Plan are defined in Article&nbsp;XI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;II.<BR>
Eligibility</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Service Providers are eligible
to be granted Awards under the Plan, subject to the limitations described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;III.<BR>
Administration and Delegation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Administration</U>.
The Plan is administered by the Administrator. The Administrator has authority to determine which Service Providers receive Awards, grant
Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The Administrator also has the authority
to take all actions and make all determinations under the Plan, to interpret the Plan and Award Agreements and to adopt, amend and repeal
Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct defects and ambiguities, supply
omissions and reconcile inconsistencies in the Plan or any Award Agreement as it deems necessary or appropriate to administer the Plan
and any Awards. The Administrator&rsquo;s determinations under the Plan are in its sole discretion and will be final and binding on all
persons having or claiming any interest in the Plan or any Award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Appointment
of Committees</U>. To the extent Applicable Laws permit, the Board may delegate any or all of its powers under the Plan to one or more
Committees or officers of the Company or any of its Subsidiaries. The Board may abolish any Committee or re-vest in itself any previously
delegated authority at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>ARTICLE&nbsp;IV.</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Stock Available for Awards</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Number
of Shares</U>. Subject to adjustment under Article&nbsp;VIII and the terms of this Article&nbsp;IV, Awards may be made under the Plan
covering up to the Overall Share Limit. As of the Plan&rsquo;s effective date under Section&nbsp;10.3, the Company will cease granting
awards under the Prior Plan; however, Prior Plan Awards will remain subject to the terms and conditions of the Prior Plan. Shares issued
under the Plan may consist of authorized but unissued Shares, Shares purchased on the open market or treasury Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Share
Recycling</U>. If all or any part of an Award or Prior Plan Award expires, lapses or is terminated, exchanged for or settled in cash,
surrendered, repurchased, canceled without having been fully exercised/settled or forfeited, in any case, in a manner that results in
the Company acquiring Shares covered by the Award or Prior Plan Award at a price not greater than the price (as adjusted to reflect any
Equity Restructuring) paid by the Participant for such Shares or not issuing any Shares covered by the Award or Prior Plan Award, the
unused Shares covered by the Award or Prior Plan Award will, as applicable, become or again be available for Award grants under the Plan.
Further, Shares delivered (either by actual delivery or attestation) to the Company by a Participant to satisfy the applicable exercise
or purchase price of an Award or Prior Plan Award and/or to satisfy any applicable tax withholding obligation (including Shares retained
by the Company from the Award or Prior Plan Award being exercised or purchased and/or creating the tax obligation) will, as applicable,
become or again be available for Award grants under the Plan. The payment of Dividend Equivalents in cash in conjunction with any outstanding
Awards or Prior Plan Awards shall not count against the Overall Share Limit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Incentive
Stock Option Limitations</U>. Notwithstanding anything to the contrary herein, no more than
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares may be issued pursuant to the exercise of Incentive Stock
Options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Substitute
Awards</U>. In connection with an entity&rsquo;s merger or consolidation with the Company or the Company&rsquo;s acquisition of an entity&rsquo;s
property or stock, the Administrator may grant Awards in substitution for any options or other stock or stock-based awards granted before
such merger or consolidation by such entity or its affiliate. Substitute Awards may be granted on such terms as the Administrator deems
appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards will not count against the Overall Share Limit (nor
shall Shares subject to a Substitute Award be added to the Shares available for Awards under the Plan as provided above), except that
Shares acquired by exercise of substitute Incentive Stock Options will count against the maximum number of Shares that may be issued pursuant
to the exercise of Incentive Stock Options under the Plan. Additionally, in the event that a company acquired by the Company or any Subsidiary
or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted
in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as
adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition
or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination)
may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such
Awards shall not be added to the Shares available for Awards under the Plan as provided above); provided that Awards using such available
shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition
or combination, and shall only be made to individuals who were not Service Providers prior to such acquisition or combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Non-Employee
Director Compensation</U>. Notwithstanding any provision to the contrary in the Plan, the Administrator may establish compensation for
non-employee Directors from time to time, subject to the limitations in the Plan. The Administrator will from time to time determine the
terms, conditions and amounts of all such non-employee Director compensation in its discretion and pursuant to the exercise of its business
judgment, taking into account such factors, circumstances and considerations as it shall deem relevant from time to time; provided that,
the sum of any cash compensation, or other compensation, and the value (determined as of the grant date in accordance with Financial Accounting
Standards Board Accounting Standards Codification Topic 718, or any successor thereto) of Awards granted to a non-employee Director as
compensation for services as a non-employee Director during any fiscal year of the Company may not exceed $750,000, increased to $1,000,000
in the fiscal year in which the Plan&rsquo;s effective date occurs or in the fiscal year of a non-employee Director&rsquo;s initial service
as a non-employee Director. The Administrator may make exceptions to this limit for individual non-employee Directors in extraordinary
circumstances, as the Administrator may determine in its discretion, provided that the non-employee Director receiving such additional
compensation may not participate in the decision to award such compensation or in other contemporaneous compensation decisions involving
non-employee Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;V.<BR>
Stock Options and Stock Appreciation Rights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>General</U>.
The Administrator may grant Options or Stock Appreciation Rights to Service Providers subject to the limitations in the Plan, including
any limitations in the Plan that apply to Incentive Stock Options. The Administrator will determine the number of Shares covered by each
Option and Stock Appreciation Right, the exercise price of each Option and Stock Appreciation Right and the conditions and limitations
applicable to the exercise of each Option and Stock Appreciation Right. A Stock Appreciation Right will entitle the Participant (or other
person entitled to exercise the Stock Appreciation Right) to receive from the Company upon exercise of the exercisable portion of the
Stock Appreciation Right an amount determined by multiplying the excess, if any, of the Fair Market Value of one Share on the date of
exercise over the exercise price per Share of the Stock Appreciation Right by the number of Shares with respect to which the Stock Appreciation
Right is exercised, subject to any limitations of the Plan or that the Administrator may impose and payable in cash, Shares valued at
Fair Market Value or a combination of the two as the Administrator may determine or provide in the Award Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Exercise
Price</U>. The Administrator will establish each Option&rsquo;s and Stock Appreciation Right&rsquo;s exercise price and specify the exercise
price in the Award Agreement. Unless otherwise determined by the Administrator, the exercise price will not be less than 100% of the Fair
Market Value on the grant date of the Option or Stock Appreciation Right.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Duration</U>.
Each Option or Stock Appreciation Right will be exercisable at such times and as specified in the Award Agreement, provided that the term
of an Option or Stock Appreciation Right will not exceed ten years. Notwithstanding the foregoing and unless determined otherwise by the
Company, in the event that on the last business day of the term of an Option or Stock Appreciation Right (other than an Incentive Stock
Option) (i)&nbsp;the exercise of the Option or Stock Appreciation Right is prohibited by Applicable Laws, as determined by the Company,
or (ii)&nbsp;Shares may not be purchased or sold by the applicable Participant due to any Company insider trading policy (including blackout
periods) or a &ldquo;lock-up&rdquo; agreement undertaken in connection with an issuance of securities by the Company, the term of the
Option or Stock Appreciation Right shall be automatically extended until the date that is thirty (30) days after the end of the legal
prohibition, black-out period or lock-up agreement, as determined by the Company; provided, however, in no event shall the extension last
beyond the ten year term of the applicable Option or Stock Appreciation Right. Notwithstanding the foregoing, if the Participant, prior
to the end of the term of an Option or Stock Appreciation Right, violates the non-competition, non-solicitation, confidentiality or other
similar restrictive covenant provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between
the Participant and the Company or any of its Subsidiaries, the right of the Participant and the Participant&rsquo;s transferees to exercise
any Option or Stock Appreciation Right issued to the Participant shall terminate immediately upon such violation, unless the Company otherwise
determines. In addition, if, prior to the end of the term of an Option or Stock Appreciation Right, the Participant is given notice by
the Company or any of its Subsidiaries of the Participant&rsquo;s Termination of Service by the Company or any of its Subsidiaries for
Cause, and the effective date of such Termination of Service is subsequent to the date of the delivery of such notice, the right of the
Participant and the Participant&rsquo;s transferees to exercise any Option or Stock Appreciation Right issued to the Participant shall
be suspended from the time of the delivery of such notice until the earlier of (i)&nbsp;such time as it is determined or otherwise agreed
that the Participant&rsquo;s service as a Service Provider will not be terminated for Cause as provided in such notice or (ii)&nbsp;the
effective date of the Participant&rsquo;s Termination of Service by the Company or any of its Subsidiaries for Cause (in which case the
right of the Participant and the Participant&rsquo;s transferees to exercise any Option or Stock Appreciation Right issued to the Participant
will terminate immediately upon the effective date of such Termination of Service).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Exercise</U>.
Options and Stock Appreciation Rights may be exercised by delivering to the Company a written notice of exercise, in a form the Administrator
approves (which may be electronic), signed by the person authorized to exercise the Option or Stock Appreciation Right, together with,
as applicable, payment in full (i)&nbsp;as specified in Section&nbsp;5.5 for the number of Shares for which the Award is exercised and
(ii)&nbsp;as specified in Section&nbsp;9.5 for any applicable taxes. Unless the Administrator otherwise determines, an Option or Stock
Appreciation Right may not be exercised for a fraction of a Share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Payment
Upon Exercise</U>. Subject to Section&nbsp;10.8, any Company insider trading policy (including blackout periods) and Applicable Laws,
the exercise price of an Option must be paid by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">cash,
wire transfer of immediately available funds or by check payable to the order of the Company, provided that the Company may limit the
use of one of the foregoing payment forms if one or more of the payment forms below is permitted;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
there is a public market for Shares at the time of exercise, unless the Company otherwise determines, (A)&nbsp;delivery (including electronically
or telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the
Company to deliver promptly to the Company sufficient funds to pay the exercise price, or (B)&nbsp;the Participant&rsquo;s delivery to
the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company
cash or a check sufficient to pay the exercise price; provided that such amount is paid to the Company at such time as may be required
by the Administrator;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the extent permitted by the Administrator, delivery (either by actual delivery or attestation) of Shares owned by the Participant valued
at their Fair Market Value;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the extent permitted by the Administrator, surrendering Shares then issuable upon the Option&rsquo;s exercise valued at their Fair Market
Value on the exercise date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the extent permitted by the Administrator, delivery of a promissory note or any other property that the Administrator determines is good
and valuable consideration; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the extent permitted by the Company, any combination of the above payment forms approved by the Administrator.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;VI.<BR>
Restricted Stock; Restricted Stock Units</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>General</U>.
The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider, subject to the Company&rsquo;s
right to repurchase all or part of such Shares at their issue price or other stated or formula price from the Participant (or to require
forfeiture of such Shares) if conditions the Administrator specifies in the Award Agreement are not satisfied before the end of the applicable
restriction period or periods that the Administrator establishes for such Award. In addition, the Administrator may grant to Service Providers
Restricted Stock Units, which may be subject to vesting and forfeiture conditions during the applicable restriction period or periods,
as set forth in an Award Agreement. The Administrator will determine and set forth in the Award Agreement the terms and conditions for
each Restricted Stock and Restricted Stock Unit Award, subject to the conditions and limitations contained in the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Restricted
Stock</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Dividends</U>.
Participants holding Shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect to such Shares, unless
the Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator provides otherwise, if any dividends
or distributions are paid in Shares, or consist of a dividend or distribution to holders of Common Stock of property other than an ordinary
cash dividend, the Shares or other property will be subject to the same restrictions on transferability and forfeitability as the Shares
of Restricted Stock with respect to which they were paid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Stock
Certificates</U>. The Company may require that the Participant deposit in escrow with the Company (or its designee) any stock certificates
issued in respect of Shares of Restricted Stock, together with a stock power endorsed in blank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Restricted
Stock Units.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Settlement</U>.
The Administrator may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practicable after the
Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant&rsquo;s election, in a manner intended
to comply with Section&nbsp;409A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Stockholder
Rights</U>. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit unless and
until the Shares are delivered in settlement of the Restricted Stock Unit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Dividend
Equivalents</U>. If the Administrator provides, a grant of Restricted Stock Units may provide a Participant with the right to receive
Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, settled in cash or Shares
and subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect to which the Dividend
Equivalents are granted and subject to other terms and conditions as set forth in the Award Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;VII.<BR>
Other Stock or Cash Based Awards</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other Stock or Cash Based
Awards may be granted to Participants, including Awards entitling Participants to receive Shares to be delivered in the future and including
annual or other periodic or long-term cash bonus awards (whether based on specified Performance Criteria or otherwise), in each case subject
to any conditions and limitations in the Plan. Such Other Stock or Cash Based Awards will also be available as a payment form in the settlement
of other Awards, as standalone payments and as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock
or Cash Based Awards may be paid in Shares, cash or other property, or any combination of the foregoing, as the Administrator determines.
Subject to the provisions of the Plan, the Administrator will determine the terms and conditions of each Other Stock or Cash Based Award,
including any purchase price, performance goal(s)&nbsp;(which may be based on the Performance Criteria), transfer restrictions, and vesting
conditions, which will be set forth in the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;VIII.<BR>
Adjustments for Changes in Common Stock<BR>
and Certain Other Events</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Equity
Restructuring</U>. In connection with any Equity Restructuring, notwithstanding anything to the contrary in this Article&nbsp;VIII, the
Administrator will equitably adjust each outstanding Award as it deems appropriate to reflect the Equity Restructuring, which may include
adjusting the number and type of securities subject to each outstanding Award and/or the Award&rsquo;s exercise price or grant price
(if applicable), granting new Awards to Participants, and making a cash payment to Participants. The adjustments provided under this
Section&nbsp;8.1 will be nondiscretionary and final and binding on the affected Participant and the Company; provided that the Administrator
will determine whether an adjustment is equitable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Corporate
Transactions</U>. In the event of any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or
other property), reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization, liquidation, dissolution,
or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Common
Stock or other securities of the Company, Change in Control, issuance of warrants or other rights to purchase Common Stock or other securities
of the Company, other similar corporate transaction or event, other unusual or nonrecurring transaction or event affecting the Company
or its financial statements or any change in any Applicable Laws or accounting principles, the Administrator, on such terms and conditions
as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event (except
that action to give effect to a change in Applicable Laws or accounting principles may be made within a reasonable period of time after
such change), is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action
is appropriate in order to (x)&nbsp;prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be
made available under the Plan or with respect to any Award granted or issued under the Plan, (y)&nbsp;to facilitate such transaction or
event or (z)&nbsp;give effect to such changes in Applicable Laws or accounting principles:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">To
provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a value equal to the amount
that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant&rsquo;s
rights under the vested portion of such Award, as applicable; provided that, if the amount that could have been obtained upon the exercise
or settlement of the vested portion of such Award or realization of the Participant&rsquo;s rights, in any case, is equal to or less than
zero, then the Award may be terminated without payment;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">To
provide that such Award shall vest and, to the extent applicable, be exercisable as to all Shares covered thereby, notwithstanding anything
to the contrary in the Plan or the provisions of such Award;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">To
provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted
for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments
as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the Administrator;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">To
make adjustments in the number and type of Shares (or other securities or property) subject to outstanding Awards and/or with respect
to which Awards may be granted under the Plan (including, but not limited to, adjustments of the limitations in Article&nbsp;IV hereof
on the maximum number and kind of shares which may be issued) and/or in the terms and conditions of (including the grant or exercise price
or applicable performance goals), and the criteria included in, outstanding Awards;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">To
replace such Award with other rights or property selected by the Administrator; and/or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">To
provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Administrative
Stand Still</U>. In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or
other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary transaction or change
affecting the Shares or the share price of Common Stock, including any Equity Restructuring or any securities offering or other similar
transaction, for administrative convenience, the Administrator may refuse to permit the exercise of any Award for up to sixty days before
or after such transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>General</U>.
Except as expressly provided in the Plan or the Administrator&rsquo;s action under the Plan, no Participant will have any rights due to
any subdivision or consolidation of Shares of any class, dividend payment, increase or decrease in the number of Shares of any class or
dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as expressly provided with respect to an
Equity Restructuring under Section&nbsp;8.1 above or the Administrator&rsquo;s action under the Plan, no issuance by the Company of Shares
of any class, or securities convertible into Shares of any class, will affect, and no adjustment will be made regarding, the number of
Shares subject to an Award or the Award&rsquo;s grant or exercise price. The existence of the Plan, any Award Agreements and the Awards
granted hereunder will not affect or restrict in any way the Company&rsquo;s right or power to make or authorize (i)&nbsp;any adjustment,
recapitalization, reorganization or other change in the Company&rsquo;s capital structure or its business, (ii)&nbsp;any merger, consolidation
dissolution or liquidation of the Company or sale of Company assets or (iii)&nbsp;any sale or issuance of securities, including securities
with rights superior to those of the Shares or securities convertible into or exchangeable for Shares. The Administrator may treat Participants
and Awards (or portions thereof) differently under this Article&nbsp;VIII.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;IX.<BR>
General Provisions Applicable to Awards</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Transferability</U>.
Except as the Administrator may determine or provide in an Award Agreement or otherwise for Awards other than Incentive Stock Options,
Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of law, except by will
or the laws of descent and distribution, or, subject to the Administrator&rsquo;s consent, pursuant to a domestic relations order, and,
during the life of the Participant, will be exercisable only by the Participant. References to a Participant, to the extent relevant in
the context, will include references to a Participant&rsquo;s authorized transferee that the Administrator specifically approves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Documentation</U>.
Each Award will be evidenced in an Award Agreement, which may be written or electronic, as the Administrator determines. Each Award may
contain terms and conditions in addition to those set forth in the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Discretion</U>.
Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other Award. The terms of each
Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions thereof) uniformly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Termination
of Status</U>. The Administrator will determine how a Participant&rsquo;s Disability, death, retirement, authorized leave of absence or
any other change or purported change in a Participant&rsquo;s Service Provider status affects an Award (including whether and when a Termination
of Service has occurred) and the extent to which, and the period during which, the Participant, the Participant&rsquo;s legal representative,
conservator, guardian or Designated Beneficiary may exercise rights under the Award, if applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Withholding</U>.
Each Participant must pay the Company, or make provision satisfactory to the Administrator for payment of, any taxes required by Applicable
Laws to be withheld in connection with such Participant&rsquo;s Awards by the date of the event creating the tax liability. The Company
may deduct an amount sufficient to satisfy such tax obligations based on the applicable statutory withholding rates (or such other rate
as may be determined by the Company after considering any accounting consequences or costs) from any payment of any kind otherwise due
to a Participant. Subject to Section&nbsp;10.8 and any Company insider trading policy (including blackout periods), Participants may satisfy
such tax obligations (i)&nbsp;in cash, by wire transfer of immediately available funds, by check made payable to the order of the Company,
provided that the Company may limit the use of the foregoing payment forms if one or more of the payment forms below is permitted, (ii)&nbsp;to
the extent permitted by the Administrator, in whole or in part by delivery of Shares, including Shares retained from the Award creating
the tax obligation, valued at their fair market value, (iii)&nbsp;if there is a public market for Shares at the time the tax obligations
are satisfied, unless the Company otherwise determines, (A)&nbsp;delivery (including electronically or telephonically to the extent permitted
by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company
sufficient funds to satisfy the tax obligations, or (B)&nbsp;delivery by the Participant to the Company of a copy of irrevocable and unconditional
instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to satisfy the tax withholding;
provided that such amount is paid to the Company at such time as may be required by the Administrator, or (iv)&nbsp;to the extent permitted
by the Administrator, any combination of the foregoing payment forms approved by the Company. If any tax withholding obligation will be
satisfied under clause (ii)&nbsp;of the immediately preceding sentence by the Company&rsquo;s retention of Shares from the Award creating
the tax obligation and there is a public market for Shares at the time the tax obligation is satisfied, the Company may elect to instruct
any brokerage firm determined acceptable to the Company for such purpose to sell on the applicable Participant&rsquo;s behalf some or
all of the Shares retained and to remit the proceeds of the sale to the Company or its designee, and each Participant&rsquo;s acceptance
of an Award under the Plan will constitute the Participant&rsquo;s authorization to the Company and instruction and authorization to such
brokerage firm to complete the transactions described in this sentence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Amendment
of Award; Repricing</U>. The Administrator may amend, modify or terminate any outstanding Award, including by substituting another Award
of the same or a different type, changing the exercise or settlement date, and converting an Incentive Stock Option to a Non-Qualified
Stock Option. The Participant&rsquo;s consent to such action will be required unless (i)&nbsp;the action, taking into account any related
action, does not materially and adversely affect the Participant&rsquo;s rights under the Award, or (ii)&nbsp;the change is permitted
under Article&nbsp;VIII or pursuant to Section&nbsp;10.6. Further, the Administrator may, without the approval of the stockholders of
the Company, reduce the exercise price per share of outstanding Options or Stock Appreciation Rights or cancel outstanding Options or
Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights with an exercise price per share
that is less than the exercise price per share of the original Options or Stock Appreciation Rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Conditions
on Delivery of Stock</U>. The Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares previously
delivered under the Plan until (i)&nbsp;all Award conditions have been met or removed to the Company&rsquo;s satisfaction, (ii)&nbsp;as
determined by the Company, all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including any
applicable securities laws and stock exchange or stock market rules&nbsp;and regulations, and (iii)&nbsp;the Participant has executed
and delivered to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy any Applicable
Laws. The Company&rsquo;s inability to obtain authority from any regulatory body having jurisdiction, which the Administrator determines
is necessary to the lawful issuance and sale of any securities, will relieve the Company of any liability for failing to issue or sell
such Shares as to which such requisite authority has not been obtained.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Acceleration</U>.
The Administrator may at any time provide that any Award will become immediately vested and fully or partially exercisable, free of some
or all restrictions or conditions, or otherwise fully or partially realizable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.9</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Additional
Terms of Incentive Stock Options</U>. The Administrator may grant Incentive Stock Options only to employees of the Company, any of its
present or future parent or subsidiary corporations, as defined in Sections&nbsp;424(e)&nbsp;or (f)&nbsp;of the Code, respectively, and
any other entities the employees of which are eligible to receive Incentive Stock Options under the Code. If an Incentive Stock Option
is granted to a Greater Than 10% Stockholder, the exercise price will not be less than 110% of the Fair Market Value on the Option&rsquo;s
grant date, and the term of the Option will not exceed five years. All Incentive Stock Options will be subject to and construed consistently
with Section&nbsp;422 of the Code. By accepting an Incentive Stock Option, the Participant agrees to give prompt notice to the Company
of dispositions or other transfers (other than in connection with a Change in Control) of Shares acquired under the Option made within
(i)&nbsp;two years from the grant date of the Option or (ii)&nbsp;one year after the transfer of such Shares to the Participant, specifying
the date of the disposition or other transfer and the amount the Participant realized, in cash, other property, assumption of indebtedness
or other consideration, in such disposition or other transfer. Neither the Company nor the Administrator will be liable to a Participant,
or any other party, if an Incentive Stock Option fails or ceases to qualify as an &ldquo;incentive stock option&rdquo; under Section&nbsp;422
of the Code. Any Incentive Stock Option or portion thereof that fails to qualify as an &ldquo;incentive stock option&rdquo; under Section&nbsp;422
of the Code for any reason, including becoming exercisable with respect to Shares having a fair market value exceeding the $100,000 limitation
under Treasury Regulation Section&nbsp;1.422-4, will be a Non-Qualified Stock Option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;X.<BR>
Miscellaneous</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Right to Employment or Other Status</U>. No person will have any claim or right to be granted an Award, and the grant of an Award will
not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company expressly
reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim
under the Plan or any Award, except as expressly provided in an Award Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Rights as Stockholder; Certificates</U>. Subject to the Award Agreement, no Participant or Designated Beneficiary will have any rights
as a stockholder with respect to any Shares to be distributed under an Award until becoming the record holder of such Shares. Notwithstanding
any other provision of the Plan, unless the Administrator otherwise determines or Applicable Laws require, the Company will not be required
to deliver to any Participant certificates evidencing Shares issued in connection with any Award and instead such Shares may be recorded
in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). The Company may place legends on stock
certificates issued under the Plan that the Administrator deems necessary or appropriate to comply with Applicable Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Effective
Date and Term of Plan</U>. Unless earlier terminated by the Board, the Plan will become effective on the day prior to the Public Trading
Date and will remain in effect until the tenth anniversary of the earlier of (i)&nbsp;the date the Board adopted the Plan or (ii)&nbsp;the
date the Company&rsquo;s stockholders approved the Plan, but Awards previously granted may extend beyond that date in accordance with
the Plan. If the Plan is not approved by the Company&rsquo;s stockholders, the Plan will not become effective, no Awards will be granted
under the Plan, and the Prior Plan will continue in full force and effect in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Amendment
of Plan</U>. The Administrator may amend, suspend or terminate the Plan at any time; provided that no amendment, other than an increase
to the Overall Share Limit, may materially and adversely affect any Award outstanding at the time of such amendment without the affected
Participant&rsquo;s consent. No Awards may be granted under the Plan during any suspension period or after Plan termination. Awards outstanding
at the time of any Plan suspension or termination will continue to be governed by the Plan and the Award Agreement, as in effect before
such suspension or termination. The Board will obtain stockholder approval of any Plan amendment to the extent necessary to comply with
Applicable Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Provisions
for Foreign Participants</U>. The Administrator may modify Awards granted to Participants who are foreign nationals or employed outside
the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations or customs of
such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Section&nbsp;409A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>General</U>.
The Company intends that all Awards be structured to comply with, or be exempt from, Section&nbsp;409A, such that no adverse tax consequences,
interest, or penalties under Section&nbsp;409A apply. Notwithstanding anything in the Plan or any Award Agreement to the contrary, the
Administrator may, without a Participant&rsquo;s consent, amend this Plan or Awards, adopt policies and procedures, or take any other
actions (including amendments, policies, procedures and retroactive actions) as are necessary or appropriate to preserve the intended
tax treatment of Awards, including any such actions intended to (A)&nbsp;exempt this Plan or any Award from Section&nbsp;409A, or (B)&nbsp;comply
with Section&nbsp;409A, including regulations, guidance, compliance programs and other interpretative authority that may be issued after
an Award&rsquo;s grant date. The Company makes no representations or warranties as to an Award&rsquo;s tax treatment under Section&nbsp;409A
or otherwise. The Company will have no obligation under this Section&nbsp;10.6 or otherwise to avoid the taxes, penalties or interest
under Section&nbsp;409A with respect to any Award and will have no liability to any Participant or any other person if any Award, compensation
or other benefits under the Plan are determined to constitute noncompliant &ldquo;nonqualified deferred compensation&rdquo; subject to
taxes, penalties or interest under Section&nbsp;409A. Notwithstanding any contrary provision of the Plan or any Award Agreement, any payment
of &ldquo;nonqualified deferred compensation&rdquo; under the Plan that may be made in installments shall be treated as a right to receive
a series of separate and distinct payments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Separation
from Service</U>. If an Award constitutes &ldquo;nonqualified deferred compensation&rdquo; under Section&nbsp;409A, any payment or settlement
of such Award upon a termination of a Participant&rsquo;s Service Provider relationship will, to the extent necessary to avoid taxes under
Section&nbsp;409A, be made only upon the Participant&rsquo;s &ldquo;separation from service&rdquo; (within the meaning of Section&nbsp;409A),
whether such &ldquo;separation from service&rdquo; occurs upon or after the termination of the Participant&rsquo;s Service Provider relationship.
For purposes of this Plan or any Award Agreement relating to any such payments or benefits, references to a &ldquo;termination,&rdquo;
 &ldquo;termination of employment&rdquo; or like terms means a &ldquo;separation from service.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Payments
to Specified Employees</U>. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s)&nbsp;of &ldquo;nonqualified
deferred compensation&rdquo; required to be made under an Award to a &ldquo;specified employee&rdquo; (as defined under Section&nbsp;409A
and as the Administrator determines) due to his or her &ldquo;separation from service&rdquo; will, to the extent necessary to avoid taxes
under Section&nbsp;409A(a)(2)(B)(i)&nbsp;of the Code, be delayed for the six-month period immediately following such &ldquo;separation
from service&rdquo; (or, if earlier, until the specified employee&rsquo;s death) and will instead be paid (as set forth in the Award Agreement)
on the day immediately following such six-month period or as soon as administratively practicable thereafter (without interest). Any payments
of &ldquo;nonqualified deferred compensation&rdquo; under such Award payable more than six months following the Participant&rsquo;s &ldquo;separation
from service&rdquo; will be paid at the time or times the payments are otherwise scheduled to be made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Limitations
on Liability</U>. Notwithstanding any other provisions of the Plan and to the extent allowable pursuant to Applicable Law and the Company&rsquo;s
certificate of incorporation and bylaws, (a)&nbsp;no individual acting as a director, officer, other employee or agent of the Company
or any Subsidiary will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss,
liability, or expense incurred in connection with the Plan or any Award, and such individual will not be personally liable with respect
to the Plan because of any contract or other instrument executed in his or her capacity as an Administrator, director, officer, other
employee or agent of the Company or any Subsidiary, and (b)&nbsp;the Company will indemnify and hold harmless each director, officer,
other employee and agent of the Company or any Subsidiary that has been or will be granted or delegated any duty or power relating to
the Plan&rsquo;s administration or interpretation, against any cost or expense (including attorneys&rsquo; fees) or liability (including
any sum paid in settlement of a claim with the Administrator&rsquo;s approval) arising from any act or omission concerning this Plan unless
arising from such person&rsquo;s own fraud or bad faith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Lock-Up
Period</U>. The Company may, at the request of any underwriter representative or otherwise, in connection with registering the offering
of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise transferring
any Shares or other Company securities during a period of up to one hundred eighty days following the effective date of a Company registration
statement filed under the Securities Act, or such longer period as determined by the underwriter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Data
Privacy</U>. As a condition for receiving any Award, each Participant explicitly and unambiguously consents to the collection, use and
transfer, in electronic or other form, of personal data as described in this section by and among the Company and its Subsidiaries and
affiliates exclusively for implementing, administering and managing the Participant&rsquo;s participation in the Plan. The Company and
its Subsidiaries and affiliates may hold certain personal information about a Participant, including the Participant&rsquo;s name, address
and telephone number; birthdate; social security number, insurance number or other identification number; salary; nationality; job title(s);
any Shares held in the Company or its Subsidiaries and affiliates; and Award details, to implement, manage and administer the Plan and
Awards (the &ldquo;<B><I>Data</I></B>&rdquo;). The Company and its Subsidiaries and affiliates may transfer the Data amongst themselves
as necessary to implement, administer and manage a Participant&rsquo;s participation in the Plan, and the Company and its Subsidiaries
and affiliates may transfer the Data to third parties assisting the Company with Plan implementation, administration and management. These
recipients may be located in the Participant&rsquo;s country, or elsewhere, and the Participant&rsquo;s country may have different data
privacy laws and protections than the recipients&rsquo; country. By accepting an Award, each Participant authorizes such recipients to
receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Participant&rsquo;s
participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the Participant
may elect to deposit any Shares. The Data related to a Participant will be held only as long as necessary to implement, administer, and
manage the Participant&rsquo;s participation in the Plan. A Participant may, at any time, view the Data that the Company holds regarding
such Participant, request additional information about the storage and processing of the Data regarding such Participant, recommend any
necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this Section&nbsp;10.9 in writing, without
cost, by contacting the local human resources representative. The Company may cancel Participant&rsquo;s ability to participate in the
Plan and, in the Administrator&rsquo;s discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws
the consents in this Section&nbsp;10.9. For more information on the consequences of refusing or withdrawing consent, Participants may
contact their local human resources representative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Severability</U>.
If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality or invalidity will not
affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provisions had been excluded,
and the illegal or invalid action will be null and void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Governing
Documents</U>. If any contradiction occurs between the Plan and any Award Agreement or other written agreement between a Participant and
the Company (or any Subsidiary) that the Administrator has approved, the Plan will govern, unless it is expressly specified in such Award
Agreement or other written document that a specific provision of the Plan will not apply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Governing
Law</U>. The Plan and all Awards will be governed by and interpreted in accordance with the laws of the State of Nevada, disregarding
any state&rsquo;s choice-of-law principles requiring the application of a jurisdiction&rsquo;s laws other than the State of Nevada.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Claw-back
Provisions</U>. All Awards (including any proceeds, gains or other economic benefit the Participant actually or constructively receives
upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company claw-back
policy, including any claw-back policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer
Protection Act and any rules&nbsp;or regulations promulgated thereunder) as set forth in such claw-back policy or the Award Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Titles
and Headings</U>. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the Plan&rsquo;s text,
rather than such titles or headings, will control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Conformity
to Securities Laws</U>. Participant acknowledges that the Plan is intended to conform to the extent necessary with Applicable Laws. Notwithstanding
anything herein to the contrary, the Plan and all Awards will be administered only in conformance with Applicable Laws. To the extent
Applicable Laws permit, the Plan and all Award Agreements will be deemed amended as necessary to conform to Applicable Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Relationship
to Other Benefits</U>. No payment under the Plan will be taken into account in determining any benefits under any pension, retirement,
savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except as expressly provided
in writing in such other plan or an agreement thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.17</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Broker-Assisted
Sales</U>. In the event of a broker-assisted sale of Shares in connection with the payment of amounts owed by a Participant under or with
respect to the Plan or Awards, including amounts to be paid under the final sentence of Section&nbsp;9.5: (a)&nbsp;any Shares to be sold
through the broker-assisted sale will be sold on the day the payment first becomes due, or as soon thereafter as practicable; (b)&nbsp;such
Shares may be sold as part of a block trade with other Participants in the Plan in which all participants receive an average price; (c)&nbsp;the
applicable Participant will be responsible for all broker&rsquo;s fees and other costs of sale, and by accepting an Award, each Participant
agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale; (d)&nbsp;to
the extent the Company or its designee receives proceeds of such sale that exceed the amount owed, the Company will pay such excess in
cash to the applicable Participant as soon as reasonably practicable; (e)&nbsp;the Company and its designees are under no obligation to
arrange for such sale at any particular price; and (f)&nbsp;in the event the proceeds of such sale are insufficient to satisfy the Participant&rsquo;s
applicable obligation, the Participant may be required to pay immediately upon demand to the Company or its designee an amount in cash
sufficient to satisfy any remaining portion of the Participant&rsquo;s obligation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;XI.<BR>
Definitions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in the Plan, the following
words and phrases will have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Administrator</I></B>&rdquo;
means the Board or a Committee to the extent that the Board&rsquo;s powers or authority under the Plan have been delegated to such Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Applicable
Laws</I></B>&rdquo; means any applicable law, including without limitation: (a)&nbsp;provisions of the Code, the Securities Act, the Exchange
Act and any rules&nbsp;or regulations thereunder; (b)&nbsp;corporate, securities, tax or other laws, statutes, rules, requirements or
regulations, whether U.S. or non-U.S., federal, state or local; and (c)&nbsp;rules&nbsp;of any securities exchange or automated quotation
system on which the Shares are listed, quoted or traded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Award</I></B>&rdquo;
means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock
Units, Dividend Equivalents or Other Stock or Cash Based Awards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Award
Agreement</I></B>&rdquo; means a written agreement evidencing an Award, which may be electronic, that contains such terms and conditions
as the Administrator determines, consistent with and subject to the terms and conditions of the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Board</I></B>&rdquo;
means the Board of Directors of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Cause</I></B>&rdquo;
means (i)&nbsp;if a Participant is a party to a written employment or consulting agreement with the Company or any of its Subsidiaries
or an Award Agreement in which the term &ldquo;cause&rdquo; is defined (a &ldquo;<B><I>Relevant Agreement</I></B>&rdquo;), &ldquo;Cause&rdquo;
as defined in the Relevant Agreement, and (ii)&nbsp;if no Relevant Agreement exists, (A)&nbsp;the Administrator&rsquo;s determination
that the Participant failed to substantially perform the Participant&rsquo;s duties (other than a failure resulting from the Participant&rsquo;s
Disability); (B)&nbsp;the Administrator&rsquo;s determination that the Participant failed to carry out, or comply with any lawful and
reasonable directive of the Board or the Participant&rsquo;s immediate supervisor; (C)&nbsp;the occurrence of any act or omission by the
Participant that could reasonably be expected to result in (or has resulted in) the Participant&rsquo;s conviction, plea of no contest,
plea of nolo contendere, or imposition of unadjudicated probation for any felony or indictable offense or crime involving moral turpitude;
(D)&nbsp;the Participant&rsquo;s unlawful use (including being under the influence) or possession of illegal drugs on the premises of
the Company or any of its Subsidiaries or while performing the Participant&rsquo;s duties and responsibilities for the Company or any
of its Subsidiaries; or (E)&nbsp;the Participant&rsquo;s commission of an act of fraud, embezzlement, misappropriation, misconduct, or
breach of fiduciary duty against the Company or any of its Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Change
in Control</I></B>&rdquo; means and includes each of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement filed
with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (i)&nbsp;and
(ii)&nbsp;of subsection&nbsp;(c)&nbsp;below) whereby any &ldquo;person&rdquo; or related &ldquo;group&rdquo; of &ldquo;persons&rdquo;
(as such terms are used in Sections&nbsp;13(d)&nbsp;and 14(d)(2)&nbsp;of the Exchange Act) (other than the Company, any of its Subsidiaries,
an employee benefit plan maintained by the Company or any of its Subsidiaries or a &ldquo;person&rdquo; that, prior to such transaction,
directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial
ownership (within the meaning of Rule&nbsp;13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the
total combined voting power of the Company&rsquo;s securities outstanding immediately after such acquisition; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">During
any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new Director(s)&nbsp;(other
than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in
subsections (a)&nbsp;or (c)) whose election by the Board or nomination for election by the Company&rsquo;s stockholders was approved by
a vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the two-year period
or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries)
of (x)&nbsp;a merger, consolidation, reorganization, or business combination, (y)&nbsp;a sale or other disposition of all or substantially
all of the Company&rsquo;s assets in any single transaction or series of related transactions or (z)&nbsp;the acquisition of assets or
stock of another entity, in each case other than a transaction:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">which
results in the Company&rsquo;s voting securities outstanding immediately before the transaction continuing to represent (either by remaining
outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls,
directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company&rsquo;s assets or otherwise
succeeds to the business of the Company (the Company or such person, the &ldquo;<B><I>Successor Entity</I></B>&rdquo;)) directly or indirectly,
at least a majority of the combined voting power of the Successor Entity&rsquo;s outstanding voting securities immediately after the transaction,
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">after
which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity;
<U>provided</U>, <U>however</U>, that no person or group shall be treated for purposes of this clause (ii)&nbsp;as beneficially owning
50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the
consummation of the transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
if a Change in Control constitutes a payment event with respect to any Award (or portion of any Award) that provides for the deferral
of compensation that is subject to Section&nbsp;409A, to the extent required to avoid the imposition of additional taxes under Section&nbsp;409A,
the transaction or event described in subsection&nbsp;(a), (b)&nbsp;or (c)&nbsp;with respect to such Award (or portion thereof) shall
only constitute a Change in Control for purposes of the payment timing of such Award if such transaction also constitutes a &ldquo;change
in control event,&rdquo; as defined in Treasury Regulation Section&nbsp;1.409A-3(i)(5).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Administrator shall have
full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control has occurred
pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided
that any exercise of authority in conjunction with a determination of whether a Change in Control is a &ldquo;change in control event&rdquo;
as defined in Treasury Regulation Section&nbsp;1.409A-3(i)(5)&nbsp;shall be consistent with such regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Code</I></B>&rdquo;
means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.9</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Committee</I></B>&rdquo;
means one or more committees or subcommittees of the Board, which may include one or more Company directors or executive officers, to
the extent Applicable Laws permit. To the extent required to comply with the provisions of Rule&nbsp;16b-3, it is intended that each member
of the Committee will be, at the time the Committee takes any action with respect to an Award that is subject to Rule&nbsp;16b-3, a &ldquo;non-employee
director&rdquo; within the meaning of Rule&nbsp;16b-3; however, a Committee member&rsquo;s failure to qualify as a &ldquo;non-employee
director&rdquo; within the meaning of Rule&nbsp;16b-3 will not invalidate any Award granted by the Committee that is otherwise validly
granted under the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.10</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Common
Stock</I></B>&rdquo; means the common stock of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.11</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Company</I></B>&rdquo;
means Ategrity Specialty Insurance Company Holdings, a Nevada corporation, or any successor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.12</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Consultant</I></B>&rdquo;
means any person, including any adviser, engaged by the Company or its parent or Subsidiary to render services to such entity if the consultant
or adviser: (i)&nbsp;renders bona fide services to the Company; (ii)&nbsp;renders services not in connection with the offer or sale of
securities in a capital-raising transaction and does not directly or indirectly promote or maintain a market for the Company&rsquo;s securities;
and (iii)&nbsp;is a natural person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.13</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Designated
Beneficiary</I></B>&rdquo; means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines,
to receive amounts due or exercise the Participant&rsquo;s rights if the Participant dies or becomes incapacitated. Without a Participant&rsquo;s
effective designation, &ldquo;Designated Beneficiary&rdquo; will mean the Participant&rsquo;s estate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.14</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Director</I></B>&rdquo;
means a Board member.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.15</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Disability</I></B>&rdquo;
means a permanent and total disability under Section&nbsp;22(e)(3)&nbsp;of the Code, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.16</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Dividend
Equivalents</I></B>&rdquo; means a right granted to a Participant under the Plan to receive the equivalent value (in cash or Shares) of
dividends paid on Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.17</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Employee</I></B>&rdquo;
means (i)&nbsp;any employee of the Company or its Subsidiaries or (ii)&nbsp;any person or to whom the Company or one of its Subsidiaries
has extended a formal, written offer of employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.18</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Equity
Restructuring</I></B>&rdquo; means a nonreciprocal transaction between the Company and its stockholders, such as a stock dividend, stock
split, spin-off or recapitalization through a large, nonrecurring cash dividend, that affects the number or kind of Shares (or other Company
securities) or the share price of Common Stock (or other Company securities) and causes a change in the per share value of the Common
Stock underlying outstanding Awards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.19</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Exchange
Act</I></B>&rdquo; means the Securities Exchange Act of 1934, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.20</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Fair
Market Value</I></B>&rdquo; means, as of any date, the value of a Share determined as follows: (i)&nbsp;if the Common Stock is listed
on any established stock exchange, its Fair Market Value will be the closing sales price for such Common Stock as quoted on such exchange
for such date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred, as reported in The
Wall Street Journal or another source the Administrator deems reliable; (ii)&nbsp;if the Common Stock is not traded on a stock exchange
but is quoted on a national market or other quotation system, the closing sales price on such date, or if no sales occurred on such date,
then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator
deems reliable; or (iii)&nbsp;without an established market for the Common Stock, the Administrator will determine the Fair Market Value
in its discretion. Notwithstanding the foregoing, with respect to any Award granted on the pricing date of the Company&rsquo;s initial
public offering, the Fair Market Value shall mean the initial public offering price of a Share as set forth in the Company&rsquo;s final
prospectus relating to its initial public offering filed with the Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.21</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Greater
Than 10% Stockholder</I></B>&rdquo; means an individual then owning (within the meaning of Section&nbsp;424(d)&nbsp;of the Code) more
than 10% of the total combined voting power of all classes of stock of the Company or its parent or subsidiary corporation, as defined
in Section&nbsp;424(e)&nbsp;and (f)&nbsp;of the Code, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.22</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Incentive
Stock Option</I></B>&rdquo; means an Option intended to qualify as an &ldquo;incentive stock option&rdquo; as defined in Section&nbsp;422
of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.23</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Non-Qualified
Stock Option</I></B>&rdquo; means an Option not intended or not qualifying as an Incentive Stock Option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.24</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Option</I></B>&rdquo;
means an option to purchase Shares, which will either be an Incentive Stock Option or a Non-Qualified Stock Option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.25</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Other
Stock or Cash Based Awards</I></B>&rdquo; means cash awards, awards of Shares, and other awards valued wholly or partially by referring
to, or are otherwise based on, Shares or other property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.26</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Overall
Share Limit</I></B>&rdquo; means the sum of (i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares and (ii)&nbsp;any Shares
which are subject to Prior Plan Awards which become available for issuance under the Plan pursuant to Article&nbsp;IV.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.27</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Participant</I></B>&rdquo;
means a Service Provider who has been granted an Award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.28</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Performance
Criteria</I></B>&rdquo; means the criteria (and adjustments) that the Administrator may select for an Award to establish performance goals
for a performance period, which may include (but is not limited to) the following: net earnings or losses (either before or after one
or more of interest, taxes, depreciation, amortization, and non-cash equity-based compensation expense); gross or net sales or revenue
or sales or revenue growth; net income (either before or after taxes) or adjusted net income; profits (including but not limited to gross
profits, net profits, profit growth, net operation profit or economic profit), profit return ratios or operating margin; budget or operating
earnings (either before or after taxes or before or after allocation of corporate overhead and bonus); cash flow (including operating
cash flow and free cash flow or cash flow return on capital); return on assets; return on capital or invested capital; cost of capital;
return on stockholders&rsquo; equity; total stockholder return; return on sales; costs, reductions in costs and cost control measures;
expenses; working capital; earnings or loss per share; adjusted earnings or loss per share; price per share or dividends per share (or
appreciation in or maintenance of such price or dividends); regulatory achievements or compliance; implementation, completion or attainment
of objectives relating to research, development, regulatory, commercial, or strategic milestones or developments; market share; economic
value or economic value added models; division, group or corporate financial goals; customer satisfaction/growth; customer service; employee
satisfaction; recruitment and maintenance of personnel; human resources management; supervision of litigation and other legal matters;
strategic partnerships and transactions; financial ratios (including those measuring liquidity, activity, profitability or leverage);
debt levels or reductions; sales-related goals; financing and other capital raising transactions; cash on hand; acquisition activity;
investment sourcing activity; and marketing initiatives, any of which may be measured in absolute terms or as compared to any incremental
increase or decrease. Such performance goals also may be based solely by reference to the Company&rsquo;s performance or the performance
of a Subsidiary, division, business segment or business unit of the Company or a Subsidiary, or based upon performance relative to performance
of other companies or upon comparisons of any of the indicators of performance relative to performance of other companies. The Administrator
may provide for exclusion of the impact of an event or occurrence which the Administrator determines should appropriately be excluded,
including (a)&nbsp;restructurings, discontinued operations, extraordinary items, and other unusual, infrequently occurring or non-recurring
charges or events, (b)&nbsp;asset write-downs, (c)&nbsp;litigation or claim judgments or settlements, (d)&nbsp;acquisitions or divestitures,
(e)&nbsp;reorganization or change in the corporate structure or capital structure of the Company, (f)&nbsp;an event either not directly
related to the operations of the Company, Subsidiary, division, business segment or business unit or not within the reasonable control
of management, (g)&nbsp;foreign exchange gains and losses, (h)&nbsp;a change in the fiscal year of the Company, (i)&nbsp;the refinancing
or repurchase of bank loans or debt securities, (j)&nbsp;unbudgeted capital expenditures, (k)&nbsp;the issuance or repurchase of equity
securities and other changes in the number of outstanding shares, (l)&nbsp;conversion of some or all of convertible securities to Common
Stock, (m)&nbsp;any business interruption event (n)&nbsp;the cumulative effects of tax or accounting changes in accordance with U.S. generally
accepted accounting principles, or (o)&nbsp;the effect of changes in other laws or regulatory rules&nbsp;affecting reported results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.29</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Plan</I></B>&rdquo;
means this 2025 Incentive Award Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.30</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Prior
Plan</I></B>&rdquo; means the Ategrity Specialty Holdings LLC Equity Incentive Plan, as amended and restated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.31</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Prior
Plan Award</I></B>&rdquo; means an award outstanding under the Prior Plan as of the Plan&rsquo;s effective date in Section&nbsp;10.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.32</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Public
Trading Date</I></B>&rdquo; means the first date upon which the Common Stock is listed (or approved for listing) upon notice of issuance
on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer
quotation system, or, if earlier, the date on which the Company becomes a &ldquo;publicly held corporation&rdquo; for purposes of Treasury
Regulation Section&nbsp;1.162-27(c)(1).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.33</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Restricted
Stock</I></B>&rdquo; means Shares awarded to a Participant under Article&nbsp;VI subject to certain vesting conditions and other restrictions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.34</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Restricted
Stock Unit</I></B>&rdquo; means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount in
cash or other consideration determined by the Administrator to be of equal value as of such settlement date awarded to a Participant under
Article&nbsp;VI, subject to certain vesting conditions and other restrictions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.35</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Rule&nbsp;16b-3</I></B>&rdquo;
means Rule&nbsp;16b-3 promulgated under the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.36</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Section&nbsp;409A</I></B>&rdquo;
means Section&nbsp;409A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.37</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Securities
Act</I></B>&rdquo; means the Securities Act of 1933, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.38</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Service
Provider</I></B>&rdquo; means an Employee, Consultant or Director.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.39</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Shares</I></B>&rdquo;
means shares of Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.40</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Stock
Appreciation Right</I></B>&rdquo; means a stock appreciation right granted under Article&nbsp;V.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.41</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Subsidiary</I></B>&rdquo;
means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if
each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities
or interests representing at least 50% of the total combined voting power of all classes of securities or interests in one of the other
entities in such chain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.42</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Substitute
Awards</I></B>&rdquo; means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, awards
previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company or any Subsidiary
or with which the Company or any Subsidiary combines.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.43</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Termination
of Service</I></B>&rdquo; means Participant ceasing to be a Service Provider.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>*&nbsp;*&nbsp;*&nbsp;*&nbsp;*</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt; border: Black 1pt solid; width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ATEGRITY
SPECIALTY INSURANCE COMPANY HOLDINGS</B></FONT><B><BR>
2025 INCENTIVE AWARD PLAN</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STOCK OPTION GRANT NOTICE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capitalized
terms not specifically defined in this Stock Option Grant Notice (the &ldquo;<B><I>Grant Notice</I></B>&rdquo;) have the meanings given
to them in the 2025 Incentive Award Plan (as amended from time to time, the &ldquo;<B><I>Plan</I></B>&rdquo;) of</FONT> Ategrity Specialty
Insurance Company Holdings (the &ldquo;<B><I>Company</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">T</FONT>he
Company has granted to the participant listed below (&ldquo;<B><I>Participant</I></B>&rdquo;) the stock option described in this Grant
Notice (the &ldquo;<B><I>Option</I></B>&rdquo;), subject to the terms and conditions of the Plan and the Stock Option Agreement attached
as <B>Exhibit&nbsp;A</B> (the &ldquo;<B><I>Agreement</I></B>&rdquo;), both of which are incorporated into this Grant Notice by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 6pt; width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Participant:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; width: 61%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Grant Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 6pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise Price per Share:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 6pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares Subject to the Option:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Final Expiration Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vesting Commencement Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vesting Schedule:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type of Option:</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By Participant&rsquo;s signature
below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan,
this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept
as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this
Grant Notice or the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>ATEGRITY SPECIALTY INSURANCE COMPANY HOLDINGS</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARTICIPANT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit&nbsp;A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>STOCK
OPTION AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms not specifically
defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE&nbsp;I.</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
GENERAL</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Grant
of Option</U>. The Company has granted to Participant the Option effective as of the grant date set forth in the Grant Notice (the &ldquo;<B><I>Grant
Date</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Incorporation
of Terms of Plan</U>. The Option is subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated
herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE&nbsp;II.</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
PERIOD OF EXERCISABILITY</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Commencement
of Exercisability</U>. The Option will vest and become exercisable according to the vesting schedule in the Grant Notice (the &ldquo;<B><I>Vesting
Schedule</I></B>&rdquo;) except that any fraction of a Share as to which the Option would be vested or exercisable will be accumulated
and will vest and become exercisable only when a whole Share has accumulated. Notwithstanding anything in the Grant Notice, the Plan or
this Agreement to the contrary, unless the Administrator otherwise determines, the Option will immediately expire and be forfeited as
to any portion that is not vested and exercisable as of Participant&rsquo;s Termination of Service for any reason.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Duration
of Exercisability</U>. The Vesting Schedule is cumulative. Any portion of the Option which vests and becomes exercisable will remain vested
and exercisable until the Option expires. The Option will be forfeited immediately upon its expiration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Expiration
of Option</U>. The Option may not be exercised to any extent by anyone after, and will expire on, the first of the following to occur:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
final expiration date in the Grant Notice;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as the Administrator may otherwise approve, the expiration of three (3)&nbsp;months from the date of Participant&rsquo;s Termination of
Service, unless Participant&rsquo;s Termination of Service is for Cause or by reason of Participant&rsquo;s death or Disability;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as the Administrator may otherwise approve, the expiration of one (1)&nbsp;year from the date of Participant&rsquo;s Termination of Service
by reason of Participant&rsquo;s death or Disability; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as the Administrator may otherwise approve, Participant&rsquo;s Termination of Service for Cause.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE&nbsp;III.</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
EXERCISE OF OPTION</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Exercise
of Option</U>. Subject to the conditions set forth in this Agreement, the Option, to the extent vested, may be exercised in whole or in
part at any time and from time to time by giving 10 days written notice of exercise to the Administrator specifying the portion of the
Option to be exercised. Notwithstanding any terms or conditions in the Plan, unless otherwise determined by the Administrator, Participant
shall only exercise the Option and purchase Shares by a net exercise arrangement pursuant to which the Company will issue to Participant
the number of Shares determined in accordance with the following formula:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">X = Y (A-B) /A where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">X = the number of Shares to be issued
to Participant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Y = the number of Shares with respect
to which the Option is being exercised</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A = the Fair Market Value of the Shares
on the date of exercise</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">B = the Exercise Price</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Option may only be exercised for whole Shares.
However, to the extent that the application of the above formula results in a fractional number, Participant shall be entitled to make
a cash payment to the Company to purchase the remaining portion of the Share at the Fair Market Value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Person
Eligible to Exercise</U>. During Participant&rsquo;s lifetime, only Participant may exercise the Option. After Participant&rsquo;s death,
any exercisable portion of the Option may, prior to the time the Option expires, be exercised by Participant&rsquo;s Designated Beneficiary
as provided in the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Tax
Withholding</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Unless
otherwise determined by the Administrator, the Company shall retain Shares otherwise issuable under the Option (<I>e.g.</I>, upon exercise
of the Option) to cover the withholding tax arising in connection with the Option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Participant
acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the Option, regardless of any
action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the Option. Neither
the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding in connection with
the awarding, vesting or exercise of the Option or the subsequent sale of Shares. The Company and the Subsidiaries do not commit and are
under no obligation to structure the Option to reduce or eliminate Participant&rsquo;s tax liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE&nbsp;IV.</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
OTHER PROVISIONS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Adjustments</U>.
Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this
Agreement and the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the
Company&rsquo;s Secretary at the Company&rsquo;s principal office or the Secretary&rsquo;s then-current email address or facsimile number.
Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant (or, if Participant
is then deceased, to the person entitled to exercise the Option) at Participant&rsquo;s last known mailing address, email address or facsimile
number in the Company&rsquo;s personnel files. By a notice given pursuant to this Section, either party may designate a different address
for notices to be given to that party. Any notice will be deemed duly given when actually received, when sent by email, when sent by certified
mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly maintained by the
United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile transmission
confirmation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Titles</U>.
Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Conformity
to Securities Laws</U>. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent
necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable
Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Successors
and Assigns</U>. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will
inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Plan, this
Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties
hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Limitations
Applicable to Section&nbsp;16 Persons</U>. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject
to Section&nbsp;16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Option will be subject to any additional limitations
set forth in any applicable exemptive rule&nbsp;under Section&nbsp;16 of the Exchange Act (including any amendment to Rule&nbsp;16b-3)
that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed
amended as necessary to conform to such applicable exemptive rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U>. The Plan, the Grant Notice and this Agreement (including any exhibit&nbsp;hereto) constitute the entire agreement of the
parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject
matter hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Agreement
Severable</U>. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be
severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions
of the Grant Notice or this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Limitation
on Participant&rsquo;s Rights</U>. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement
creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither
the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor
of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the
right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the terms hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Not
a Contract of Employment</U>. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue in
the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries,
which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever,
with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and
Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law,
each of which will be deemed an original and all of which together will constitute one instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Incentive
Stock Options</U>. If the Option is designated as an Incentive Stock Option:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Participant
acknowledges that to the extent the aggregate fair market value of shares (determined as of the time the option with respect to the shares
is granted) with respect to which stock options intended to qualify as &ldquo;incentive stock options&rdquo; under Section&nbsp;422 of
the Code, including the Option, are exercisable for the first time by Participant during any calendar year exceeds $100,000 or if for
any other reason such stock options do not qualify or cease to qualify for treatment as &ldquo;incentive stock options&rdquo; under Section&nbsp;422
of the Code, such stock options (including the Option) will be treated as non-qualified stock options. Participant further acknowledges
that the rule&nbsp;set forth in the preceding sentence will be applied by taking the Option and other stock options into account in the
order in which they were granted, as determined under Section&nbsp;422(d)&nbsp;of the Code. Participant acknowledges that amendments or
modifications made to the Option pursuant to the Plan that would cause the Option to become a Non-Qualified Stock Option will not materially
or adversely affect Participant&rsquo;s rights under the Option, and that any such amendment or modification shall not require Participant&rsquo;s
consent. Participant also acknowledges that if the Option is exercised more than three (3)&nbsp;months after Participant&rsquo;s Termination
of Service as an Employee, other than by reason of death or Disability, the Option will be taxed as a Non-Qualified Stock Option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Participant
will give prompt written notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such
disposition or other transfer is made (a)&nbsp;within two (2)&nbsp;years from the Grant Date or (b)&nbsp;within one (1)&nbsp;year after
the transfer of such Shares to Participant. Such notice will specify the date of such disposition or other transfer and the amount realized,
in cash, other property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>*&nbsp;*&nbsp;*&nbsp;*&nbsp;*</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt; border: Black 1pt solid; width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ATEGRITY SPECIALTY INSURANCE COMPANY HOLDINGS</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>2025
    INCENTIVE AWARD PLAN</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps; text-transform: uppercase"><B>RESTRICTED
STOCK GRANT NOTICE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capitalized
terms not specifically defined in this Restricted Stock Grant Notice (the &ldquo;<B><I>Grant Notice</I></B>&rdquo;) have the meanings
given to them in the 2025 Incentive Award Plan (as amended from time to time, the &ldquo;<B><I>Plan</I></B>&rdquo;) of </FONT>Ategrity
Specialty Insurance Company Holdings (the &ldquo;<B><I>Company</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has granted to
the participant listed below (&ldquo;<B><I>Participant</I></B>&rdquo;) the shares of Restricted Stock described in this Grant Notice (the
 &ldquo;<B><I>Restricted Shares</I></B>&rdquo;), subject to the terms and conditions of the Plan and the Restricted Stock Agreement attached
as <B>Exhibit&nbsp;A</B> (the &ldquo;<B><I>Agreement</I></B>&rdquo;), both of which are incorporated into this Grant Notice by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Participant:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Grant Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Restricted Shares:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vesting Commencement Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vesting Schedule:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By Participant&rsquo;s signature
below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan,
this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept
as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this
Grant Notice or the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>ATEGRITY SPECIALTY INSURANCE COMPANY HOLDINGS</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARTICIPANT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit&nbsp;A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps; text-transform: uppercase"><B>RESTRICTED
STOCK AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms not specifically
defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE&nbsp;I.</B></FONT><B><BR>
GENERAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Issuance
of Restricted Shares</U>. The Company will issue the Restricted Shares to the Participant effective as of the grant date set forth in
the Grant Notice and will cause (a)&nbsp;a stock certificate or certificates representing the Restricted Shares to be registered in Participant&rsquo;s
name or (b)&nbsp;the Restricted Shares to be held in book-entry form. If a stock certificate is issued, the certificate will be delivered
to, and held in accordance with this Agreement by, the Company or its authorized representatives and will bear the restrictive legends
required by this Agreement. If the Restricted Shares are held in book-entry form, then the book-entry will indicate that the Restricted
Shares are subject to the restrictions of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Incorporation
of Terms of Plan</U>. The Restricted Shares are subject to the terms and conditions set forth in this Agreement and the Plan, which is
incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE&nbsp;II.</B></FONT><B><BR>
VESTING, FORFEITURE AND ESCROW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Vesting</U>.
The Restricted Shares will become vested Shares (the &ldquo;<B><I>Vested Shares</I></B>&rdquo;) according to the vesting schedule in
the Grant Notice except that any fraction of a Share that would otherwise become a Vested Share will be accumulated and will become a
Vested Share only when a whole Vested Share has accumulated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Forfeiture</U>.
In the event of Participant&rsquo;s Termination of Service for any reason, Participant will immediately and automatically forfeit to
the Company any Shares that are not Vested Shares (the &ldquo;<B><I>Unvested Shares</I></B>&rdquo;) at the time of Participant&rsquo;s
Termination of Service, except as otherwise determined by the Administrator or provided in a binding written agreement between Participant
and the Company. Upon forfeiture of Unvested Shares, the Company will become the legal and beneficial owner of the Unvested Shares and
all related interests and Participant will have no further rights with respect to the Unvested Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Escrow</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Unvested
Shares will be held by the Company or its authorized representatives until (i)&nbsp;they are forfeited, (ii)&nbsp;they become Vested
Shares or (iii)&nbsp;this Agreement is no longer in effect. By accepting this Award, Participant appoints the Company and its authorized
representatives as Participant&rsquo;s attorney(s)-in-fact to take all actions necessary to effect any transfer of forfeited Unvested
Shares (and Retained Distributions (as defined below), if any, paid on such forfeited Unvested Shares) to the Company as may be required
pursuant to the Plan or this Agreement and to execute such representations or other documents or assurances as the Company or such representatives
deem necessary or advisable in connection with any such transfer. The Company, or its authorized representative, will not be liable for
any good faith act or omission with respect to the holding in escrow or transfer of the Restricted Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
cash dividends and other distributions made or declared with respect to Unvested Shares (&ldquo;<B><I>Retained Distributions</I></B>&rdquo;)
will be held by the Company until the time (if ever) when the Unvested Shares to which such Retained Distributions relate become Vested
Shares. The Company will establish a separate Retained Distribution bookkeeping account (&ldquo;<B><I>Retained Distribution Account</I></B>&rdquo;)
for each Unvested Share with respect to which Retained Distributions have been made or declared in cash and credit the Retained Distribution
Account (without interest) on the date of payment with the amount of such cash made or declared with respect to the Unvested Share. Retained
Distributions (including any Retained Distribution Account balance) will immediately and automatically be forfeited upon forfeiture of
the Unvested Share with respect to which the Retained Distributions were paid or declared.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: justify"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">As
soon as reasonably practicable following the date on which an Unvested Share becomes a Vested Share, the Company will (i)&nbsp;cause
the certificate (or a new certificate without the legend required by this Agreement, if Participant so requests) representing the Share
to be delivered to Participant or, if the Share is held in book-entry form, cause the notations indicating the Share is subject to the
restrictions of this Agreement to be removed and (ii)&nbsp;pay to Participant the Retained Distributions relating to the Share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Rights
as Stockholder</U>. Except as otherwise provided in this Agreement or the Plan, upon issuance of the Restricted Shares by the Company,
Participant will have all the rights of a stockholder with respect to the Restricted Shares, including the right to vote the Restricted
Shares and to receive dividends or other distributions paid or made with respect to the Restricted Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE&nbsp;III.</B></FONT><B><BR>
TAXATION AND TAX WITHHOLDING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Representation</U>.
Participant represents to the Company that Participant has reviewed with Participant&rsquo;s own tax advisors the tax consequences of
the Restricted Shares and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying solely on such
advisors and not on any statements or representations of the Company or any of its agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Section&nbsp;83(b)&nbsp;Election</U>.
If Participant makes an election under Section&nbsp;83(b)&nbsp;of the Code with respect to the Restricted Shares, Participant will deliver
a copy of the election to the Company promptly after filing the election with the Internal Revenue Service.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Tax
Withholding</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has the right and option, but not the obligation, to treat Participant&rsquo;s failure to provide timely payment in accordance
with the Plan of any withholding tax arising in connection with the Restricted Shares as Participant&rsquo;s election to satisfy all
or any portion of the withholding tax by requesting the Company retain Shares otherwise deliverable under the Award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Participant
acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the Restricted Shares, regardless
of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the Restricted
Shares. Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding
in connection with the awarding, vesting or payment of the Restricted Shares or the subsequent sale of the Restricted Shares. The Company
and the Subsidiaries do not commit and are under no obligation to structure this Award to reduce or eliminate Participant&rsquo;s tax
liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE&nbsp;IV.</B></FONT><B><BR>
RESTRICTIVE LEGENDS AND TRANSFERABILITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Legends</U>.
Any certificate representing a Restricted Share will bear the following legend until the Restricted Share becomes a Vested Share:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">THE SHARES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO FORFEITURE IN FAVOR OF THE COMPANY AND MAY&nbsp;BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A RESTRICTED STOCK
AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Transferability</U>.
The Restricted Shares and any Retained Distributions are subject to the restrictions on transfer in the Plan and may not be sold, assigned
or transferred in any manner unless and until they become Vested Shares. Any attempted transfer or disposition of Unvested Shares or
related Retained Distributions prior to the time the Unvested Shares become Vested Shares will be null and void. The Company will not
be required to (a)&nbsp;transfer on its books any Restricted Share that has been sold or otherwise transferred in violation of this Agreement
or (b)&nbsp;treat as owner of such Restricted Share or accord the right to vote or pay dividends to any purchaser or other transferee
to whom such Restricted Share has been so transferred. The Company may issue appropriate &ldquo;stop transfer&rdquo; instructions to
its transfer agent, if any, or make appropriate notations to the same effect in its records.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE&nbsp;V.</B></FONT><B><BR>
OTHER PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Adjustments</U>.
Participant acknowledges that the Restricted Shares are subject to adjustment, modification and termination in certain events as provided
in this Agreement and the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the
Company&rsquo;s Secretary at the Company&rsquo;s principal office or the Secretary&rsquo;s then-current email address or facsimile number.
Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant at Participant&rsquo;s
last known mailing address, email address or facsimile number in the Company&rsquo;s personnel files. By a notice given pursuant to this
Section, either party may designate a different address for notices to be given to that party. Any notice will be deemed duly given when
actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid in a
post office or branch post office regularly maintained by the United States Postal Service, when delivered by a nationally recognized
express shipping company or upon receipt of a facsimile transmission confirmation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Titles</U>.
Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Conformity
to Securities Laws</U>. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent
necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable
Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Successors
and Assigns</U>. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will
inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in this Agreement
or the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and
assigns of the parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Limitations
Applicable to Section&nbsp;16 Persons</U>. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject
to Section&nbsp;16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Restricted Shares will be subject to any additional
limitations set forth in any applicable exemptive rule&nbsp;under Section&nbsp;16 of the Exchange Act (including any amendment to Rule&nbsp;16b-3)
that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed
amended as necessary to conform to such applicable exemptive rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U>. The Plan, the Grant Notice and this Agreement (including any exhibit&nbsp;hereto) constitute the entire agreement of the
parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject
matter hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Agreement
Severable</U>. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be
severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions
of the Grant Notice or this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.9</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Limitation
on Participant&rsquo;s Rights</U>. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement
creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust.
Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured
creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.10</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Not
a Contract of Employment</U>. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue
in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its
Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason
whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a
Subsidiary and Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.11</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law,
each of which will be deemed an original and all of which together will constitute one instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps; text-transform: uppercase"><B>*&nbsp;*&nbsp;*&nbsp;*&nbsp;*</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5.4pt; border: Black 1pt solid; width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ATEGRITY SPECIALTY INSURANCE COMPANY HOLDINGS</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>2025
    INCENTIVE AWARD PLAN</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>RESTRICTED
STOCK Unit Grant Notice</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms not specifically
defined in this Restricted Stock Unit Grant Notice (the &ldquo;<B><I>Grant Notice</I></B>&rdquo;) have the meanings given to them in the
2025 Incentive Award Plan (as amended from time to time, the &ldquo;<B><I>Plan</I></B>&rdquo;) of Ategrity Specialty Insurance Company
Holdings (the &ldquo;<B><I>Company</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company </FONT>has granted to the participant listed below (&ldquo;<B><I>Participant</I></B>&rdquo;) the Restricted Stock Units described
in this Grant Notice (the &ldquo;<B><I>RSUs</I></B>&rdquo;), subject to the terms and conditions of the Plan and the Restricted Stock
Unit Agreement attached as <B>Exhibit&nbsp;A</B> (the &ldquo;<B><I>Agreement</I></B>&rdquo;), both of which are incorporated into this
Grant Notice by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Participant:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Grant Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of RSUs:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vesting Commencement Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vesting Schedule:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By Participant&rsquo;s signature
below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan,
this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept
as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this
Grant Notice or the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>ATEGRITY SPECIALTY INSURANCE COMPANY HOLDINGS</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARTICIPANT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit&nbsp;A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-transform: uppercase"><B>RESTRICTED STOCK UNIT AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms not specifically
defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;I.<BR>
general</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Award
of RSUs</U>. The Company has granted the RSUs to Participant effective as of the grant date set forth in the Grant Notice (the &ldquo;<B><I>Grant
Date</I></B>&rdquo;). Each RSU represents the right to receive one Share or, at the option of the Company, an amount of cash, in either
case, as set forth in this Agreement. Participant will have no right to the distribution of any Shares or payment of any cash until the
time (if ever) the RSUs have vested.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Incorporation
of Terms of Plan</U>. The RSUs are subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated
herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Unsecured
Promise</U>. The RSUs will at all times prior to settlement represent an unsecured Company obligation payable only from the Company&rsquo;s
general assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;II.<BR>
VESTING; forfeiture AND SETTLEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Vesting;
Forfeiture</U>. The RSUs will vest according to the vesting schedule in the Grant Notice except that any fraction of an RSU that would
otherwise be vested will be accumulated and will vest only when a whole RSU has accumulated. In the event of Participant&rsquo;s Termination
of Service for any reason, all unvested RSUs will immediately and automatically be cancelled and forfeited, except as otherwise determined
by the Administrator or provided in a binding written agreement between Participant and the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Settlement</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">RSUs
will be paid in Shares or cash at the Company&rsquo;s option as soon as administratively practicable after the vesting of the applicable
RSU, but in no event more than sixty (60) days after the RSU&rsquo;s vesting date. Notwithstanding the foregoing, the Company may delay
any payment under this Agreement that the Company reasonably determines would violate Applicable Laws until the earliest date the Company
reasonably determines the making of the payment will not cause such a violation (in accordance with Treasury Regulation Section&nbsp;1.409A-2(b)(7)(ii)),
provided the Company reasonably believes the delay will not result in the imposition of excise taxes under Section&nbsp;409A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
an RSU is paid in cash, the amount of cash paid with respect to the RSU will equal the Fair Market Value of a Share on the day immediately
preceding the payment date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;III.<BR>
TAXATION AND TAX WITHHOLDING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Representation</U>.
Participant represents to the Company that Participant has reviewed with Participant&rsquo;s own tax advisors the tax consequences of
this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying solely on such advisors and
not on any statements or representations of the Company or any of its agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Tax
Withholding</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has the right and option, but not the obligation, to treat Participant&rsquo;s failure to provide timely payment in accordance
with the Plan of any withholding tax arising in connection with the RSUs as Participant&rsquo;s election to satisfy all or any portion
of the withholding tax by requesting the Company retain Shares otherwise issuable under the Award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Participant
acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs, regardless of any
action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the RSUs. Neither
the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding in connection with
the awarding, vesting or payment of the RSUs or the subsequent sale of Shares. The Company and the Subsidiaries do not commit and are
under no obligation to structure the RSUs to reduce or eliminate Participant&rsquo;s tax liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;IV.<BR>
other provisions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Adjustments</U>.
Participant acknowledges that the RSUs, the Shares subject to the RSUs are subject to adjustment, modification and termination in certain
events as provided in this Agreement and the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the
Company&rsquo;s Secretary at the Company&rsquo;s principal office or the Secretary&rsquo;s then-current email address or facsimile number.
Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant at Participant&rsquo;s
last known mailing address, email address or facsimile number in the Company&rsquo;s personnel files. By a notice given pursuant to this
Section, either party may designate a different address for notices to be given to that party. Any notice will be deemed duly given when
actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid in a
post office or branch post office regularly maintained by the United States Postal Service, when delivered by a nationally recognized
express shipping company or upon receipt of a facsimile transmission confirmation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Titles</U>.
Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Conformity
to Securities Laws</U>. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent
necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable
Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Successors
and Assigns</U>. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will
inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Plan, this
Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the
parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Limitations
Applicable to Section&nbsp;16 Persons</U>. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject
to Section&nbsp;16 of the Exchange Act, the Plan, the Grant Notice, this Agreement, the RSUs will be subject to any additional limitations
set forth in any applicable exemptive rule&nbsp;under Section&nbsp;16 of the Exchange Act (including any amendment to Rule&nbsp;16b-3)
that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed
amended as necessary to conform to such applicable exemptive rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U>. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties
and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter
hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Agreement
Severable</U>. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be
severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions
of the Grant Notice or this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Limitation
on Participant&rsquo;s Rights</U>. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement
creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust.
Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured
creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater
than the right to receive cash or the Shares as a general unsecured creditor with respect to the RSUs, as and when settled pursuant to
the terms of this Agreement. Participant shall not be entitled to any Dividend Equivalents with respect to the Restricted Stock Units
to reflect any dividends payable on the Shares subject to the RSUs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Not
a Contract of Employment</U>. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue
in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its
Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason
whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a
Subsidiary and Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law,
each of which will be deemed an original and all of which together will constitute one instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>*&nbsp;*&nbsp;*&nbsp;*&nbsp;*</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-10.5
<SEQUENCE>9
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<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;10.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Ategrity
Specialty Insurance Company Holdings</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Non-Employee
Director Compensation Program</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-employee
members of the board of directors (the &ldquo;<B><I>Board</I></B>&rdquo;) of </FONT>Ategrity Specialty Insurance Company Holdings (the
 &ldquo;<B><I>Company</I></B>&rdquo;) shall receive cash and equity compensation as set forth in this Non-Employee Director Compensation
Program (this &ldquo;<B><I>Program</I></B>&rdquo;). The cash and equity compensation described in this Program shall be paid or be made,
as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company
or any subsidiary of the Company (each, a &ldquo;<B><I>Non-Employee Director</I></B>&rdquo;) who is entitled to receive such cash or equity
compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company.
This Program shall remain in effect until it is revised or rescinded by further action of the Board. This Program may be amended, modified
or terminated by the Board at any time in its sole discretion. The terms and conditions of this Program shall supersede any prior cash
and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors.
This Program shall become effective on the date of the Company&rsquo;s initial public offering of common stock (the &ldquo;<B><I>Effective
Date</I></B>&rdquo;), subject to the closing of such offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>I.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Cash
Compensation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Annual
Retainers</U>. Each Non-Employee Director shall receive an annual retainer of $100,000 for service on the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Payment
of Retainers</U>. The retainers described in Section&nbsp;I(A)&nbsp;shall be earned on a quarterly basis based on a calendar quarter and
shall be paid in cash by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event
a Non-Employee Director does not serve as a Non-Employee Director for an entire calendar quarter, the retainer paid to such Non-Employee
Director shall be prorated for the portion of such calendar quarter actually served as a Non-Employee Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>II.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Equity
Compensation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-Employee Directors shall
be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and
provisions of the Company&rsquo;s 2025 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the
Company (the &ldquo;<B><I>Equity Plan</I></B>&rdquo;) and shall be granted subject to award agreements, including attached exhibits, in
substantially the form previously approved by the Board. All applicable terms of the Equity Plan apply to this Program as if fully set
forth herein, and all grants of restricted stock units (&ldquo;<B><I>RSUs</I></B>&rdquo;) hereby are subject in all respects to the terms
of the Equity Plan and the applicable award agreement. For the avoidance of doubt, the share numbers in Sections II(A)&nbsp;and II(B)&nbsp;shall
be subject to adjustment as provided in the Equity Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Initial
Awards</U>. Each Non-Employee Director who is initially elected or appointed to the Board after the Effective Date shall receive a number
of RSUs determined by dividing $50,000 by the average closing price of the Company&rsquo;s common stock over the 20 consecutive trading
days ending on the date of such initial election or appointment. The awards described in this Section&nbsp;II(A)&nbsp;shall be referred
to as &ldquo;<B><I>Initial Awards</I></B>.&rdquo; No Non-Employee Director shall be granted more than one Initial Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Termination
of Employment of Employee Directors</U>. Members of the Board who are employees of the Company or any parent or subsidiary of the Company
who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will
not receive an Initial Award pursuant to Section&nbsp;II(A)&nbsp;above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">C.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Vesting
of Awards Granted to Non-Employee Directors</U>. Each Initial Award shall vest in equal installments on each of the first three anniversaries
of the date of grant, such that the Initial Award shall be fully vested on the third anniversary of the date of grant, subject to the
Non-Employee Director continuing in service as a Non-Employee Director through each such vesting date. Unless the Board otherwise determines,
any portion of an Initial Award which is unvested at the time of a Non-Employee Director&rsquo;s termination of service on the Board as
a Non-Employee Director shall be immediately forfeited upon such termination of service and shall not thereafter become vested. All of
a Non-Employee Director&rsquo;s outstanding Initial Awards shall vest in full immediately prior to the occurrence of a Change in Control
(as defined in the Equity Plan), to the extent outstanding at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-10.6
<SEQUENCE>10
<FILENAME>tm2428146d9_ex10-6.htm
<DESCRIPTION>EXHIBIT 10.6
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Exihibit
10.6</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>INDEMNIFICATION
And Advancement AGREEMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Indemnification and Advancement
Agreement (&ldquo;Agreement&rdquo;) is made as of ________ __, 20__ by and between Ategrity Specialty Insurance Company Holdings, a Nevada
corporation (the &ldquo;Company&rdquo;), and ______________, [a director/an officer/an employee/an agent] of the Company (&ldquo;Indemnitee&rdquo;).
This Agreement supersedes and replaces any and all previous agreements between the Company and Indemnitee covering indemnification and
advancement of expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>RECITALS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Board of Directors
of the Company (the &ldquo;Board&rdquo;) believes that highly competent persons have become more reluctant to serve publicly-held corporations
as directors, officers, or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification
and advancement of expenses against inordinate risks of claims and actions against them arising out of their service to and activities
on behalf of the corporation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Board has determined
that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense,
liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such
insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company
believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums
and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises
are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally
would have been brought only against the Company or business enterprise itself. The Company&rsquo;s Bylaws and Articles of Incorporation
require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the
Chapter 78 of the Nevada Revised Statutes (the &ldquo;NRS&rdquo;). The Bylaws and the NRS expressly provide that the indemnification provisions
set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and its directors,
officers, and other persons with respect to indemnification and advancement of expenses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the uncertainties
relating to such insurance, to indemnification, and to advancement of expenses may increase the difficulty of attracting and retaining
such persons;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Board has determined
that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders
and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons
to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that
they will not be so indemnified;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, this Agreement is
in addition to, and in furtherance of, the Bylaws, the Articles of Incorporation and any resolutions adopted pursuant thereto, as well
as any rights of Indemnitee under any directors&rsquo; and officers&rsquo; liability insurance policy, and is not a substitute therefor,
and does not limit, diminish or abrogate any rights of Indemnitee thereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS,&nbsp;Indemnitee does
not regard the protection available under the Bylaws, the Articles of Incorporation, and available insurance as adequate in the present
circumstances, and may not be willing to serve or continue to serve as a/an [officer/director/employee/agent] without adequate additional
protection, and the Company desires Indemnitee to serve or continue to serve in such capacity. Indemnitee is willing to serve, continue
to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified and be advanced
expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Services
to the Company.</U> Indemnitee agrees to [serve/continue to serve] as [a/an] [director/officer/employee/agent] of the Company. Indemnitee
may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by
operation of law). This Agreement does not create any obligation on the Company to continue Indemnitee in such position and is not an
employment contract between the Company (or any of its subsidiaries or any Enterprise (as defined below)) and Indemnitee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Definitions.</U>
As used in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Agent&rdquo;
means any person who is authorized by the Company or an Enterprise to act for or represent the interests of the Company or an Enterprise,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Beneficial
Owner&rdquo; has the meaning given to such term in Rule&nbsp;13d-3 under the Exchange Act; provided, however, that Beneficial Owner excludes
any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another
entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
 &ldquo;Change in Control&rdquo; means the occurrence after the date of this Agreement of any of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">i.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Acquisition
of Stock by Third Party. Any Person (as defined below) becomes the Beneficial Owner, directly or indirectly, of securities of the Company
representing fifty percent (50%) or more of the combined voting power of the Company&rsquo;s then outstanding securities unless the change
in relative beneficial ownership of the Company&rsquo;s securities by any Person results solely from a reduction in the aggregate number
of outstanding shares of securities entitled to vote generally in the election of directors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">ii.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Change
in Board of Directors. During any period of two (2)&nbsp;consecutive years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person
who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii)&nbsp;or 2(b)(iv)&nbsp;of
this Agreement) whose election by the Board or nomination for election by the Company&rsquo;s stockholders was approved by a vote of at
least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">iii.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent
(50%) of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation
and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">iv.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by
the Company of all or substantially all of the Company&rsquo;s assets; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">v.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e)&nbsp;of Schedule 14A of
Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below),
whether or not the Company is then subject to such reporting requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Corporate
Status&rdquo; describes the status of a person who is or was acting as a director, officer, employee, or Agent of the Company or an Enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Disinterested
Director&rdquo; means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is
sought by Indemnitee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Enterprise&rdquo;
means any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity for which
Indemnitee is or was serving at the request of the Company as a director, officer, employee, or Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Exchange
Act&rdquo; means the Securities Exchange Act of 1934, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Expenses&rdquo;
includes all reasonable attorneys&rsquo; fees, retainers, court costs, transcript costs, fees and other costs of experts and other professionals,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal,
state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement,
ERISA excise taxes and penalties, and all other disbursements, obligations, or expenses of the types customarily incurred in connection
with preparing for or participating in a Proceeding. Expenses also include (i)<B>&nbsp;</B>Expenses incurred in connection with any appeal
resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas
bond, or other appeal bond or its equivalent, and (ii)&nbsp;for purposes of Section&nbsp;14(d)&nbsp;of this Agreement only, Expenses incurred
by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee&rsquo;s rights under this Agreement, by litigation
or otherwise. Expenses, however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Independent
Counsel&rdquo; means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is,
nor in the five years prior to its selection or appointment has been, retained to represent: (i)&nbsp;the Company or Indemnitee in any
matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees
under similar indemnification agreements) or (ii)&nbsp;any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term &ldquo;Independent Counsel&rdquo; does not include any person who, under the applicable standards
of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action
to determine Indemnitee&rsquo;s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent
Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Person&rdquo; has the meaning as set forth in Sections 13(d)&nbsp;and 14(d)&nbsp;of
the Exchange Act; provided, however, that Person excludes (i)&nbsp;the Company, (ii)&nbsp;any trustee or other fiduciary holding
securities under an employee benefit plan of the Company, and (iii)&nbsp;any entity owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Proceeding&rdquo;
includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing, or any other actual, threatened or completed proceeding, whether
brought in the right of the Company or otherwise and whether of a civil, criminal, administrative, legislative, regulatory, or investigative
(formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is, or will be involved as a party, potential party,
non-party witness, or otherwise by reason of Indemnitee&rsquo;s Corporate Status or by reason of any action taken by Indemnitee (or a
failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee&rsquo;s part while acting pursuant to Indemnitee&rsquo;s
Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification,
reimbursement, or advancement of Expenses can be provided under this Agreement. A Proceeding also includes a situation the Indemnitee
believes in good faith may lead to, or culminate in, the institution of a Proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239;&ldquo;ZFSG Entities&rdquo; means Zimmer Financial Services Group LLC and its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnity
in Third-Party Proceedings.</U> Subject to Section&nbsp;9 and Section&nbsp;12 of this Agreement, the Company will indemnify Indemnitee
in accordance with the provisions of this Section&nbsp;3 if Indemnitee is, or is threatened to be made, a party to or a participant in
any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section&nbsp;3,
the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts
paid in settlement (including all interest, assessments and other charges paid or payable in connection with, or in respect of, such Expenses,
judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee&rsquo;s behalf in connection
with such Proceeding or any claim, issue, or matter therein, if Indemnitee (a)&nbsp;is not liable pursuant to NRS 78.138, or (b)&nbsp;acted
in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the
case of a criminal Proceeding, had no reasonable cause to believe that Indemnitee&rsquo;s conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnity
in Proceedings by or in the Right of the Company.</U> Subject to Section&nbsp;9 and Section&nbsp;12 of this Agreement, the Company will
indemnify Indemnitee in accordance with the provisions of this Section&nbsp;4 if Indemnitee is, or is threatened to be made, a party to
or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section&nbsp;4,
the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses and amounts paid in settlement
actually and reasonably incurred by Indemnitee or on Indemnitee&rsquo;s behalf in connection with such Proceeding or any claim, issue
or matter therein, if Indemnitee (a)&nbsp;is not liable pursuant to NRS 78.138, or (b)&nbsp;acted in good faith and in a manner Indemnitee
reasonably believed to be in, or not opposed to, the best interests of the Company. The Company will not indemnify Indemnitee under this
Section&nbsp;4 related to any claim, issue, or matter in a Proceeding for which Indemnitee has been finally adjudged by a court (after
exhaustion of any appeals taken therefrom) to be liable to the Company or for amounts paid in settlement to the Company, unless, and only
to the extent that, a District Court of the State of Nevada having competent jurisdiction (the &ldquo;Nevada Court&rdquo;) or any court
in which the Proceeding was brought determines upon application by Indemnitee that, despite the adjudication of liability but in view
of all the circumstances of the case,&nbsp;Indemnitee is fairly and reasonably entitled to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
for Expenses of a Party Who is Wholly or Partly Successful.</U> Notwithstanding any other provisions of this Agreement, to the fullest
extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee
in connection with any Proceeding to the extent that Indemnitee is successful, on the merits or otherwise. If Indemnitee is not wholly
successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues, or matters
in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee&rsquo;s
behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For
purposes of this Section&nbsp;5 and without limitation, the termination of any claim, issue, or matter in such a Proceeding by dismissal,
with or without prejudice, will be deemed to be a successful result as to such claim, issue, or matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
for Expenses of a Witness.</U> Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law,
the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee&rsquo;s behalf
in connection with any Proceeding to which Indemnitee is not a party but to which Indemnitee is a witness, deponent, interviewee, or otherwise
asked to participate or provide information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Partial
Indemnification.</U> If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion
of Expenses, but not, however, for the total amount thereof, the Company will indemnify Indemnitee for the portion thereof to which Indemnitee
is entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Additional
Indemnification.</U> Notwithstanding any limitation in Sections 3, 4, or 5 of this Agreement, the Company will indemnify Indemnitee to
the fullest extent permitted by applicable law (including but not limited to, the NRS (including but not limited to NRS 78.751(3)) and
any amendments to or replacements of the NRS adopted after the date of this Agreement that expand the Company&rsquo;s ability to indemnify
its officers, directors, employees or Agents) if Indemnitee is a party to, or threatened to be made a party to, any Proceeding (including
a Proceeding by or in the right of the Company to procure a judgment in its favor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Exclusions.</U>
Notwithstanding any other provision in this Agreement, the Company is not obligated under this Agreement to indemnify Indemnitee for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
amount actually paid to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except to the extent provided
in Section&nbsp;16(b)&nbsp;of this Agreement and except with respect to any excess beyond the amount paid under any insurance policy or
other indemnity provision;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;an
accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning
of Section&nbsp;16(b)&nbsp;of the Exchange Act or similar provisions of state statutory law or common law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;reimbursement
of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the
Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements
that arise from an accounting restatement of the Company pursuant to Section&nbsp;304 of the Sarbanes-Oxley Act of 2002 (the &ldquo;Sarbanes-Oxley
Act&rdquo;), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section&nbsp;306
of the Sarbanes-Oxley Act);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;reimbursement
of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the
compensation committee of the Board, including but not limited to any such policy adopted to comply with stock exchange listing requirements
implementing Section&nbsp;10D of the Exchange Act; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
Proceeding initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company
or its directors, officers, employees or other indemnitees, unless (i)&nbsp;the Proceeding or part of any Proceeding is to enforce Indemnitee&rsquo;s
rights to indemnification or advancement of Expenses under this Agreement, including a Proceeding (or any part of any Proceeding) initiated
pursuant to Section&nbsp;14 of this Agreement, (ii)&nbsp;the Board authorized the Proceeding (or any part of any Proceeding) prior to
its initiation or (iii)&nbsp;the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company
under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Advances
of Expenses.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company will advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&#8239;i.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
Proceeding (or any part of any Proceeding) not initiated by Indemnitee; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&#8239;ii.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
Proceeding (or any part of any Proceeding) initiated by Indemnitee if</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in">1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Proceeding or part of any Proceeding is to enforce Indemnitee&rsquo;s rights to obtain indemnification or advancement of Expenses under
this Agreement, including a proceeding initiated pursuant to Section&nbsp;14 of this Agreement, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in">2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company will advance the Expenses within thirty (30) days after the receipt by the Company of a statement or statements requesting such
advances from time to time, whether prior to or after final disposition of any Proceeding eligible for advancement of expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Advances
will be unsecured and interest free. Indemnitee hereby undertakes to repay any amounts so advanced (without interest) to the extent that
it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances upon
the execution of this Agreement and delivery to the Company. No other form of undertaking is required other than the execution of this
Agreement. The Company will make advances without regard to Indemnitee&rsquo;s ability to repay the Expenses and without regard to Indemnitee&rsquo;s
ultimate entitlement to indemnification under the other provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Procedure
for Notification of Claim for Indemnification or Advancement.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Indemnitee
will notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement of
Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee will include
in the written notification to the Company a description of the nature of the Proceeding and the facts underlying the Proceeding and provide
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what
extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. Indemnitee&rsquo;s failure to notify
the Company will not relieve the Company from any obligation it may have to Indemnitee under this Agreement, and any delay in so notifying
the Company will not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Company will, promptly
upon receipt of such a request for indemnification or advancement, advise the Board in writing that Indemnitee has requested indemnification
or advancement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company will be entitled to participate in the Proceeding at its own expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Procedure
Upon Application for Indemnification.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Unless
a Change of Control has occurred, the determination of Indemnitee&rsquo;s entitlement to indemnification will be made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&#8239;i.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;by
a majority vote of the Disinterested Directors, even though less than a quorum of the Board;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&#8239;ii.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;by
a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of
the Board;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&#8239;iii.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
there are no such Disinterested Directors or, if such Disinterested Directors so direct, by written opinion provided by Independent Counsel
selected by the Board; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&#8239;iv.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
so directed by the Board, by the stockholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
a Change in Control has occurred, the determination of Indemnitee&rsquo;s entitlement to indemnification will be made by written opinion
provided by Independent Counsel selected by Indemnitee (unless Indemnitee requests such selection be made by the Board)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
party selecting Independent Counsel pursuant to subsection (a)(iii)&nbsp;or (b)&nbsp;of this Section&nbsp;12 will provide written notice
of the selection to the other party. The notified party may, within ten (10)&nbsp;days after receiving written notice of the selection
of Independent Counsel, deliver to the selecting party a written objection to such selection; <U>provided</U>, <U>however</U>, that such
objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of &ldquo;Independent
Counsel&rdquo; as defined in Section&nbsp;2 of this Agreement, and the objection will set forth with particularity the factual basis of
such assertion. Absent a proper and timely objection, the person so selected will act as Independent Counsel. If such written objection
is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection
is withdrawn or the Nevada Court has determined that such objection is without merit. If, within thirty (30) days after the later of submission
by Indemnitee of a written request for indemnification pursuant to Section&nbsp;11(a)&nbsp;of this Agreement and the final disposition
of the Proceeding,&nbsp;Independent Counsel has not been selected or, if selected, any objection to such selection has not been resolved,
either the Company or Indemnitee may petition the Nevada Court for resolution of any objection made by the Company or Indemnitee to the
other&rsquo;s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by such court or
by such other person as such court designates. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section&nbsp;14(a)&nbsp;of
this Agreement,&nbsp;Independent Counsel will be discharged and relieved of any further responsibility in such capacity (subject to the
applicable standards of professional conduct then prevailing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Indemnitee
will cooperate with the person, persons or entity making the determination with respect to Indemnitee&rsquo;s entitlement to indemnification,
including providing to such person, persons, or entity upon reasonable advance request any documentation or information which is not privileged
or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
The Company will advance and pay any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making the indemnification
determination irrespective of the determination as to Indemnitee&rsquo;s entitlement to indemnification and the Company hereby indemnifies
and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing of the determination that Indemnitee
is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied and
providing a copy of any written opinion provided to the Board by Independent Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
it is determined that Indemnitee is entitled to indemnification, the Company will make payment to Indemnitee within thirty (30) days after
such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Presumptions
and Effect of Certain Proceedings.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
making a determination with respect to entitlement to indemnification under this Agreement, the person, persons, or entity making such
determination will, to the fullest extent not prohibited by law, presume Indemnitee is entitled to indemnification under this Agreement
if Indemnitee has submitted a request for indemnification in accordance with Section&nbsp;11(a)&nbsp;of this Agreement, and the Company
will, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption. Neither the failure of the Company
(including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this
Agreement that indemnification is proper under the circumstances because Indemnitee has met any applicable standard of conduct (under
this Agreement or the NRS, as applicable), nor an actual determination by the Company (including by its directors or Independent Counsel)
that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee
has not met the applicable standard of conduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the determination of the Indemnitee&rsquo;s entitlement to indemnification has not been made pursuant to Section&nbsp;12 of this Agreement
within sixty (60) days after the later of (i)&nbsp;receipt by the Company of Indemnitee&rsquo;s request for indemnification pursuant to
Section&nbsp;11(a)&nbsp;of this Agreement and (ii)&nbsp;the final disposition of the Proceeding for which Indemnitee requested indemnification
(the &ldquo;Determination Period&rdquo;), the requisite determination of entitlement to indemnification will, to the fullest extent not
prohibited by law, be deemed to have been made and Indemnitee will be entitled to such indemnification absent (i)&nbsp;a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee&rsquo;s statement not materially misleading,
in connection with the request for indemnification or (ii)&nbsp;a prohibition of such indemnification under applicable law. The Determination
Period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the
determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating
of documentation and/or information relating thereto; and provided, further, the Determination Period will not apply (i)&nbsp;if the determination
of entitlement to indemnification is to be made by the stockholders pursuant to Section&nbsp;12(a)(iv)&nbsp;of this Agreement and if (A)&nbsp;within
fifteen (15) days after receipt by the Company of the request for such determination the Board has resolved to submit such determination
to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and
such determination is made thereat, or (B)&nbsp;a special meeting of stockholders is called within fifteen (15) days after such receipt
for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called
and such determination is made thereat, or (ii)&nbsp;if the determination of entitlement to indemnification is to be made by Independent
Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
termination of any Proceeding or of any claim, issue, or matter therein by judgment, order, settlement or conviction, or upon a plea of
<U>nolo contendere</U> or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely affect
the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee
had reasonable cause to believe that Indemnitee&rsquo;s conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
purposes of any determination of good faith,&nbsp;Indemnitee will be deemed to have acted in good faith if Indemnitee acted based on (i)&nbsp;the
records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, (ii)&nbsp;information
supplied to Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in the course of their duties,
(iii)&nbsp;the advice of legal counsel for the Company, its subsidiaries, or an Enterprise or (iv)&nbsp;information or records given or
reports made to the Company or an Enterprise by an independent certified public accountant or by an appraiser, financial advisor or other
expert selected with reasonable care by or on behalf of the Company, its subsidiaries, or an Enterprise. Further,&nbsp;Indemnitee will
be deemed to have acted in a manner &ldquo;not opposed to the best interests of the Company,&rdquo; as referred to in this Agreement if
Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries
of an employee benefit plan. The provisions of this Section&nbsp;13(d)&nbsp;are not exclusive and do not limit in any way the other circumstances
in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
knowledge and/or actions, or failure to act, of any other person affiliated with the Company or an Enterprise (including, but not limited
to, a director, officer, trustee, partner, managing member, Agent or employee) may not be imputed to Indemnitee for purposes of determining
Indemnitee&rsquo;s right to indemnification under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Remedies
of Indemnitee.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Indemnitee
may commence litigation against the Company in the District Court of the State of Nevada sitting in Clark County, Nevada, to obtain indemnification
or advancement of Expenses provided by this Agreement in the event that (i)&nbsp;a determination is made pursuant to Section&nbsp;12 of
this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii)&nbsp;the Company does not advance Expenses
pursuant to Section&nbsp;10 of this Agreement, (iii)&nbsp;the determination of entitlement to indemnification is not made pursuant to
Section&nbsp;12 of this Agreement within the Determination Period, (iv)&nbsp;the Company does not indemnify Indemnitee pursuant to Section&nbsp;5
or 6 or the second to last sentence of Section&nbsp;12(d)&nbsp;of this Agreement within thirty (30) days after receipt by the Company
of a written request therefor, (v)&nbsp;the Company does not indemnify Indemnitee pursuant to Section&nbsp;3, 4, 7, or 8 of this Agreement
within thirty (30) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi)&nbsp;in the event
that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes
any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to
be provided to the Indemnitee hereunder. Alternatively,&nbsp;Indemnitee or the Company, at either the Indemnitee&rsquo;s or the Company&rsquo;s
option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules&nbsp;of the
American Arbitration Association. Any party requesting arbitration must commence such Proceeding seeking an adjudication or an award in
arbitration within one hundred and eighty (180) days following the date on which such party first has the right to commence such Proceeding
pursuant to this Section&nbsp;14(a); <U>provided</U>, <U>however</U>, that the foregoing clause does not apply in respect of a Proceeding
brought by Indemnitee to enforce Indemnitee&rsquo;s rights under Section&nbsp;5 of this Agreement. The Company will not oppose Indemnitee&rsquo;s
right to seek any such adjudication or award in arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
a determination is made pursuant to Section&nbsp;12 of this Agreement that Indemnitee is not entitled to indemnification, any judicial
proceeding or arbitration commenced pursuant to this Section&nbsp;14 will be conducted in all respects as a <I>de novo</I> trial or arbitration
on the merits and Indemnitee may not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration
commenced pursuant to this Section&nbsp;14 the Company will have the burden of proving Indemnitee is not entitled to indemnification or
advancement of Expenses, as the case may be, and will not introduce evidence of the determination made pursuant to Section&nbsp;12 of
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
a determination is made pursuant to Section&nbsp;12 of this Agreement that Indemnitee is entitled to indemnification, the Company will
be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section&nbsp;14 unless (i)&nbsp;a
made of a material fact, or an omission of a material fact necessary to make Indemnitee&rsquo;s statement not materially misleading, in
connection with Indemnitees&rsquo; request for indemnification, or (ii)&nbsp;the Company is prohibited from indemnifying Indemnitee under
applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company is, to the fullest extent not prohibited by law, precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section&nbsp;14 that the procedures and presumptions of this Agreement are not valid, binding, or enforceable and will
stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;It
is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other
Expenses associated with the interpretation, enforcement, or defense of Indemnitee&rsquo;s rights under this Agreement, by litigation
or otherwise, because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee
under this Agreement. The Company, to the fullest extent permitted by law, will (within thirty (30) days after receipt by the Company
of a written request therefor) advance to Indemnitee such Expenses which are incurred by Indemnitee in connection with a Proceeding concerning
this Agreement,&nbsp;Indemnitee&rsquo;s other rights to indemnification or advancement of Expenses from the Company, or concerning any
directors&rsquo; and officers&rsquo; liability insurance policies maintained by the Company, and will indemnify Indemnitee against any
and all such Expenses unless the court determines that Indemnitee&rsquo;s claims in such action were made in bad faith or frivolous, or
that the Company is prohibited by law from indemnifying Indemnitee for such Expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Non-exclusivity;
Survival of Rights; Insurance; Subrogation.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
indemnification and advancement of Expenses provided by this Agreement are not exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Articles of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution
of the board of directors, or otherwise. The indemnification and advancement of Expenses provided by this Agreement may not be limited
or restricted by any amendment, alteration or repeal of this Agreement in any way with respect to any action taken or omitted by Indemnitee
in Indemnitee&rsquo;s Corporate Status occurring prior to any amendment, alteration or repeal of this Agreement. To the extent that a
change in Nevada law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be
afforded currently under the Bylaws, the Articles of Incorporation, or this Agreement, it is the intent of the parties hereto that Indemnitee
enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive
of any other right or remedy, and every other right and remedy is cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
will not prevent the concurrent assertion or employment of any other right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance provided
by one or more other Persons with whom or which Indemnitee may be associated (including, without limitation, any ZFSG Entities). The relationship
between the Company and such other Persons, other than an Enterprise, with respect to Indemnitee&rsquo;s rights to indemnification, advancement
of Expenses, and insurance is described by this subsection, subject to the provisions of subsection (d)&nbsp;of this Section&nbsp;15 with
respect to a Proceeding concerning Indemnitee&rsquo;s Corporate Status with an Enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">i.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company hereby acknowledges and agrees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company&rsquo;s obligations to Indemnitee are primary and any obligation of any other Persons, other than an Enterprise, are secondary
(i.e., the Company is the indemnitor of first resort) with respect to any request for indemnification or advancement of Expenses made
pursuant to this Agreement concerning any Proceeding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company is primarily liable for all indemnification or advancement of Expenses obligations for any Proceeding, whether created by law,
the Bylaws, the Articles of Incorporation, contract (including this Agreement) or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
obligation of any other Persons with whom or which Indemnitee may be associated (including, without limitation, any ZFSG Entities) to
indemnify Indemnitee and/or advance Expenses to Indemnitee in respect of any proceeding are secondary to the Company&rsquo;s obligations;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company will indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided herein without regard to
any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated (including, any ZFSG Entities)
or an insurer of any such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">ii.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company irrevocably waives, relinquishes and releases (A)&nbsp;any other Person with whom or which Indemnitee may be associated (including,
without limitation, any ZFSG Entities) from any claim of contribution, subrogation, reimbursement, exoneration or indemnification, or
any other recovery of any kind in respect of amounts paid by the Company to Indemnitee pursuant to this Agreement and (B)&nbsp;any right
to participate in any claim or remedy of Indemnitee against any Person (including, without limitation, any ZFSG Entities), whether or
not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to
take or receive from any Person (including, without limitation, any ZFSG Entities), directly or indirectly, in cash or other property
or by set-off or in any other manner, payment or security on account of such claim, remedy or right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">iii.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event any other Person with whom or which Indemnitee may be associated (including, without limitation, any ZFSG Entities) or their
insurers advances or extinguishes any liability or loss for Indemnitee, the payor has a right of subrogation against the Company or its
insurers for all amounts so paid which would otherwise be payable by the Company or its insurers under this Agreement. In no event will
payment by any other Person with whom or which Indemnitee may be associated (including, without limitation, any ZFSG Entities) or their
insurers affect the obligations of the Company hereunder or shift primary liability for the Company&rsquo;s obligation to indemnify or
advance Expenses to any other Person with whom or which Indemnitee may be associated (including, without limitation, any ZFSG Entities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">iv.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
indemnification or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated (including, without
limitation, any ZFSG Entities) is specifically in excess over the Company&rsquo;s obligation to indemnify and advance Expenses or any
valid and collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance)
provided by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or Agents of the Company, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the coverage available
for any such director, officer, employee or Agent under such policy or policies, including coverage in the event the Company does not
or cannot, for any reason, indemnify or advance Expenses to Indemnitee as required by this Agreement. If, at the time of the receipt of
a notice of a claim pursuant to this Agreement, the Company has directors&rsquo; and officers&rsquo; liability insurance in effect, the
Company will give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the insurers in accordance
with the procedures set forth in the respective policies. The Company will thereafter take all necessary or desirable action to cause
such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such
policies. Indemnitee agrees to assist the Company&rsquo;s efforts to cause the insurers to pay such amounts and will comply with the terms
of such policies, including selection of approved panel counsel, if required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company&rsquo;s obligation to indemnify or advance Expenses hereunder to Indemnitee for any Proceeding concerning Indemnitee&rsquo;s Corporate
Status with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses
from such Enterprise. The Company and Indemnitee intend that any such Enterprise (and its insurers) be the indemnitor of first resort
with respect to indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee&rsquo;s Corporate
Status with such Enterprise. The Company&rsquo;s obligation to indemnify and advance Expenses to Indemnitee is secondary to the obligations
the Enterprise or its insurers owe to Indemnitee. Indemnitee agrees to take all reasonably necessary and desirable action to obtain from
an Enterprise indemnification and advancement of Expenses for any Proceeding related to, or arising from,&nbsp;Indemnitee&rsquo;s Corporate
Status with such Enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event of any payment made by the Company under this Agreement, the Company will be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee from any Enterprise or its insurance carrier. Indemnitee will execute all papers required and
take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring
suit to enforce such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Duration
of Agreement.</U> The indemnification and advancement of Expenses rights provided by or granted pursuant to this Agreement: (i)&nbsp;are
binding upon and enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor
by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), (ii)&nbsp;continue
as to an Indemnitee who has ceased to be a director, officer, employee or Agent of the Company or of any other Enterprise, and (iii)&nbsp;inure
to the benefit of Indemnitee and Indemnitee&rsquo;s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Severability.</U>
If any provision or provisions of this Agreement is held to be invalid, illegal or unenforceable for any reason whatsoever: (a)&nbsp;the
validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any
section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) will not in any way be affected or impaired thereby and will remain enforceable to the fullest extent permitted by law;
(b)&nbsp;such provision or provisions will be deemed reformed to the extent necessary to conform to applicable law and to give the maximum
effect to the intent of the parties hereto; and (c)&nbsp;to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) will be construed so as to give effect to the intent manifested thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Interpretation</U>.
Any ambiguity in the terms of this Agreement will be resolved in favor of Indemnitee and in a manner to provide the maximum indemnification
and advancement of Expenses permitted by law. The Company and Indemnitee intend that this Agreement provide to the fullest extent permitted
by law for indemnification and advancement of Expenses in excess of that expressly provided, without limitation, by the Articles of Incorporation,
the Bylaws, vote of the Company&rsquo;s stockholders or Disinterested Directors, or applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Enforcement.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director, officer, employee, or Agent of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving or continuing to serve as director, officer, employee, or Agent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided,
however, that this Agreement is a supplement to and in furtherance of the Articles of Incorporation, the Bylaws, any directors&rsquo;
and officers&rsquo; insurance maintained by the Company, and applicable law, is not a substitute therefor, and does not diminish or abrogate
any rights of Indemnitee thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Modification
and Waiver.</U> No supplement, modification or amendment of this Agreement is binding unless executed in writing by the parties hereto.
No waiver of any of the provisions of this Agreement will be valid unless executed in writing by the party entitled to enforce the provision
to be waived and any such waiver will not be deemed or constitutes a waiver of any other provisions of this Agreement nor will any waiver
constitute a continuing waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice
by Indemnitee.</U> Indemnitee agrees to promptly notify the Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement
of Expenses covered hereunder. The failure of Indemnitee to so notify the Company does not relieve the Company of any obligation which
it may have to the Indemnitee under this Agreement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notices.</U>
All notices, requests, demands and other communications under this Agreement will be in writing and will be deemed to have been duly given
if (a)&nbsp;delivered by hand to the other party, (b)&nbsp;sent by reputable overnight courier to the other party or (c)&nbsp;sent by
facsimile transmission or electronic mail, with receipt of oral confirmation that such communication has been received:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
to Indemnitee, at the address indicated on the signature page&nbsp;of this Agreement, or such other address as Indemnitee provides to
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
to the Company to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Name: Ategrity Specialty Insurance Company Holdings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Address: 9 West 57th Street, 33rd Floor, New York, NY<BR>
 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Email: [***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">or to any other address as may have been furnished to Indemnitee by
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;23.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Contribution.</U>
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether
for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim
relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances
of such Proceeding in order to reflect (a)&nbsp;the relative benefits received by the Company and Indemnitee as a result of the event(s)&nbsp;and/or
transaction(s)&nbsp;giving cause to such Proceeding; and/or (b)&nbsp;the relative fault of the Company (and its directors, officers, employees
and Agents) and Indemnitee in connection with such event(s)&nbsp;and/or transaction(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;24.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Applicable
Law and Consent to Jurisdiction.</U> This Agreement and the legal relations among the parties are governed by, and construed and enforced
in accordance with, the laws of the State of Nevada, without regard to its conflict of laws rules. Except with respect to any arbitration
commenced by Indemnitee pursuant to Section&nbsp;14(a)&nbsp;of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally
(a)&nbsp;agree that any action, claim, or proceeding between the parties arising out of or in connection with this Agreement may be brought
only in the District Court of the State of Nevada sitting in Clark County, Nevada, and not in any other state or federal court in the
United States of America or any court in any other country, (b)&nbsp;consent to submit to the exclusive jurisdiction of such Nevada court
for purposes of any action, claim, or proceeding arising out of or in connection with this Agreement, (c)&nbsp;waive any objection to
the laying of venue of any such action, claim, or proceeding in such Nevada court, and (d)&nbsp;waive, and agree not to plead or to make,
any claim that any such action, claim, or proceeding brought in such Nevada court has been brought in an improper or inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;25.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Identical
Counterparts.</U> This Agreement may be executed in one or more counterparts, each of which will for all purposes be deemed to be an original
but all of which together constitute one and the same Agreement. Counterparts may be delivered via electronic mail (including any electronic
signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act
or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have
been duly and validly delivered and be valid and effective for all purposes. Only one such counterpart signed by the party against whom
enforceability is sought needs to be produced to evidence the existence of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;26.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Headings.</U>
The headings of this Agreement are inserted for convenience only and do not constitute part of this Agreement or affect the construction
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
have caused this Agreement to be signed as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMPANY</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEMNITEE</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 41%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>11
<FILENAME>tm2428146d9_ex10-9.htm
<DESCRIPTION>EXHIBIT 10.9
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;10.9</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SUB-LEASE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS SUB-LEASE, dated as of September&nbsp;30,
2022 (&ldquo;<U>Sublease&rdquo;</U>), is by and between ATEGRITY SPECIALTY INSURANCE COMPANY, a Delaware insurance company (&ldquo;<U>Sublessor</U>&rdquo;)
and ZIMMER FINANCIAL SERVICES GROUP LLC, a Delaware limited liability company (&ldquo;<U>Sublessee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECITALS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, Sublessor, as tenant, entered into that
certain Lease Agreement, dated as of September&nbsp;3, 2020 (as amended, the &ldquo;<U>Master Lease</U>&rdquo;), with MG-PIMA, LLC, a
Colorado limited liability company, with respect to the approximately 23,490 rentable square feet located in Suite&nbsp;200 of the Building
located at 14000 North Pima Road, Scottsdale, Arizona 85260 (the &ldquo;<U>Premises</U>&rdquo;), as further described on Exhibits A and
B of the Master Lease attached hereto as Exhibit&nbsp;A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEAREAS, the Master Lease was subsequently transferred
by MG-PIMA, LLC to 14000 Piedmont LLC, a Delaware limited liability company (the &ldquo;<U>Master Lessor</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, for good and sufficient consideration,
Sublessor and Sublessee agree:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Premises</U>.
Sublessor hereby subleases to Sublessee, and Sublessee hereby subleases from Sublessor, the Premises (hereinafter, the &ldquo;<U>Subleased
Premises</U>&rdquo;). Notwithstanding the foregoing, Sublessor shall, at no cost to Sublessor and with no reduction in Rent due hereunder,
have the right to use the areas designated as the &ldquo;Sublessor Area&rdquo; in Exhibit&nbsp;B until December&nbsp;31, 2024 (the &ldquo;<U>Sublessor
Occupancy Period</U>&rdquo;). During the Sublessor Occupancy Period, Sublessor shall also have the non-exclusive right to use the hallways,
kitchenettes, breakrooms, conference rooms, lobbies, restrooms and other common areas in the Subleased Premises and shall also have the
right to co-locate Sublessor&rsquo;s IT equipment (including Sublessor&rsquo;s wireless access equipment) in the IT room in the Subleased
Premises. Sublessee and Sublessor shall each use commercially reasonable efforts to prevent its employees, agents, contractors, invitees
and licensees from discovering or otherwise coming into contact with confidential information of the other and shall hold and use reasonable
efforts to cause its employees, agents, contractors, invitees and licensees to hold such information confidential if discovered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Term</U>.
The term (the &ldquo;<U>Term</U>&rdquo;) of this Sublease shall be for the period commencing on July&nbsp;1, 2022 and ending on November&nbsp;30,
2028, unless this Sublease is sooner terminated pursuant to its terms or the Master Lease is sooner terminated pursuant to its terms.
Notwithstanding the foregoing, Sublessor and Sublessee may terminate this Sublease by written agreement at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Rent</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Sublessee
shall pay to Sublessor as base rent for the Subleased Premises for each month during the Term (&ldquo;<U>Base Rent</U>&rdquo;) as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Period</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">$ per RSF</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Monthly Payment</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Periodic Payment</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font: 10pt Times New Roman, Times, Serif">07-1-22 to 11-30-22</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">29.50</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">57,746.25</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">288,731.25</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">12-1-22 to 11-30-23</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">30.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">59,214.38</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">710,572.56</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">12-1-23 to 11-30-24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">60,682.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">728,190.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">12-1-24 to 11-30-25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31.75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">62,150.63</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">745,807.56</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">12-1-25 to 11-30-26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">32.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">63,618.75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">763,425.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">12-1-26 to 11-30-27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">33.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">65,086.88</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">781,042.56</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">12-1-27 to 11-30-28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">34.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">66,555.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">798,660.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sublessee will be charged applicable rental tax on monthly Base Rent,
which is currently 2.25% for the City of Scottsdale, Arizona. Base Rent shall be paid by Sublessee no later than the first day of each
month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
monies other than Base Rent required to be paid by Sublessor under the Master Lease, including any amounts payable by Sublessor to Master
Lessor as &ldquo;Operating Costs&rdquo; (including any taxes thereon), shall be paid by Sublessee hereunder as and when such amounts are
due under the Master Lease, as incorporated herein. All such amounts shall be deemed additional rent (&ldquo;<U>Additional Rent</U>&rdquo;).
Base Rent and Additional Rent hereinafter collectively shall be referred to as &ldquo;Rent&rdquo;. Notwithstanding the foregoing, in the
event any cost or expense is incurred under the Master Lease for Sublessee&rsquo;s sole benefit (including the disproportionate use of
utilities, regardless of whether they are otherwise &ldquo;Operating Costs&rdquo; under the Master Lease) or as a result of Sublessee&rsquo;s
request for certain services (such as after-hours HVAC charges as provided in the Master Lease), Sublessee shall pay the entire cost thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Security
Deposit.</U> Promptly following execution hereof by Sublessee, Sublessee shall deposit with Sublessor the sum of Two Hundred Fifty Thousand
and 00/100 Dollars ($250,000.00) (the &ldquo;<U>Security Deposit</U>&rdquo;), in cash, as security for the performance by Sublessee of
the terms and conditions of this Sublease. The Security Deposit shall be held, applied and released in accordance with the terms of Section&nbsp;9
of the Master Lease, which is incorporated in this Sublease. Provided that Sublessee has surrendered possession of the Subleased Premises
and has satisfied its obligations under this Sublease, Sublessor shall return the Security Deposit to Sublessee within sixty (60) days
of the expiration or earlier termination of this Sublease.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Repairs</U>.
Sublessor shall deliver the Subleased Premises to Sublessee in &ldquo;broom clean&rdquo; condition. The parties acknowledge and agree
that Sublessee is otherwise subleasing the Subleased Premises on an &ldquo;as is&rdquo; basis and that Sublessor has made no representations
or warranties with respect to the condition of the Subleased Premises. Except as set forth in this Sublease, Sublessor shall have no obligation
whatsoever to make or pay the cost of any alterations, improvements or repairs to the Subleased Premises, including, without limitation,
any improvement or repair required to comply with any law. Master Lessor shall be solely responsible for performance of any maintenance
or repairs required to be performed by Master Lessor under the terms of the Master Lease.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Assignment
and Subletting</U>. Sublessee may not assign this Sublease, sublet the Subleased Premises, transfer any interest of Sublessee therein
or permit any use of the Subleased Premises by another party (collectively, &ldquo;<U>Transfer</U>&rdquo;) without prior notice to Sublessor.
The terms of Section&nbsp;14 of the Master Lease, as incorporated herein, shall apply to any Transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Use</U>.
Sublessee may use the Subleased Premises only for the uses identified in Section&nbsp;10 of the Master Lease. Sublessee shall comply with
all reasonable rules&nbsp;and regulations promulgated from time to time by Master Lessor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Improvements</U>.
No alteration or improvements shall be made to the Subleased Premises except in accordance with the Master Lease and with the prior written
consent of both Master Lessor and Sublessor. Sublessee shall be required to remove all such alterations or improvements prior to the expiration
or earlier termination of this Sublease and to restore the Subleased Premises to the condition existing prior to such alterations or improvements,
unless Master Lessor agrees that such alterations or improvements may remain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Insurance</U>.
Sublessee shall name Sublessor as an additional insured under its liability insurance policy and provide a Certificate of Liability Insurance
to Sublessor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Default</U>.
Sublessee shall be in material default of its obligations under this Sublease if any of the following events occur:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
failure by Sublessee to pay Rent on the due date which is not cured within five (5)&nbsp;days after receipt of written notice from Sublessor;
provided, however, Sublessor shall not be required to send more than one (1)&nbsp;written notice in any one (1)&nbsp;calendar year and
on the second, and each subsequent, failure by Sublessee to pay Rent on the due date during each calendar year, Sublessee shall be in
default without the requirement for Sublessor to send a written notice;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">This
Sublease or Sublessee&rsquo;s interest is transferred whether voluntarily or by operation of law except as permitted in Section&nbsp;6;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">This
Sublease or any part of the Subleased Premises is taken by process of law and is not released within thirty (30) days after a levy;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Commencement
by Sublessee of a proceeding under any provision of federal or state law relating to insolvency, bankruptcy or reorganization (&ldquo;Bankruptcy
Proceeding&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Commencement
of a Bankruptcy Proceeding against Sublessee, unless dismissed within sixty (60) days after commencement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;The
insolvency of Sublessee or execution by Sublessee of an assignment for the benefit of creditors; the convening by Sublessee of a meeting
of its creditors or any significant class thereof for purposes of effecting a moratorium upon or extension or composition of its debts;
or the failure of Sublessee generally to pay its debts as they mature;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
admission in writing by Sublessee that it is unable to pay its debts as they mature or it is generally not paying its debts as they mature;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
dissolution or failure to maintain Sublessee&rsquo;s legal existence;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Sublessee
fails to perform any of its other obligations under this Sublease and non-performance continues for thirty (30) days after written notice
by Sublessor or, if such performance cannot be reasonably had within such thirty (30) day period, Sublessee does not in good faith commence
performance within such thirty (30) day period and diligently proceed to completion; provided, however, Sublessee&rsquo;s right to cure
shall not exceed the period provided by applicable law; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
event which is expressly defined as or deemed an automatic &ldquo;Event of Default&rdquo; under the Master Lease.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Remedies</U>.
In the event of any default by Sublessee, Sublessor shall have all remedies provided pursuant to Sections 20.2, 20.3, 20.4, 20.5 and 20.6
of the Master Lease and by applicable law. Sublessor may resort to its remedies cumulatively or in the alternative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Surrender</U>.
Prior to expiration or earlier termination of this Sublease, Sublessee shall remove all of its trade fixtures and shall surrender the
Subleased Premises to Sublessor in good condition, free of hazardous materials caused by Sublessee, reasonable wear and tear, casualty
and condemnation excepted, all in accordance with Section&nbsp;17 of the Master Lease.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
Unless at least five (5)&nbsp;days&rsquo; prior written notice is given in the manner set forth in this paragraph, the address of each
party for all purposes connected with this Sublease shall be that address set forth below its signature at the end of this Sublease. All
notices shall otherwise be provided in accordance with the terms of Section&nbsp;28 of the Master Lease, as incorporated herein. All notices
given to Master Lessor under the Master Lease shall be considered received only when delivered in accordance with the Master Lease.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Assumption
of Obligations</U>. This Sublease is and at all times shall be subject and subordinate to the Master Lease and the rights of Master Lessor
thereunder. Sublessee hereby expressly assumes and agrees: (i)&nbsp;to comply with all provisions of the Master Lease which are incorporated
hereunder and (ii)&nbsp;to perform all the obligations on the part of the &ldquo;Tenant&rdquo; to be performed under the terms of the
Master Lease which are incorporated hereunder during the Term of this Sublease. In the event the Master Lease is terminated for any reason
whatsoever, this Sublease shall terminate simultaneously with such termination without any liability of Sublessor to Sublessee. In the
event of a conflict between the provisions of this Sublease and the Master Lease, as between Sublessor and Sublessee, the provisions of
this Sublease shall control. In the event of a conflict between the express provisions of this Sublease and the provisions of the Master
Lease, as incorporated herein, the express provisions of this Sublease shall prevail.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Signage</U>.
During the Sublessor Occupancy Period, Sublessor may continue to display signage on the Subleased Premises as permitted under the Master
Lease.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Furniture,
Fixtures and Equipment</U>. So long as Sublessee performs all of its obligations under this Sublease, Sublessee shall have the right to
use the office furnishings, fixtures and equipment within the Subleased Premises (the &ldquo;<U>FF&amp;E</U>&rdquo;). Sublessor makes
no representations or warranties regarding the condition, use or fitness of the FF&amp;E and Sublessee acknowledges and agrees that it
shall accept the same on an &ldquo;as-is&rdquo; basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Parking</U>.
Sublessor has licensed from Master Lessor directly or through the operator of the parking garage, if applicable, the number of garage
parking spaces set forth below (&ldquo;Parking Allotment&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">122</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">spaces total</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reserved, covered</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">unreserved, covered</FONT></TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">32</TD><TD>unreserved, surface</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sublessor hereby licenses to Sublessee the use of the Parking Allotment
on an in and out basis in the parking structure. Sublessee shall pay to Sublessor the current monthly rate charged for each space Sublessor
licenses in an amount equal to the monthly charge per parking space of Parking Allotment established by Master Lessor from time to time
(&ldquo;Parking Rate&rdquo;), which monthly Parking Rate for each parking space initially is $45.00 for each unreserved, covered parking
space and $55.00 for each reserved, covered parking space. There is no charge for uncovered, unreserved parking spaces. Parking charges
shall be subject to adjustment pursuant to Master Lessor's market rate parking charges. Sublessee will be billed monthly and Sublessee
shall pay the parking rents (including any taxes thereon) to Sublessor. Notwithstanding the above, the right granted to Sublessee to use
any parking spaces is a license only and Sublessor&rsquo;s inability to make spaces available at any time for reasons beyond Sublessor's
reasonable control is not a material breach by Sublessor of its obligations hereunder. If Sublessee fails to pay any portion of the parking
fee in a timely manner, Sublessor, at its election, may cancel Sublessee&rsquo;s right to use the number of parking spaces for which Sublessee
has failed to pay. All vehicles parked in the parking facilities and the personal property therein shall be at the sole risk of Sublessee
and the users of such spaces and Sublessor shall have no liability for loss or damage thereto for whatever cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Governing
Law</U>. This Agreement shall be deemed to be a contract entered into pursuant to the laws of Arizona and shall in all respects be governed,
construed, applied and enforced in accordance with the laws of such State (without regard to conflict of law provisions thereof that would
apply the laws of another jurisdiction).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
This Sublease may be executed in counterparts, each of which shall constitute the original. Electronic signatures shall be binding as
original signatures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signatures on the following page]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the parties have executed this Sublease as of the
day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>SUBLESSOR:</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Ategrity Specialty Insurance Company</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>SUBLESSEE:</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Zimmer Financial Services Group
    LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">By:</FONT></P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Name: </FONT></P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Title:</FONT></P></TD>
    <TD STYLE="width: 44%"><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"> /s/ Mike Miller</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Mike Miller</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer</P></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">By:</FONT></P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Name:</FONT></P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Title:</FONT></P></TD>
    <TD STYLE="width: 44%"><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">/s/ Barbara Burger</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"> Barbara Burger</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"> General Counsel</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Address:</FONT> </TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-size: 10pt">14000 North Pima Road</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Address:</FONT> </TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-size: 10pt">9 West 57</FONT><FONT STYLE="font-size: 8pt"><SUP>th</SUP></FONT> <FONT STYLE="font-size: 10pt">St,
    33</FONT><FONT STYLE="font-size: 8pt"><SUP>rd</SUP></FONT> <FONT STYLE="font-size: 10pt">Floor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Scottsdale, AZ 85260</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">New York, NY 10019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Attention:</FONT></TD>
    <TD>Mike Miller</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Attention:</FONT></TD>
    <TD>Barbara Burger</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Omitted Exhibits</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit A and Exhibit B to this exhibit, which are described under &ldquo;Whereas&rdquo; and Section 1 above, have been omitted pursuant to Item 601(a)(5)
of Regulation S-K because they do not contain information material to an investment or voting decision and that information is not otherwise
disclosed in this exhibit or the disclosure document. The registrant will furnish supplementally copies of Exhibit A and Exhibit B to
the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MASTER LEASE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SUBLEASED PREMISES AND SUBLESSOR AREA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>12
<FILENAME>tm2428146d9_ex10-13.htm
<DESCRIPTION>EXHIBIT 10.13
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit&#8239;10.13</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>AMENDED
AND RESTATED Investment Management Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Zimmer Partners, LP)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This amended and restated
investment management agreement (this &ldquo;<B>Agreement</B>&rdquo;) is made and entered into effective as of October&nbsp;01, 2024
(the &ldquo;<B>Effective Date</B>&rdquo;), by and between Zimmer Partners, LP, a Delaware limited partnership (the &ldquo;<B>Manager</B>&rdquo;),
and Ategrity Specialty Insurance Limited, a Bermuda company (the &ldquo;<B>Client</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>RECITALS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Client and the
Manager entered into an investment management agreement, dated January&nbsp;1, 2024 (the &ldquo;<B>Investment Management Agreement</B>&rdquo;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Client and the
Manager desire to amend the Investment Management Agreement as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Client and the Manager hereby agree to amend and restate the Investment Management Agreement, which
is replaced and superseded in its entirety by this Agreement, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Account.</B></FONT> The cash, securities and other assets placed by Client in the account to be managed under this Agreement (the &ldquo;<B>Account</B>&rdquo;)
are set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust
    Bank</FONT></TD>
    <TD STYLE="width: 37%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust
    Account Name:</FONT></TD>
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian
    Account Number:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer
    Share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sequentis
    Reinsurance Company Limited (For the benefit of Ategrity Specialty Insurance Company)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*9500</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assets may be added by the Client to the Account
at any time. Client will provide notification to the Manager of any such additions. The Account will include these assets and any changes
in them resulting from transactions directed by Manager, withdrawals and additions made by Client, or dividends, interest, stock splits
and other earnings, gains or losses on the assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Appointment
of Manager.</B></FONT> The Client hereby appoints the Manager as the investment manager with respect to the Account and all assets in
the Account. The Manager has the full and exclusive authority and discretion to effect investment transactions through the Account, for
the account and risk of the Client, in accordance with the provisions of this Agreement. Notwithstanding the foregoing, except at the
Client&rsquo;s instruction, the Manager does not have the power and is not authorized to withdraw any cash, securities or other assets
from the Account (other than, for the avoidance of doubt, to effect investment transactions through and for the Account or otherwise
at the instruction of the Client). As agent and attorney-in-fact for the Client, the Manager is authorized to exercise all voting and
other rights and privileges associated with the ownership of any Account positions in accordance with the Manager&rsquo;s proxy voting
policies and procedures. Subject to the investment guidelines set out in <U>Schedule B</U> attached hereto (the &ldquo;<B>Investment
Guidelines</B>&rdquo;), the Manager&rsquo;s investment strategy with respect to the Account is within the discretion of the Manager.
Client may change these Investment Guidelines at any time, but Manager will be bound by the changes only after it has received and agreed
to them in writing. In the event that the Account ceases to conform to the Investment Guidelines as a result of market values, maturities,
amortization rates, credit ratings, or other characteristics of the securities within the portfolio, Manager will not be required to
take immediate action to bring the portfolio back into compliance with the Investment Guidelines, but will (a)&nbsp;inform Client of
the non-compliance within 30 days; (b)&nbsp;offer Client the opportunity to consult on the non-conformance and (c)&nbsp;use its discretion
to return the portfolio to conformity over time with a minimum disruption to the portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Withdrawals.
</B></FONT>Upon five (5)&nbsp;business days&rsquo; prior written notice to the Manager, the Client may withdraw all or a portion of the
Account (each a &ldquo;<B>Withdrawal Date</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
the extent required by the Client or its affiliates to pay insurance claims;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
the extent required by the Client or its affiliates to</FONT> pay for reasonable operating expenses as may be determined by the Board
of Directors of the Client; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the event the Client or any of its affiliates (x)&nbsp;receives a notification from A.M.&nbsp;Best that such withdrawal is required to
maintain the financial strength rating of at least A- of the Client or its affiliate, as applicable, or (y)&nbsp;is required to diversify
its assets pursuant to any law, order or regulation proposed or promulgated by any Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Manager shall use its commercially
reasonable efforts to dispose of positions, and to pay withdrawal proceeds, as soon as reasonably practicable following any Withdrawal
Date in respect of which a withdrawal request is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Brokers
and Other Agents.</B></FONT> The Manager&rsquo;s authority includes the discretion to select brokers, dealers and other intermediaries
or agents (&ldquo;<B>Brokers</B>&rdquo;) for the execution of Account transactions and to negotiate commission rates and other transaction
terms. The Client understands that in the selecting, and negotiating transaction terms with, Brokers, the Manager may take into account
considerations other than the cost of the services, including, but not limited to, the quality of research or other services and products
made available to the Manager (even if such research or other services and products are not for the exclusive benefit of the Account).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Soft
Dollars.</B> Subject to the Manager&rsquo;s obligation to obtain best execution, the Manager is authorized to pay, or authorize the payment
and reimbursement of, brokerage commissions which may be in excess of the lowest rates available and which are paid to Brokers who execute
transactions for the Account and who supply or pay for the cost of research and execution services in accordance with the provisions
of Section&nbsp;28(e)&nbsp;of the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Safe Harbor</B>&rdquo;), as interpreted
by the Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;).&nbsp; The Manager shall not knowingly use any &ldquo;soft dollars&rdquo;
generated by the Account for purposes outside of the Safe Harbor without the consent of the Client in each instance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Fees
and Expenses.</B></FONT> The Manager is entitled to fees, and the Account will bear expenses, in accordance with <U>Schedule A</U> attached
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Other
Activities of the Manager.</B></FONT> This Agreement does not restrict in any way the ability of the Manager and its affiliates to engage
in any other business or investment activities. It is understood that the Manager and its affiliates effect investment transactions for
their own account and for the accounts of other clients. The Manager may give advice or take action with respect to such other entities
or accounts that differs from the advice given with respect to the Account.&nbsp; To the extent a particular investment is suitable for
both the Account and the other clients, such investments will be allocated between the Account and the other clients in a manner which
the Investment Manager determines is fair and equitable under the circumstances to all clients, including the Account.&nbsp; Situations
may occur where the Account could be disadvantaged because of the investment activities conducted by the Manager for other clients due,
among other things, to the limited availability of an opportunity or the market impact of orders for multiple accounts. From the standpoint
of the Account, simultaneous identical portfolio transactions for the Account and the other clients may tend to decrease the prices received,
and increase the prices required to be paid, by the Account for its portfolio sales and purchases.&nbsp; Where less than the maximum
desired number of shares of a particular security, loans or other products to be purchased is available at a favorable price, the shares,
loans or other products purchased will be allocated among the Account and the other clients in an equitable manner as determined by the
Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Confidentiality.
</B>The Client acknowledges that the investment methods employed by the Manager are proprietary and that investment recommendations and
positions provided hereunder by the Manager are for the exclusive use of the Client. The Client agrees not to disclose or make use of
in any manner any of the Manager&rsquo;s investments to any third party without the Manager&rsquo;s prior written consent. The Client
agrees to treat all such communication related to the Account as confidential. In addition, the Client represents and warrants to the
Manager that neither it nor any third party will analyze the Manager&rsquo;s investments transacted on behalf of the Client in a manner
which would allow the Client or any third party directly or indirectly to attempt to reverse engineer, reverse compile, decompile, disassemble
or derive the composition of the Manager&rsquo;s investment system. The provisions of this <U>Section&nbsp;8</U> will survive the termination
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Term
and Termination.</B></FONT> This Agreement will continue in effect for a period commencing on the date first written above and ending
on December&nbsp;31, 2027 (the<BR>
 &ldquo;Initial Term&rdquo;), subject to automatic renewal for additional successive three year periods, and may be terminated by any
party hereto, without penalty, upon sixty (60) days&rsquo; prior written notice to the end of the Initial Term or the end of any automatic
renewal term. Termination will not affect the settlement of any transactions pending at the termination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Representations
and Warranties.</B></FONT> The Client represents and warrants to the Manager and agrees with the Manager as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Client has the requisite legal capacity and authority to execute, deliver and perform its obligations under this Agreement. This Agreement
has been duly authorized, executed and delivered by the Client and is the legal, valid and binding agreement of the Client, enforceable
against the Client in accordance with its terms. The Client&rsquo;s execution of this Agreement and the performance of its obligations
hereunder do not conflict with or violate any provisions of the governing documents (if any) of the Client or any obligations by which
the Client is bound, whether arising by contract, operation of law or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
custody of all Account assets will be maintained with a &ldquo;qualified custodian&rdquo; (as that term is defined in the U.S. Investment
Advisers Act of 1940) selected pursuant to <U>Section&nbsp;1</U> (the &ldquo;<B>Custodian</B>&rdquo;). The Client further hereby represents
and warrants that the Custodian sends account statements to the Client (or the Client&rsquo;s independent representative, if so designated
by the Client) at least monthly identifying all assets, including the amount of funds and each security, and all transactions, including
all Management Fees paid to the Manager, in the Account for the relevant period. The Client will cause the Custodian to simultaneously
deliver a copy of each such account statement to the Manager. The Client will be solely responsible for paying all fees and charges of
the Custodian. The Client understands and agrees that (i)&nbsp;neither the Manager nor any &ldquo;related person&rdquo; (as that term
is defined in the U.S. Investment Advisers Act of 1940) of the Manager will serve as the Custodian for the Account, (ii)&nbsp;the Manager
will not be liable for any act or omission of the Custodian, and (iii)&nbsp;the Manager will be entitled to rely on any information provided
by the Custodian or any other agent of the Client. The Client will promptly notify the Manager if any of the representations and warranties
in this <U>Section&nbsp;10(b)</U>&nbsp;becomes inaccurate in any respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Client has received and reviewed a copy of Parts 2A and 2B of the Manager&rsquo;s Form&nbsp;ADV and Privacy Notice prior to the date
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Client is the owner of all cash, securities and other assets in the Account and there are no restrictions on the pledge, hypothecation,
transfer, sale or public distribution of such cash, securities or other assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
investment program contemplated by this Agreement is prudent in light of the Client&rsquo;s overall investment portfolio and the Client
is experienced in the engagement of investment advisers and is aware of the risks associated with such engagements, including the risk
that the Account could suffer substantial diminution in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in; background-color: white">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
assets in the Account do not contravene applicable anti-money laundering laws and regulations, are not derived from illegal or illegitimate
activities and neither the Client nor any of its investors (if applicable) are a prohibited entity or person listed on the web site of
the U.S. Treasury Department&rsquo;s Office of Foreign Assets Control and do not have any affiliation of any kind with such an entity
or person. The Client will provide to the Manager all such information and documents that are required pursuant to any anti-money laundering
or &ldquo;Know Your Client&rdquo; requirements applicable to the Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in; background-color: white">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
assets of the Account do not, and will not, constitute &ldquo;plan assets&rdquo; for purposes of the U.S. Employee Retirement Income
Security Act of 1974, as amended, or Section&nbsp;4975 of the U.S. Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in; background-color: white">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
representations and warranties in this <U>Section&nbsp;10</U> will continue during the term of this Agreement, and if any time any event
occurs that makes or tends to make any of the foregoing incomplete or inaccurate, the Client will promptly notify the Manager of the
occurrence of such event in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Risk
Acknowledgement.</B></FONT> The Manager does not guarantee the future performance of the Account or any specific level of investment
performance, the success of any investment decision or strategy that the Manager may use, or the success of the Manager&rsquo;s overall
management of the Account. The Client understands that investment decisions made for the Account by the Manager are subject to various
market, economic, political and business risks, and that those investment decisions may not always be profitable. The Manager cannot
and does not imply or guarantee that the Client will make a profit and it is agreed that the Manager will not be held responsible for
losses with respect to the Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Standard
of Liability; Indemnification.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Manager or any of its principal, partners, employees and affiliates (such persons, the &ldquo;<B>Manager Indemnitees</B>&rdquo;) shall
not be liable for any loss or cost arising out of, or in connection with, any act or activity undertaken (or omitted to be undertaken)
in good faith in fulfillment of any obligation or responsibility under this Agreement, including any such loss sustained by reason of
any investment or the sale or retention of any security or other asset of the Account; provided that any Manager Indemnitees exculpated
from liability under this <U>Section&nbsp;12</U> shall not be exculpated from any liability arising from losses caused by his, her or
its gross negligence or willful malfeasance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Manager Indemnitees shall be indemnified and held harmless by the Client to the fullest extent legally permissible, from and against
any and all loss, liability and expense (including without limitation judgments, fines, amounts paid or to be paid in settlement and
reasonable attorneys fees) incurred or suffered by the Indemnitees in connection with the good faith performance by the Indemnitees of
their responsibilities under this Agreement; provided that any Indemnitee entitled to be indemnified under this <U>Section&nbsp;12(b)</U>&nbsp;shall
not be indemnified nor held harmless for any loss, liability or expense resulting from his, her or its reckless disregard of its obligations
and duties pursuant to this Agreement, gross negligence, or willful malfeasance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Client and its principal, partners, employees and affiliates (such persons, the &ldquo;<B>Client Indemnitees</B>&rdquo;) shall be indemnified
and held harmless by the Manager from and against any and all loss, liability and expense (including without limitation judgments, fines,
amounts paid or to be paid in settlement and reasonable attorneys&rsquo; fees) incurred or suffered by the Client Indemnitees as a direct
result of the Manager&rsquo;s gross negligence or willful malfeasance, or for Manager&rsquo;s reckless disregard of its obligations and
duties pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
any of the foregoing to the contrary, the provisions of this <U>Section&nbsp;12</U> shall not be construed so as to provide for the exculpation
or indemnification of the Indemnitees, from any liability (including liability under U.S. securities laws which, under certain circumstances,
impose liability even on persons that act in good faith), to the extent (but only to the extent) that such liability may not be waived,
modified or limited under applicable law, or to the extent such indemnification would be in violation of applicable law, but shall be
construed so as to effectuate the provisions of this <U>Section&nbsp;12</U> to the fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Manager
will not be responsible for the Client&rsquo;s own compliance with the insurance investment laws of the Client&rsquo;s state of domicile
or for the Client&rsquo;s compliance with applicable tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of this <U>Section&nbsp;</U>1<U>2</U> will survive the termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Further
Information.</B></FONT> The Client will furnish to the Manager all information, authorizations and documentation as the Manager may from
time to time require to enable the Manager to carry out its obligations under this Agreement or as required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Change
in Control.</B></FONT> The Manager will notify the Client in writing within 30 days after any change in control of the ownership of the
Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Successors.
</B>This Agreement is binding upon and inures to the benefit of the parties hereto and their respective successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Notices.
</B>All notices, requests, consents, claims, demands, waivers and other communications hereunder will be in writing and will be deemed
to have been given: (a)&nbsp;when delivered by hand (with written confirmation of receipt); (b)&nbsp;when received by the addressee if
sent by a nationally recognized overnight courier (receipt requested); (c)&nbsp;on the date sent by electronic transmission if sent during
normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d)&nbsp;on
the 3rd day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must
be sent to the respective parties at the following addresses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in; vertical-align: top; width: 20%; text-align: left"><FONT STYLE="font-size: 10pt">If
    to the Client</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><FONT STYLE="font-size: 10pt">Ategrity Specialty
    Insurance Limited</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">9 West 57<SUP>th</SUP> Street,
    33<SUP>rd</SUP> Floor</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">New York, New York 10019</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Attn: Eric Crespolini</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">E-mail: legal@ategrity.com</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">If to the
    Manager:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Zimmer Partners, LP</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">9 West 57<SUP>th</SUP> Street,
    33<SUP>rd</SUP> Floor</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">New York, New York 10019</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Attn: Barbara Burger</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">E-mail: <U>legal@zimmerpartners.com</U></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Entire
Agreement.</B></FONT> This Agreement contains the entire understanding and agreement of the Manager and the Client concerning the subject
matter of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Waiver
of Breach.</B></FONT> The waiver by any party of a breach of any provision of this Agreement will not operate or be construed as a waiver
of any subsequent breach by any party. The failure of a party to insist upon strict adherence to any provision of the Agreement will
not constitute a waiver or thereafter deprive such party of the right to insist upon strict adherence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Not
for Benefit of Third Parties.</B></FONT> The provisions of this Agreement are intended only for the regulation of relations between the
Manager and the Client. This Agreement is not intended for the benefit of third parties, and no rights are granted to third parties under
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Amendment
and Assignment.</B></FONT> This Agreement may not be amended except in writing signed by both the Manager and the Client. This Agreement
may not be assigned by either party hereto without the prior written consent of the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Counterparts.
</B></FONT>This Agreement may be executed in one or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same instrument. Signatures on this Agreement may be communicated via email of PDF copies and will be binding
upon the parties so transmitting their signatures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Governing
Law.</B></FONT> This Agreement is, and the rights of the parties hereto are, governed by and will be construed in accordance with the
laws of the State of New York, without regard to the conflict of laws rule&nbsp;thereof that would result in the application of the laws
of a different jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Severability.
</B></FONT>If any provision of this Agreement is or becomes inconsistent with any law or rule&nbsp;of any governmental or regulatory
body having jurisdiction over the subject matter of this Agreement, that provision will be deemed to be rescinded or modified in accordance
with any such law or rule&nbsp;and, in all other respects, this Agreement will remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Headings.
</B></FONT>Headings to sections in this Agreement are for convenience only and will not affect the construction, meaning or interpretation
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&nbsp;Follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Parties have executed
this Agreement as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>MANAGER</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Zimmer
    Partners, LP,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">a Delaware limited
    partnership</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">By: Zimmer Partners
    GP, LLC, its general partner</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Mitchell Pressman</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Mitchell Pressman</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><U>CLIENT</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Ategrity
    Specialty Insurance Limited,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">a Bermuda company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Justin Cohen</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Justin Cohen</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Signature Page &ndash; Investment Management Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Omitted Exhibits</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule A and Schedule B to this exhibit, which are described under Section 6 and 2 respectively above, have been omitted pursuant to
Item 601(a)(5) of Regulation S-K because they do not contain information material to an investment or voting decision and that information
is not otherwise disclosed in this exhibit or the disclosure document. The registrant will furnish supplementally copies of Schedule A
and Schedule B to the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Schedule
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Fees and Expenses] </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Schedule
B</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Investment Guidelines]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.14
<SEQUENCE>13
<FILENAME>tm2428146d9_ex10-14.htm
<DESCRIPTION>EXHIBIT 10.14
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.14</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>AMENDED
AND RESTATED Investment Management Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Zimmer Partners, LP)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This amended and restated
investment management agreement (this &ldquo;<B>Agreement</B>&rdquo;) is made and entered into effective as of October&nbsp;1, 2024 (the
 &ldquo;<B>Effective Date</B>&rdquo;), by and between Zimmer Partners, LP, a Delaware limited partnership (the &ldquo;<B>Manager</B>&rdquo;),
and Ategrity Specialty Holdings LLC, a Delaware limited liability company (the &ldquo;<B>Client</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>RECITALS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Client and the
Manager entered into an investment management agreement, dated October&nbsp;1, 2021 (the &ldquo;<B>Investment Management Agreement</B>&rdquo;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Client and the
Manager desire to amend the Investment Management Agreement as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Client and the Manager hereby agree to amend and restate the Investment Management Agreement, which
is replaced and superseded in its entirety by this Agreement, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Account.</B> The cash, securities and other assets placed by Client in an account established in the Client&rsquo;s name at Barclays
Capital Inc. (the &ldquo;<B>Account</B>&rdquo;) will be managed by the Manager under this Agreement. Assets may be added by Client to
the Account at any time. Client will provide notification to the Manager of any such additions. The Account will include these assets
and any changes in them resulting from transactions directed by Manager, withdrawals and additions made by Client, or dividends, interest,
stock splits and other earnings, gains or losses on the assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Appointment
of Manager.</B> The Client hereby appoints the Manager as the investment manager with respect to the Account and all assets in the Account.
The Manager has the full and exclusive authority and discretion to effect investment transactions through the Account, for the account
and risk of the Client in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Manager does not have
the power and is not authorized to withdraw any cash, securities or other assets from the Account (other than, for the avoidance of doubt,
to effect investment transactions through and for the Account or otherwise at the instruction of the Client). As agent and attorney-in-fact
for the Client, the Manager is authorized to exercise all voting and other rights and privileges associated with the ownership of any
Account positions in accordance with the Manager&rsquo;s proxy voting policies and procedures. Subject to the investment guidelines set
out in <U>Schedule B</U> attached hereto (the &ldquo;<B>Investment Guidelines</B>&rdquo;), the Manager&rsquo;s investment strategy with
respect to the Account is within the discretion of the Manager. Client may change these Investment Guidelines at any time, but Manager
will be bound by the changes only after it has received and agreed to them in writing. In the event that the Account ceases to conform
to the Investment Guidelines as a result of market values, maturities, amortization rates, credit ratings, or other characteristics of
the securities within the portfolio, Manager will not be required to take immediate action to bring the portfolio back into compliance
with the Investment Guidelines, but will (a)&nbsp;inform Client of the non-compliance within 30 days; (b)&nbsp;offer Client the opportunity
to consult on the non-conformance and (c)&nbsp;use its discretion to return the portfolio to conformity over time with a minimum disruption
to the portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Withdrawals.
</B>Upon five (5)&nbsp;business days&rsquo; prior written notice to the Manager, the Client may withdraw all or a portion of the Account
(each a &ldquo;<B>Withdrawal Date</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
the extent required by the Client or its affiliates to pay insurance claims;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
the extent required by the Client or its affiliates to <FONT STYLE="font-family: Times New Roman, Times, Serif">pay for reasonable operating
expenses as may be determined by the Board of Directors of the Client; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">in
the event the Client or any of its affiliates (x)&nbsp;receives a notification from A.M.&nbsp;Best that such withdrawal is required to
maintain the financial strength rating of at least A- of the Client or its affiliate, as applicable, or (y)&nbsp;is required to diversify
its assets pursuant to any law, order or regulation proposed or promulgated by any Governmental Authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager shall use its commercially reasonable
efforts to dispose of positions, and to pay withdrawal proceeds, as soon as reasonably practicable following any Withdrawal Date in respect
of which a withdrawal request is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Brokers
and Other Agents.</B> The Manager&rsquo;s authority includes the discretion to select brokers, dealers and other intermediaries or agents
(&ldquo;<B>Brokers</B>&rdquo;) for the execution of Account transactions and to negotiate commission rates and other transaction terms.
The Client understands that in the selecting, and negotiating transaction terms with, Brokers, the Manager may take into account considerations
other than the cost of the services, including, but not limited to, the quality of research or other services and products made available
to the Manager (even if such research or other services and products are not for the exclusive benefit of the Account).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Soft
Dollars.</B> Subject to the Manager&rsquo;s obligation to obtain best execution, the Manager is authorized to pay, or authorize the payment
and reimbursement of, brokerage commissions which may be in excess of the lowest rates available and which are paid to Brokers who execute
transactions for the Account and who supply or pay for the cost of research and execution services in accordance with the provisions
of Section&nbsp;28(e)&nbsp;of the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Safe Harbor</B>&rdquo;), as interpreted
by the Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;).&nbsp; The Manager shall not knowingly use any &ldquo;soft dollars&rdquo;
generated by the Account for purposes outside of the Safe Harbor without the consent of the Client in each instance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Fees
and Expenses.</B> The Manager is entitled to fees, and the Account will bear expenses, in accordance with <U>Schedule A</U> attached
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Other
Activities of the Manager.</B> This Agreement does not restrict in any way the ability of the Manager and its affiliates to engage in
any other business or investment activities. It is understood that the Manager and its affiliates effect investment transactions for
their own account and for the accounts of other clients. The Manager may give advice or take action with respect to such other entities
or accounts that differs from the advice given with respect to the Account.&nbsp; To the extent a particular investment is suitable for
both the Account and the other clients, such investments will be allocated between the Account and the other clients in a manner which
the Investment Manager determines is fair and equitable under the circumstances to all clients, including the Account.&nbsp; Situations
may occur where the Account could be disadvantaged because of the investment activities conducted by the Manager for other clients due,
among other things, to the limited availability of an opportunity or the market impact of orders for multiple accounts. From the standpoint
of the Account, simultaneous identical portfolio transactions for the Account and the other clients may tend to decrease the prices received,
and increase the prices required to be paid, by the Account for its portfolio sales and purchases.&nbsp; Where less than the maximum
desired number of shares of a particular security, loans or other products to be purchased is available at a favorable price, the shares,
loans or other products purchased will be allocated among the Account and the other clients in an equitable manner as determined by the
Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Confidentiality.
</B>The Client acknowledges that the investment methods employed by the Manager are proprietary and that investment recommendations and
positions provided hereunder by the Manager are for the exclusive use of the Client. The Client agrees not to disclose or make use of
in any manner any of the Manager&rsquo;s investments to any third party without the Manager&rsquo;s prior written consent. The Client
agrees to treat all such communication related to the Account as confidential. In addition, the Client represents and warrants to the
Manager that neither it nor any third party will analyze the Manager&rsquo;s investments transacted on behalf of the Client in a manner
which would allow the Client or any third party directly or indirectly to attempt to reverse engineer, reverse compile, decompile, disassemble
or derive the composition of the Manager&rsquo;s investment system. The provisions of this <U>Section&nbsp;8</U> will survive the termination
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Term
and Termination.</B> This Agreement will continue in effect for a period commencing on the date first written above and ending on December&nbsp;31,
2027 (the &ldquo;Initial Term&rdquo;), subject to automatic renewal for additional successive three year periods, and may be terminated
by any party hereto, without penalty, upon sixty (60) days&rsquo; prior written notice to the end of the Initial Term or the end of any
automatic renewal term. Termination will not affect the settlement of any transactions pending at the termination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Representations
and Warranties.</B> The Client represents and warrants to the Manager and agrees with the Manager as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Client has the requisite legal capacity and authority to execute, deliver and perform its obligations under this Agreement. This Agreement
has been duly authorized, executed and delivered by the Client and is the legal, valid and binding agreement of the Client, enforceable
against the Client in accordance with its terms. The Client&rsquo;s execution of this Agreement and the performance of its obligations
hereunder do not conflict with or violate any provisions of the governing documents (if any) of the Client or any obligations by which
the Client is bound, whether arising by contract, operation of law or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
custody of all Account assets will be maintained with a &ldquo;qualified custodian&rdquo; (as that term is defined in the U.S. Investment
Advisers Act of 1940) selected pursuant to <U>Section&nbsp;1</U> (the &ldquo;<B>Custodian</B>&rdquo;). The Client further hereby represents
and warrants that the Custodian sends account statements to the Client (or the Client&rsquo;s independent representative, if so designated
by the Client) at least monthly identifying all assets, including the amount of funds and each security, and all transactions, including
all Management Fees paid to the Manager, in the Account for the relevant period. The Client will cause the Custodian to simultaneously
deliver a copy of each such account statement to the Manager. The Client will be solely responsible for paying all fees and charges of
the Custodian. The Client understands and agrees that (i)&nbsp;neither the Manager nor any &ldquo;related person&rdquo; (as that term
is defined in the U.S. Investment Advisers Act of 1940) of the Manager will serve as the Custodian for the Account, (ii)&nbsp;the Manager
will not be liable for any act or omission of the Custodian, and (iii)&nbsp;the Manager will be entitled to rely on any information provided
by the Custodian or any other agent of the Client. The Client will promptly notify the Manager if any of the representations and warranties
in this <U>Section&nbsp;10(b)</U>&nbsp;becomes inaccurate in any respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Client has received and reviewed a copy of Parts 2A and 2B of the Manager&rsquo;s Form&nbsp;ADV and Privacy Notice prior to the date
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Client is the owner of all cash, securities and other assets in the Account and there are no restrictions on the pledge, hypothecation,
transfer, sale or public distribution of such cash, securities or other assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
investment program contemplated by this Agreement is prudent in light of the Client&rsquo;s overall investment portfolio and the Client
is experienced in the engagement of investment advisers and is aware of the risks associated with such engagements, including the risk
that the Account could suffer substantial diminution in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in; background-color: white">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
assets in the Account do not contravene applicable anti-money laundering laws and regulations, are not derived from illegal or illegitimate
activities and neither the Client nor any of its investors (if applicable) are a prohibited entity or person listed on the web site of
the U.S. Treasury Department&rsquo;s Office of Foreign Assets Control and do not have any affiliation of any kind with such an entity
or person. The Client will provide to the Manager all such information and documents that are required pursuant to any anti-money laundering
or &ldquo;Know Your Client&rdquo; requirements applicable to the Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in; background-color: white">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
assets of the Account do not, and will not, constitute &ldquo;plan assets&rdquo; for purposes of the U.S. Employee Retirement Income
Security Act of 1974, as amended, or Section&nbsp;4975 of the U.S. Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in; background-color: white">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
representations and warranties in this <U>Section&nbsp;10</U> will continue during the term of this Agreement, and if any time any event
occurs that makes or tends to make any of the foregoing incomplete or inaccurate, the Client will promptly notify the Manager of the
occurrence of such event in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Risk
Acknowledgement.</B> The Manager does not guarantee the future performance of the Account or any specific level of investment performance,
the success of any investment decision or strategy that the Manager may use, or the success of the Manager&rsquo;s overall management
of the Account. The Client understands that investment decisions made for the Account by the Manager are subject to various market, economic,
political and business risks, and that those investment decisions may not always be profitable. The Manager cannot and does not imply
or guarantee that the Client will make a profit and it is agreed that the Manager will not be held responsible for losses with respect
to the Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Standard
of Liability; Indemnification.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Manager or any of its principal, partners, employees and affiliates (such persons, the &ldquo;<B>Manager Indemnitees</B>&rdquo;) shall
not be liable for any loss or cost arising out of, or in connection with, any act or activity undertaken (or omitted to be undertaken)
in good faith in fulfillment of any obligation or responsibility under this Agreement, including any such loss sustained by reason of
any investment or the sale or retention of any security or other asset of the Account; <I>provided</I>, that any Manager Indemnitees
exculpated from liability under this <U>Section&nbsp;12</U> shall not be exculpated from any liability arising from losses caused by
his, her or its gross negligence or willful malfeasance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Manager Indemnitees shall be indemnified and held harmless by the Client to the fullest extent legally permissible, from and against
any and all loss, liability and expense (including without limitation judgments, fines, amounts paid or to be paid in settlement and
reasonable attorneys fees) incurred or suffered by the Indemnitees in connection with the good faith performance by the Indemnitees of
their responsibilities under this Agreement; <I>provided</I>, that any Indemnitee entitled to be indemnified under this <U>Section&nbsp;12(b)</U>&nbsp;shall
not be indemnified nor held harmless for any loss, liability or expense resulting from his, her or its reckless disregard of its obligations
and duties pursuant to this Agreement, gross negligence or willful malfeasance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Client and its principal, partners, employees and affiliates (such persons, the &ldquo;<B>Client Indemnitees</B>&rdquo;) shall be indemnified
and held harmless by the Manager from and against any and all loss, liability and expense (including without limitation judgments, fines,
amounts paid or to be paid in settlement and reasonable attorneys&rsquo; fees) incurred or suffered by the Client Indemnitees as a direct
result of the Manager&rsquo;s gross negligence or willful malfeasance, or for Manager&rsquo;s reckless disregard of its obligations and
duties pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
any of the foregoing to the contrary, the provisions of this <U>Section&nbsp;12</U> shall not be construed so as to provide for the exculpation
or indemnification of the Indemnitees, from any liability (including liability under U.S. securities laws which, under certain circumstances,
impose liability even on persons that act in good faith), to the extent (but only to the extent) that such liability may not be waived,
modified or limited under applicable law, or to the extent such indemnification would be in violation of applicable law, but shall be
construed so as to effectuate the provisions of this <U>Section&nbsp;12</U> to the fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Manager
will not be responsible for the Client&rsquo;s own compliance with the insurance investment laws of the Client&rsquo;s state of domicile
or for the Client&rsquo;s compliance with applicable tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of this <U>Section&nbsp;12</U> will survive the termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Further
Information.</B> The Client will furnish to the Manager all information, authorizations and documentation as the Manager may from time
to time require to enable the Manager to carry out its obligations under this Agreement or as required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Change
in Control.</B> The Manager will notify the Client in writing within 30 days after any change in control of the ownership of the Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Successors.
</B>This Agreement is binding upon and inures to the benefit of the parties hereto and their respective successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notices.
</B>All notices, requests, consents, claims, demands, waivers and other communications hereunder will be in writing and will be deemed
to have been given: (a)&nbsp;when delivered by hand (with written confirmation of receipt); (b)&nbsp;when received by the addressee if
sent by a nationally recognized overnight courier (receipt requested); (c)&nbsp;on the date sent by electronic transmission if sent during
normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d)&nbsp;on
the 3rd day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must
be sent to the respective parties at the following addresses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in; vertical-align: top; width: 20%; text-align: left"><FONT STYLE="font-size: 10pt">If
    to the Client:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><FONT STYLE="font-size: 10pt">Ategrity Specialty
    Holdings LLC</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">9 West 57<SUP>th</SUP> Street,
    33<SUP>rd</SUP> Floor</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">New York, New York 10019</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Attn: Eric Crespolini</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">E-mail: legal@ategrity.com</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">If to the
    Manager:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Zimmer Partners, LP</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">9 West 57<SUP>th</SUP> Street,
    33<SUP>rd</SUP> Floor</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">New York, New York 10019</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Attn: Barbara Burger</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">E-mail: <U>legal@zimmerpartners.com</U></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Entire
Agreement.</B> This Agreement contains the entire understanding and agreement of the Manager and the Client concerning the subject matter
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Waiver
of Breach.</B> The waiver by any party of a breach of any provision of this Agreement will not operate or be construed as a waiver of
any subsequent breach by any party. The failure of a party to insist upon strict adherence to any provision of the Agreement will not
constitute a waiver or thereafter deprive such party of the right to insist upon strict adherence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Not
for Benefit of Third Parties.</B> The provisions of this Agreement are intended only for the regulation of relations between the Manager
and the Client. This Agreement is not intended for the benefit of third parties, and no rights are granted to third parties under this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Amendment
and Assignment.</B> This Agreement may not be amended except in writing signed by both the Manager and the Client. This Agreement may
not be assigned by either party hereto without the prior written consent of the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Counterparts.
</B>This Agreement may be executed in one or more counterparts, each of which will be deemed an original but all of which together will
constitute one and the same instrument. Signatures on this Agreement may be communicated via email of PDF copies and will be binding
upon the parties so transmitting their signatures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Governing
Law.</B> This Agreement is, and the rights of the parties hereto are, governed by and will be construed in accordance with the laws of
the State of New York, without regard to the conflict of laws rule&nbsp;thereof that would result in the application of the laws of a
different jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>23.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Severability.
</B>If any provision of this Agreement is or becomes inconsistent with any law or rule&nbsp;of any governmental or regulatory body having
jurisdiction over the subject matter of this Agreement, that provision will be deemed to be rescinded or modified in accordance with
any such law or rule&nbsp;and, in all other respects, this Agreement will remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>24.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Headings.
</B>Headings to sections in this Agreement are for convenience only and will not affect the construction, meaning or interpretation of
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&nbsp;Follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Parties have executed
this Agreement as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>MANAGER</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Zimmer
    Partners, LP,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">a Delaware limited
    partnership</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">By: Zimmer Partners
    GP, LLC, its general partner</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Mitchell Pressman</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Mitchell Pressman</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>CLIENT</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Ategrity
    Specialty Holdings LLC,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">a Delaware limited
    liability company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Justin Cohen</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Justin Cohen</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Signature Page &ndash; A&amp;R Investment Management Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Omitted Exhibits</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule A and Schedule B to this exhibit, which are described under Section 6 and 2 respectively above, have been omitted pursuant to
Item 601(a)(5) of Regulation S-K because they do not contain information material to an investment or voting decision and that information
is not otherwise disclosed in this exhibit or the disclosure document. The registrant will furnish supplementally copies of Schedule A
and Schedule B to the Securities and Exchange Commission or its staff upon request. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Schedule
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Fees and Expenses]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Schedule
B</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Investment Guidelines]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>14
<FILENAME>tm2428146d9_ex10-15.htm
<DESCRIPTION>EXHIBIT 10.15
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.15</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Investment
Management Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Zimmer Partners, LP)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This investment management
agreement (this &ldquo;<B>Agreement</B>&rdquo;) is made and entered into effective as of December&nbsp;1, 2024 (the &ldquo;<B>Effective
Date</B>&rdquo;), by and between Zimmer Partners, LP, a Delaware limited partnership (the &ldquo;<B>Manager</B>&rdquo;), and Ategrity
Specialty Insurance Limited (fka Sequentis Reinsurance Company Limited), a Bermuda company (the &ldquo;<B>Client</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>RECITALS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Client desires
to appoint the Manager as the investment manager regarding certain assets of the Client; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Manager is willing
to accept the duties and the responsibilities of an investment manager regarding such assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Client and the Manager agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Account.</B></FONT> The cash, securities and other assets placed by Client in an account established in the Client&rsquo;s name at Barclays
Capital Inc. (the &ldquo;<B>Account</B>&rdquo;) will be managed by the Manager under this Agreement. Assets may be added by Client to
the Account at any time. Client will provide notification to the Manager of any such additions. The Account will include these assets
and any changes in them resulting from transactions directed by Manager, withdrawals and additions made by Client, or dividends, interest,
stock splits and other earnings, gains or losses on the assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Appointment
of Manager.</B></FONT> The Client hereby appoints the Manager as the investment manager with respect to the Account and all assets in
the Account. The Manager has the full and exclusive authority and discretion to effect investment transactions through the Account, for
the account and risk of the Client in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Manager does
not have the power and is not authorized to withdraw any cash, securities or other assets from the Account (other than, for the avoidance
of doubt, to effect investment transactions through and for the Account or otherwise at the instruction of the Client). As agent and
attorney-in-fact for the Client, the Manager is authorized to exercise all voting and other rights and privileges associated with the
ownership of any Account positions in accordance with the Manager&rsquo;s proxy voting policies and procedures. Subject to the investment
guidelines set out in <U>Schedule B</U> attached hereto (the &ldquo;<B>Investment Guidelines</B>&rdquo;), the Manager&rsquo;s investment
strategy with respect to the Account is within the discretion of the Manager. Client may change these Investment Guidelines at any time,
but Manager will be bound by the changes only after it has received and agreed to them in writing. In the event that the Account ceases
to conform to the Investment Guidelines as a result of market values, maturities, amortization rates, credit ratings, or other characteristics
of the securities within the portfolio, Manager will not be required to take immediate action to bring the portfolio back into compliance
with the Investment Guidelines, but will (a)&nbsp;inform Client of the non-compliance within 30 days; (b)&nbsp;offer Client the opportunity
to consult on the non-conformance and (c)&nbsp;use its discretion to return the portfolio to conformity over time with a minimum disruption
to the portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Withdrawals.
</B></FONT>Upon five (5)&nbsp;business days&rsquo; prior written notice to the Manager, the Client may withdraw all or a portion of the
Account (each a &ldquo;<B>Withdrawal Date</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
the extent required by the Client or its affiliates to pay insurance claims;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
the extent required by the Client or its affiliates to</FONT> pay for reasonable operating expenses as may be determined by the Board
of Directors of the Client; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the event the Client or any of its affiliates (x)&nbsp;receives a notification from A.M.&nbsp;Best that such withdrawal is required to
maintain the financial strength rating of at least A- of the Client or its affiliate, as applicable, or (y)&nbsp;is required to diversify
its assets pursuant to any law, order or regulation proposed or promulgated by any Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager shall use its commercially reasonable
efforts to dispose of positions, and to pay withdrawal proceeds, as soon as reasonably practicable following any Withdrawal Date in respect
of which a withdrawal request is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Brokers
and Other Agents.</B></FONT> The Manager&rsquo;s authority includes the discretion to select brokers, dealers and other intermediaries
or agents (&ldquo;<B>Brokers</B>&rdquo;) for the execution of Account transactions and to negotiate commission rates and other transaction
terms. The Client understands that in the selecting, and negotiating transaction terms with, Brokers, the Manager may take into account
considerations other than the cost of the services, including, but not limited to, the quality of research or other services and products
made available to the Manager (even if such research or other services and products are not for the exclusive benefit of the Account).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Soft
Dollars.</B> Subject to the Manager&rsquo;s obligation to obtain best execution, the Manager is authorized to pay, or authorize the payment
and reimbursement of, brokerage commissions which may be in excess of the lowest rates available and which are paid to Brokers who execute
transactions for the Account and who supply or pay for the cost of research and execution services in accordance with the provisions
of Section&nbsp;28(e)&nbsp;of the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Safe Harbor</B>&rdquo;), as interpreted
by the Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;).&nbsp; The Manager shall not knowingly use any &ldquo;soft dollars&rdquo;
generated by the Account for purposes outside of the Safe Harbor without the consent of the Client in each instance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Fees
and Expenses.</B></FONT> The Manager is entitled to fees, and the Account will bear expenses, in accordance with <U>Schedule A</U> attached
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Other
Activities of the Manager.</B></FONT> This Agreement does not restrict in any way the ability of the Manager and its affiliates to engage
in any other business or investment activities. It is understood that the Manager and its affiliates effect investment transactions for
their own account and for the accounts of other clients. The Manager may give advice or take action with respect to such other entities
or accounts that differs from the advice given with respect to the Account.&nbsp; To the extent a particular investment is suitable for
both the Account and the other clients, such investments will be allocated between the Account and the other clients in a manner which
the Investment Manager determines is fair and equitable under the circumstances to all clients, including the Account.&nbsp; Situations
may occur where the Account could be disadvantaged because of the investment activities conducted by the Manager for other clients due,
among other things, to the limited availability of an opportunity or the market impact of orders for multiple accounts. From the standpoint
of the Account, simultaneous identical portfolio transactions for the Account and the other clients may tend to decrease the prices received,
and increase the prices required to be paid, by the Account for its portfolio sales and purchases.&nbsp; Where less than the maximum
desired number of shares of a particular security, loans or other products to be purchased is available at a favorable price, the shares,
loans or other products purchased will be allocated among the Account and the other clients in an equitable manner as determined by the
Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Confidentiality.
</B>The Client acknowledges that the investment methods employed by the Manager are proprietary and that investment recommendations and
positions provided hereunder by the Manager are for the exclusive use of the Client. The Client agrees not to disclose or make use of
in any manner any of the Manager&rsquo;s investments to any third party without the Manager&rsquo;s prior written consent. The Client
agrees to treat all such communication related to the Account as confidential. In addition, the Client represents and warrants to the
Manager that neither it nor any third party will analyze the Manager&rsquo;s investments transacted on behalf of the Client in a manner
which would allow the Client or any third party directly or indirectly to attempt to reverse engineer, reverse compile, decompile, disassemble
or derive the composition of the Manager&rsquo;s investment system. The provisions of this <U>Section&nbsp;8</U> will survive the termination
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Term
and Termination.</B></FONT> This Agreement will continue in effect for a period commencing on the date first written above and ending
on December&nbsp;31, 2027 (the &ldquo;Initial Term&rdquo;), subject to automatic renewal for additional successive three year periods,
and may be terminated by any party hereto, without penalty, upon sixty (60) days&rsquo; prior written notice to the end of the Initial
Term or the end of any automatic renewal term. Termination will not affect the settlement of any transactions pending at the termination
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Representations
and Warranties.</B></FONT> The Client represents and warrants to the Manager and agrees with the Manager as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Client has the requisite legal capacity and authority to execute, deliver and perform its obligations under this Agreement. This Agreement
has been duly authorized, executed and delivered by the Client and is the legal, valid and binding agreement of the Client, enforceable
against the Client in accordance with its terms. The Client&rsquo;s execution of this Agreement and the performance of its obligations
hereunder do not conflict with or violate any provisions of the governing documents (if any) of the Client or any obligations by which
the Client is bound, whether arising by contract, operation of law or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
custody of all Account assets will be maintained with a &ldquo;qualified custodian&rdquo; (as that term is defined in the U.S. Investment
Advisers Act of 1940) selected pursuant to <U>Section&nbsp;1</U> (the &ldquo;<B>Custodian</B>&rdquo;). The Client further hereby represents
and warrants that the Custodian sends account statements to the Client (or the Client&rsquo;s independent representative, if so designated
by the Client) at least monthly identifying all assets, including the amount of funds and each security, and all transactions, including
all Management Fees paid to the Manager, in the Account for the relevant period. The Client will cause the Custodian to simultaneously
deliver a copy of each such account statement to the Manager. The Client will be solely responsible for paying all fees and charges of
the Custodian. The Client understands and agrees that (i)&nbsp;neither the Manager nor any &ldquo;related person&rdquo; (as that term
is defined in the U.S. Investment Advisers Act of 1940) of the Manager will serve as the Custodian for the Account, (ii)&nbsp;the Manager
will not be liable for any act or omission of the Custodian, and (iii)&nbsp;the Manager will be entitled to rely on any information provided
by the Custodian or any other agent of the Client. The Client will promptly notify the Manager if any of the representations and warranties
in this <U>Section&nbsp;10(b)</U>&nbsp;becomes inaccurate in any respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Client has received and reviewed a copy of Parts 2A and 2B of the Manager&rsquo;s Form&nbsp;ADV and Privacy Notice prior to the date
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Client is the owner of all cash, securities and other assets in the Account and there are no restrictions on the pledge, hypothecation,
transfer, sale or public distribution of such cash, securities or other assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
investment program contemplated by this Agreement is prudent in light of the Client&rsquo;s overall investment portfolio and the Client
is experienced in the engagement of investment advisers and is aware of the risks associated with such engagements, including the risk
that the Account could suffer substantial diminution in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in; background-color: white">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The assets in the Account do not contravene applicable anti-money laundering laws and regulations, are
not derived from illegal or illegitimate activities and neither the Client nor any of its investors (if applicable) are a prohibited
entity or person listed on the web site of the U.S. Treasury Department&rsquo;s Office of Foreign Assets Control and do not have any
affiliation of any kind with such an entity or person. The Client will provide to the Manager all such information and documents
that are required pursuant to any anti-money laundering or &ldquo;Know Your Client&rdquo; requirements applicable to the
Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in; background-color: white">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
assets of the Account do not, and will not, constitute &ldquo;plan assets&rdquo; for purposes of the U.S. Employee Retirement Income
Security Act of 1974, as amended, or Section&nbsp;4975 of the U.S. Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in; background-color: white">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
representations and warranties in this <U>Section&nbsp;10</U> will continue during the term of this Agreement, and if any time any event
occurs that makes or tends to make any of the foregoing incomplete or inaccurate, the Client will promptly notify the Manager of the
occurrence of such event in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Risk
Acknowledgement.</B></FONT> The Manager does not guarantee the future performance of the Account or any specific level of investment
performance, the success of any investment decision or strategy that the Manager may use, or the success of the Manager&rsquo;s overall
management of the Account. The Client understands that investment decisions made for the Account by the Manager are subject to various
market, economic, political and business risks, and that those investment decisions may not always be profitable. The Manager cannot
and does not imply or guarantee that the Client will make a profit and it is agreed that the Manager will not be held responsible for
losses with respect to the Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Standard
of Liability; Indemnification.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Manager or any of its principal, partners, employees and affiliates (such persons, the &ldquo;<B>Manager Indemnitees</B>&rdquo;) shall
not be liable for any loss or cost arising out of, or in connection with, any act or activity undertaken (or omitted to be undertaken)
in good faith in fulfillment of any obligation or responsibility under this Agreement, including any such loss sustained by reason of
any investment or the sale or retention of any security or other asset of the Account; provided, that any Manager Indemnitees exculpated
from liability under this <U>Section&nbsp;12</U> shall not be exculpated from any liability arising from losses caused by his, her or
its gross negligence or willful malfeasance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Manager Indemnitees shall be indemnified and held harmless by the Client to the fullest extent legally permissible, from and against
any and all loss, liability and expense (including without limitation judgments, fines, amounts paid or to be paid in settlement and
reasonable attorneys fees) incurred or suffered by the Indemnitees in connection with the good faith performance by the Indemnitees of
their responsibilities under this Agreement; provided that any Indemnitee entitled to be indemnified under this <U>Section&nbsp;12(b)</U>&nbsp;shall
not be indemnified nor held harmless for any loss, liability or expense resulting from his, her or its reckless disregard of its obligations
and duties pursuant to this Agreement, gross negligence or willful malfeasance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Client and its principal, partners, employees and affiliates (such persons, the &ldquo;<B>Client Indemnitees</B>&rdquo;) shall be indemnified
and held harmless by the Manager from and against any and all loss, liability and expense (including without limitation judgments, fines,
amounts paid or to be paid in settlement and reasonable attorneys&rsquo; fees) incurred or suffered by the Client Indemnitees as a direct
result of the Manager&rsquo;s gross negligence or willful malfeasance, or for Manager&rsquo;s reckless disregard of its obligations and
duties pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
any of the foregoing to the contrary, the provisions of this <U>Section&nbsp;12</U> shall not be construed so as to provide for the exculpation
or indemnification of the Indemnitees, from any liability (including liability under U.S. securities laws which, under certain circumstances,
impose liability even on persons that act in good faith), to the extent (but only to the extent) that such liability may not be waived,
modified or limited under applicable law, or to the extent such indemnification would be in violation of applicable law, but shall be
construed so as to effectuate the provisions of this <U>Section&nbsp;12</U> to the fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Manager
will not be responsible for the Client&rsquo;s own compliance with the insurance investment laws of the Client&rsquo;s state of domicile
or for the Client&rsquo;s compliance with applicable tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of this <U>Section&nbsp;12</U> will survive the termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Further
Information.</B></FONT> The Client will furnish to the Manager all information, authorizations and documentation as the Manager may from
time to time require to enable the Manager to carry out its obligations under this Agreement or as required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Change
in Control.</B></FONT> The Manager will notify the Client in writing within 30 days after any change in control of the ownership of the
Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Successors.
</B>This Agreement is binding upon and inures to the benefit of the parties hereto and their respective successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Notices.
</B>All notices, requests, consents, claims, demands, waivers and other communications hereunder will be in writing and will be deemed
to have been given: (a)&nbsp;when delivered by hand (with written confirmation of receipt); (b)&nbsp;when received by the addressee if
sent by a nationally recognized overnight courier (receipt requested); (c)&nbsp;on the date sent by electronic transmission if sent during
normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d)&nbsp;on
the 3rd day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must
be sent to the respective parties at the following addresses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in; vertical-align: top; width: 20%; text-align: left"><FONT STYLE="font-size: 10pt">If
    to the Client</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Ategrity
Specialty Insurance Limited</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Clarendon House</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2 Church Street</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Hamilton HM 11</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Bermuda</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">If to the
    Manager:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Zimmer Partners, LP</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">9 West 57<SUP>th</SUP> Street,
    33<SUP>rd</SUP> Floor</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">New York, New York 10019</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Attn: General Counsel</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">E-mail: <U>legal@zimmerpartners.com</U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Entire
Agreement.</B></FONT> This Agreement contains the entire understanding and agreement of the Manager and the Client concerning the subject
matter of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Waiver
of Breach.</B></FONT> The waiver by any party of a breach of any provision of this Agreement will not operate or be construed as a waiver
of any subsequent breach by any party. The failure of a party to insist upon strict adherence to any provision of the Agreement will
not constitute a waiver or thereafter deprive such party of the right to insist upon strict adherence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Not
for Benefit of Third Parties.</B></FONT> The provisions of this Agreement are intended only for the regulation of relations between the
Manager and the Client. This Agreement is not intended for the benefit of third parties, and no rights are granted to third parties under
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Amendment
and Assignment.</B></FONT> This Agreement may not be amended except in writing signed by both the Manager and the Client. This Agreement
may not be assigned by either party hereto without the prior written consent of the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Counterparts.
</B></FONT>This Agreement may be executed in one or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same instrument. Signatures on this Agreement may be communicated via email of PDF copies and will be binding
upon the parties so transmitting their signatures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Governing
Law.</B></FONT> This Agreement is, and the rights of the parties hereto are, governed by and will be construed in accordance with the
laws of the State of New York, without regard to the conflict of laws rule&nbsp;thereof that would result in the application of the laws
of a different jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Severability.
</B></FONT>If any provision of this Agreement is or becomes inconsistent with any law or rule&nbsp;of any governmental or regulatory
body having jurisdiction over the subject matter of this Agreement, that provision will be deemed to be rescinded or modified in accordance
with any such law or rule&nbsp;and, in all other respects, this Agreement will remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Headings.
</B></FONT>Headings to sections in this Agreement are for convenience only and will not affect the construction, meaning or interpretation
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&nbsp;Follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Parties have executed
this Agreement as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>MANAGER</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Zimmer
    Partners, LP,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">a Delaware limited
    partnership</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">By: Zimmer Partners
    GP, LLC, its general partner</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Mitchell Pressman</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Mitchell Pressman</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>CLIENT</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-variant: small-caps">Ategrity
Specialty Insurance Limited</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">a Bermuda company</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Justin Cohen</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Justin Cohen</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Signature Page &ndash; Investment Management Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Omitted Exhibits</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule A and Schedule B to this exhibit, which are described under Section 6 and 2 respectively above, have been omitted pursuant to
Item 601(a)(5) of Regulation S-K because they do not contain information material to an investment or voting decision and that information
is not otherwise disclosed in this exhibit or the disclosure document. The registrant will furnish supplementally copies of Schedule A
and Schedule B to the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Schedule
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Fees and Expenses]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Schedule
B</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Investment Guidelines]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.19
<SEQUENCE>15
<FILENAME>tm2428146d9_ex10-19.htm
<DESCRIPTION>EXHIBIT 10.19
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;10.19</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This EMPLOYMENT AGREEMENT (&ldquo;<B>Agreement</B>&rdquo;),
dated as of [ ], 2025 is entered into by and between Ategrity Specialty Holdings LLC, a Delaware limited liability company (together with
any of its subsidiaries that employ Executive from time to time, the &ldquo;<B>Company</B>&rdquo;) and Justin Cohen (the &ldquo;<B>Executive</B>&rdquo;),
and will become effective, if at all, upon the date of the Company&rsquo;s initial public offering of stock (&ldquo;<B>IPO</B>&rdquo;)
pursuant to an effective registration statement filed under the Securities Act of 1933, as amended (the &ldquo;<B>Effective Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Company
desires to&nbsp;continue&nbsp;to&nbsp;employ&nbsp;the&nbsp;Executive, and the Executive desires to continue be employed by the Company,
on the terms hereinafter set forth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE,&nbsp;</B>in
consideration for the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;1.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Definitions</B>.
For purposes of this Agreement, the following terms have the meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Accounting Firm</B>&rdquo;
has the meaning set forth in Section&nbsp;12.10(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Affiliate</B>&rdquo;
means any Person, directly or indirectly, through one or more intermediaries, Controlling, Controlled by, or under common Control with
the Company. For purposes hereof, (a)&nbsp;&ldquo;<B>Control</B>&rdquo; means the ownership, directly or indirectly, of (i)&nbsp;in the
case of a corporation, Voting Securities (as defined below) representing 50% or more of the total voting power or value of all the then
outstanding Voting Securities of such corporation or (ii)&nbsp;in the case of a partnership, limited liability company, association or
other business entity (&ldquo;<B>Business Entity</B>&rdquo;), 50% or more of the partnership or other similar ownership interest of such
Business Entity; and (b)&nbsp;&ldquo;<B>Voting Security</B>&rdquo; means any security of a corporation which carries the right to vote
generally in the election of directors. For purposes of the definition of &ldquo;Control,&rdquo; (x)&nbsp;a Person will be deemed to have
a 50% or more ownership interest in a Business Entity if such Person is allocated 50% or more of Business Entity gains or losses or controls
the managing director or member or general partner of such Business Entity; and (y)&nbsp;&ldquo;<B>Controlling</B>&rdquo; and &ldquo;<B>Controlled</B>&rdquo;
have meanings correlative thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Base Salary</B>&rdquo;
has the meaning set forth in Section&nbsp;4.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Board</B>&rdquo;
means the Board of Managers of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Cause</B>&rdquo;
means (a)&nbsp;theft, embezzlement, dishonesty, fraud or breach of fiduciary duty by the Executive with respect to the Company or its
Affiliates; (b)&nbsp;willful misconduct or gross negligence in the performance of the Executive&rsquo;s duties; (c)&nbsp;the commission
by the Executive of any felony or any crime involving moral turpitude; (d)&nbsp;violation of any applicable local, state or federal law
or regulation affecting the Company in any material respect, as determined by the Company and the Board; (e)&nbsp;willful or prolonged
absence from work by the Executive (other than by reason of disability due to physical or mental illness) or failure, neglect or refusal
by the Executive to perform his duties and responsibilities without the same being corrected within ten (10)&nbsp;days after being given
written notice thereof; (f)&nbsp;continued and habitual use of alcohol or drugs by the Executive to an extent which impairs the Executive&rsquo;s
performance of his duties; (g)&nbsp;the Executive&rsquo;s use of illegal drugs; or (h)&nbsp;a material breach by the Executive of this
Agreement or the Company&rsquo;s code of conduct or other similar written policy. Cause shall not exist with respect to items&nbsp;(b),
(e), (f)&nbsp;or (g)&nbsp;unless and until Executive has been given written notice specifying in detail the circumstances giving rise
to the alleged cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Code</B>&rdquo;
has the meaning set forth in Section&nbsp;12.09.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Confidential Information</B>&rdquo;
means information of the Company or its affiliates, whether in graphic, written, electronic or oral form, including without limitation
information relating to the Company&rsquo;s business, strategies, designs, products, services and technologies and any derivatives, improvements
and enhancements relating to any of the foregoing, or to the Company&rsquo;s suppliers, customers or business partners. Confidential Information
may be identified at the time of disclosure as confidential or proprietary or information which by its context would reasonably be deemed
to be confidential or proprietary. &ldquo;Confidential Information&rdquo; may also include, without limitation, business and financial
information, including without limitation, purchasing, procurement, manufacturing, customer lists, information relating to investors,
employees, business and contractual relationships, business forecasts, sales and merchandising, business and marketing plans, product
plans, and business strategies, including without limitation information the Company provides regarding third parties, such as, but not
limited to, suppliers, customers, employees, investors, or vendors; and any other information, to the extent such information contains,
reflects or is based upon any of the foregoing Confidential Information. &ldquo;Confidential Information&rdquo; may also include information
of a third party that is disclosed to the Executive by the Company or such third party at the Company&rsquo;s direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Date of Termination</B>&rdquo;
has the meaning set forth in Section&nbsp;5.06.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Employment Period</B>&rdquo;
has the meaning set forth in Section&nbsp;2.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Intellectual Property</B>&rdquo;
has the meaning set forth in Section&nbsp;7.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Notice of Termination</B>&rdquo;
has the meaning set forth in Section&nbsp;5.05.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Nonsolicitation
Period</B>&rdquo; has the meaning set forth in Section&nbsp;9.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Permanent Disability</B>&rdquo;
means those circumstances where the Executive is unable to continue to perform the usual customary duties of his assigned job or as otherwise
assigned in accordance with the provisions of this Agreement for a period of six (6)&nbsp;months in any twelve (12) month period because
of physical, mental or emotional incapacity resulting from injury, sickness or disease. Any questions as to the existence of a Permanent
Disability shall be determined by a qualified, independent physician selected by the Company and approved by the Executive (which approval
shall not be unreasonably withheld). The determination of any such physician shall be final and conclusive for all purposes of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Person</B>&rdquo;
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, an estate, a trust,
a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Reimbursable Expenses</B>&rdquo;
has the meaning set forth in Section&nbsp;4.04.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Severance Amount</B>&rdquo;
has the meaning set forth in Section&nbsp;5.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Target Amount</B>&rdquo;
has the meaning set forth in Section&nbsp;4.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMPLOYMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;2.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Employment</B>.
The Company shall continue to employ the Executive, and the Executive shall accept continued employment with the Company, for the period
beginning on the Effective Date and ending as provided in Section&nbsp;5.01 (the &ldquo;<B>Employment Period</B>&rdquo;); provided, however,
that this Agreement is expressly conditioned upon the IPO closing before [December&nbsp;31, 2025], and will be null and void if this condition
is not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POSITION AND DUTIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;3.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Position
and Duties</B>. During the Employment Period, the Executive shall continue to serve as Chief Executive Officer of the Company. The Executive
shall have such responsibilities, powers and duties as may from time to time be prescribed by the Board; <B>provided</B> that such responsibilities
and duties are substantially consistent with those customarily assigned to individuals serving in comparable positions at comparable companies
or are reasonably required by the conduct of the business of the Company. During the Employment Period, the Executive shall devote substantially
all of his working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive (a)&nbsp;may
serve as a director, trustee or officer of not-for-profit corporations and entities, including without limitation charitable organizations,
and (b)&nbsp;subject to the prior written approval of the Board, may serve as a director, trustee or officer of other for-profit corporations
and entities or engage in other outside activities, and the Board is deemed to have approved of any outside board position that the Executive
holds as of the Effective Date that has previously been disclosed to or is known by the Company or its Affiliates or to the chairman of
the Board; provided in each case, to the extent that such service and activities do not conflict with the business of the Company and
its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BASE SALARY AND BENEFITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Base
Salary</B>. During the first twelve months of the Employment Period, the Executive&rsquo;s base salary will be $70,000 <I>per annum</I>
and shall increase to $200,000 <I>per annum</I> commencing on the first anniversary of the Effective Date. Such annual base salary shall
be paid in accordance with the customary payroll practices of the Company, shall be pro-rated for partial years of employment and shall
be reviewed (and may be adjusted) from time to time by the Board (such annual base salary, as it may be adjusted from time to time, the
 &ldquo;<B>Base Salary</B>&rdquo;). The Base Salary will be payable semi-monthly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Bonuses</B>.
In addition to the Base Salary, the Executive may be eligible for discretionary annual bonus compensation or participation in an annual
bonus plan on terms and conditions, including as to target award level (if any) and applicable performance conditions as may be set forth
from time to time by the Board. Any annual bonus payable to the Executive shall be paid no later than the date on which annual bonuses
are paid to other Company executives, and in no event later than March&nbsp;15 of the year following the calendar year to which the annual
bonus relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4.03&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Benefits</B>.
In addition to the Base Salary and any bonuses payable to the Executive pursuant to this Agreement, the Executive shall be entitled to,
subject to commercial availability on reasonable terms, benefits under any plan or arrangement available generally for the senior executive
officers of the Company, as set forth from time to time in the applicable plan documents and as may be amended by the Company from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4.04&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Expenses</B>.
The Company shall reimburse the Executive for all reasonable expenses incurred by him in the course of performing his duties under this
Agreement which are consistent with the Company&rsquo;s policies in effect from time to time with respect to travel, entertainment and
other business expenses (&ldquo;<B>Reimbursable Expenses</B>&rdquo;), subject to the Company&rsquo;s requirements with respect to reporting
and documentation of expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4.05&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Indemnification;
D&amp;O Insurance</B>. The Company shall defend and indemnify the Executive for any claims brought against him arising out of or relating
to, directly or indirectly, his employment with the Company to the fullest extent permitted by law, in accordance with the Company by-laws,
including following any termination of the Executive with respect to his conduct or other circumstances occurring prior to such termination.
The Company shall ensure the Executive is covered by the Company&rsquo;s directors&rsquo; and officers&rsquo; liability insurance policy
(or policies) during the Employment Period and thereafter to the extent such policy (or policies) are maintained and cover other Company
directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;5</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TERM AND TERMINATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;5.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Term</B>.
The Employment Period will terminate on the second (2<SUP>nd</SUP>) anniversary of the Effective Date; provided, however, that (a)&nbsp;the
Employment Period shall terminate prior to such date upon the Executive&rsquo;s death or Permanent Disability, and (b)&nbsp;the Employment
Period may be terminated by the Company or the Executive for any reason prior to such date. In addition, this Agreement will be automatically
extended on the same terms and conditions for successive one-year periods following the original term until either the Company or the
Executive, at least sixty (60) days prior to the expiration of the original term or any extended term, shall give written notice of its
or his intention not to renew the Agreement (&ldquo;<B>Notice of Non-Renewal</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;5.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Payments
Upon Termination</B>. If the Employment Period shall terminate for any reason, then the Executive (or the Executive&rsquo;s estate, in
the event of his death) shall be entitled to receive his Base Salary, employee benefits earned through the date of termination of employment
and reimbursement of all Reimbursable Expenses incurred by the Executive prior to such date of termination submitted with reasonable documentation
in a timely manner in accordance with the Company&rsquo;s policies (the amounts in this Section&nbsp;5.02 collectively, the &ldquo;<B>Accrued
Obligations</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;5.03&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Termination
without Cause</B>. Except as otherwise provided in Sections 9.01 and&nbsp;12.09, if the Employment Period shall be terminated by the Company
pursuant to Section&nbsp;5.01 without Cause (such terminations are <B>collectively referred to as </B>&ldquo;<B>Termination without Cause</B>&rdquo;),
in addition to the Accrued Obligations, the Executive shall be paid (except as provided in Section&nbsp;5.04 below) an amount equal to
twelve (12) months of the Base Salary (the &ldquo;<B>Severance Amount</B>&rdquo;); <B>provided, however,</B> that the Executive&rsquo;s
entitlement to the amounts set forth in this Section&nbsp;5.03 shall be subject to the Executive&rsquo;s continued compliance with the
provisions of Sections&nbsp;6.01, 7.01, 8.01, 9.01 and 9.02 and the Executive&rsquo;s execution and non-revocation of a general release
of claims in customary form and reasonably satisfactory to the Company, on or before the date that is thirty (30) days following the Date
of Termination, provided that if such 30-day period spans two taxable years, payment will be made in the second taxable year, in accordance
with Section&nbsp;409A of the Code. Subject to Section&nbsp;12.09 below, such amount will be paid in a number of equal monthly installments
equal to the number of months of Base Salary due, the first of which to be paid on the date that is two (2)&nbsp;months following the
Date of Termination. For purposes of this Agreement, a Notice of Non-Renewal given by the Company pursuant to Section&nbsp;5.01 shall
not constitute a Termination without Cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;5.04&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Benefits</B>.
Except as otherwise required by mandatory provisions of law, all of the Executive&rsquo;s rights to fringe and other benefits under this
Agreement or otherwise, if any, will cease upon the termination of the Employment Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;5.05&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Notice
of Termination and Opportunity to Cure</B>. Any termination by the Company for Permanent Disability or Cause or without Cause or by the
Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a &ldquo;<B>Notice
of Termination</B>&rdquo; shall mean a notice which shall indicate the date the termination is to take effect (consistent with the terms
of this Agreement), the specific termination provision in this Agreement relied upon and, for a termination for Permanent Disability or
for Cause, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of employment under
the provision indicated. Upon the delivery of the Notice of Termination for Cause or Permanent Disability, Executive shall have a period
of thirty (30) days from and after the receipt by the Executive of a Notice of Termination to cure the circumstances giving rise to the
termination; provided such facts and circumstances giving rise to the termination are capable of being cured and do not relate to malfeasance
or fraudulent acts of the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;5.06&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Date
of Termination</B>. &ldquo;<B>Date of Termination</B>&rdquo; shall mean (a)&nbsp;if the Employment Period is terminated as a result of
a Permanent Disability, five (5)&nbsp;days after a Notice of Termination is given, (b)&nbsp;if the Employment Period is terminated by
the Executive, the date specified in the Notice of Termination consistent with the terms hereof which shall be no sooner than sixty (60)
days following delivery of such notice (which notice period may be waived by the Company, in which case the Date of Termination will be
such earlier date as the Company may determine), (c)&nbsp;if the Employment Period terminates due to expiration of the term of this Agreement
(including pursuant to a Notice of Non-Renewal), the date the term expires, and (d)&nbsp;if the Employment Period is terminated for any
other reason (including for Cause), the date designated by the Company in the Notice of Termination, subject to Section&nbsp;5.05.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;6</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONFIDENTIAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;6.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Nondisclosure
and Nonuse of Confidential Information</B>. The Executive acknowledges the confidential and secret character of Confidential Information,
and agrees that the Confidential Information is the sole, exclusive and valuable property of the Company. Accordingly, the Executive will
not use at any time during or after the Employment Period any Confidential Information, whether or not such information is developed by
him, except to the extent that such disclosure or use is directly related to and required by the Executive&rsquo;s performance of duties
and will not disclose all or any part of the Confidential Information in any form to any third party, either during or after the Employment
Period, without the prior written consent of the Company on a case-by-case basis. Under all circumstances and at all times, the Executive
will take all appropriate steps to safeguard Confidential Information in his possession and to protect it against disclosure, misuse,
espionage, loss and theft. The Executive understands that the Executive&rsquo;s obligations of nondisclosure with respect to Confidential
Information shall not apply to information that the Executive can establish by competent proof (x)&nbsp;was actually in the public domain
at the time of disclosure or enters the public domain following disclosure other than as a result of a breach of this Agreement, (y)&nbsp;is
already in the Executive&rsquo;s possession without breach of any obligations of confidentiality at the time of disclosure by the Company
as shown by the Executive&rsquo;s files and records immediately prior to the time of disclosure, or (z)&nbsp;is obtained by the Executive
from a third party not under confidentiality obligations and without a breach of any obligations of confidentiality. If the Executive
becomes compelled by law, regulation (including without limitation the rules&nbsp;of any applicable securities exchange), court order,
or other governmental authority to disclose the Confidential Information, the Executive shall, to the extent possible and permissible
under applicable law, first give the Company prompt notice. The Executive agrees to cooperate reasonably with the Company in any proceeding
to obtain a protective order or other remedy. If such protective order or other remedy is not obtained, the Executive shall only disclose
that portion of such Confidential Information required to be disclosed, in the opinion of the Executive&rsquo;s legal counsel. The Executive
shall request that confidential treatment be accorded such Confidential Information, where available. Compulsory disclosures made pursuant
to this section shall not relieve the Executive of his obligations of confidentiality and non-use with respect to non-compulsory disclosures.
The Executive understands that nothing herein is intended to or shall prevent the Executive from (i)&nbsp;communicating directly with,
cooperating with, or providing information to, or receiving financial awards from, any federal, state or local government agency, including,
but not limited to, the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, the U.S. Department of
Justice, the U.S. Equal Employment Opportunity Commission, or the U.S. National Labor Relations Board, without notifying or seeking permission
from the Company, (ii)&nbsp;exercising any rights the Executive may have under Section&nbsp;7 of the U.S. National Labor Relations Act,
such as the right to engage in concerted activity, including collective action or discussion concerning wages or working conditions, or
(iii)&nbsp;discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination based on a
protected characteristic or any other conduct that the Executive has reason to believe is unlawful. The Executive shall promptly notify
the Board if the Executives learn of any possible unauthorized use or disclosure of Confidential Information and shall cooperate fully
with the Company to enforce its rights in such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;6.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Defend
Trade Secrets Act Notice of Immunity Rights</B>. The Executive acknowledges that the Company has provided the Executive notice of the
Executive&rsquo;s immunity rights under the U.S. Defend Trade Secrets Act, which states: &ldquo;(1)&nbsp;An individual shall not be held
criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A)&nbsp;is made (i)&nbsp;in
confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii)&nbsp;solely for
the purpose of reporting or investigating a suspected violation of law; or (B)&nbsp;is made in a complaint or other document filed in
a lawsuit or other proceeding, if such filing is made under seal; and (2)&nbsp;an individual who files a lawsuit for retaliation by an
employer for reporting a suspected violation of law may disclose a trade secret to the attorney of the individual and use the trade secret
information in the court proceeding, if the individual (A)&nbsp;files any document containing the trade secret under seal, and (B)&nbsp;does
not disclose a trade secret, except pursuant to court order.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;6.03&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Property
of the Company</B>. The Executive acknowledges and agrees that all notes, memoranda, reports, drawings, blueprints, manuals, materials,
data, emails and other papers and records of every kind, or other tangible or intangible materials which shall come into the Executive&rsquo;s
possession in the course of the Executive&rsquo;s employment with the Company, relating to any Confidential Information, shall be the
sole and exclusive property of the Company and the Executive hereby assigns any rights or interests the Executive may obtain in any of
the foregoing to the Company. The Executive further agrees that any property situated on the Company&rsquo;s data systems or on the Company&rsquo;s
premises and owned by the Company, including without limitation electronic storage media, filing cabinets or other work areas, is subject
to inspection by the Company at any time with or without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;7</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INTELLECTUAL PROPERTY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;7.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Ownership
of Intellectual Property</B>. In the event that the Executive as part of his activities on behalf of the Company or its Affiliates generates,
authors or contributes to any invention, design, new development, device, product, method of process (whether or not patentable or reduced
to practice or comprising Confidential Information), any copyrightable work (whether or not comprising Confidential Information) or any
other form of Confidential Information relating directly or indirectly to the business of the Company or its Affiliates as now or hereinafter
conducted (collectively, &ldquo;<B>Intellectual Property</B>&rdquo;), the Executive acknowledges that such Intellectual Property is the
sole and exclusive property of the Company and its Affiliates and hereby assigns all right title and interest in and to such Intellectual
Property to the Company and its Affiliates. Any copyrightable work prepared in whole or in part by the Executive during the Employment
Period will be deemed &ldquo;a work made for hire&rdquo; under Section&nbsp;201(b)&nbsp;of the United States Copyright Act of 1976, as
amended, and the Company and its Affiliates will own all of the rights comprised in the copyright therein. The Executive will promptly
and fully disclose all Intellectual Property and will cooperate with the Company and its Affiliates to protect the interests of the Company
and its Affiliates in and rights to such Intellectual Property (including providing reasonable assistance in securing patent protection
and copyright registrations and executing all documents as reasonably requested by the Company or its Affiliates, whether such requests
occur prior to or after termination of Executive&rsquo;s employment hereunder).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;8</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DELIVERY OF MATERIALS UPON TERMINATION OF EMPLOYMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;8.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Delivery
of Materials upon Termination of Employment.</B> As requested by the Company, from time to time and upon the termination of the Executive&rsquo;s
employment with the Company for any reason, the Executive will promptly deliver to the Company all property of the Company and its Affiliates
in the Executive&rsquo;s possession or within his control, including, without limitation, all copies and embodiments, in whatever form
or medium, of all Confidential Information or Intellectual Property (including written records, notes, photographs, manuals, notebooks,
documentation, program listings, flow charts, magnetic media, disks, diskettes, tapes and all other materials containing any Confidential
Information or Intellectual Property), irrespective of the location or form of such property and, if requested by the Company, will provide
the Company with written confirmation that all such property has been delivered to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;9</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NONCOMPETITION AND NONSOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;9.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Noncompetition.
</B>The Executive acknowledges that during his employment with the Company, he will become familiar with Confidential Information concerning
the Company, its subsidiaries and their respective predecessors, and that his services will be of special, unique and extraordinary value
to the Company. The Executive hereby agrees that any time during the Employment Period and for a period of twelve (12) months after the
termination of the Executive&rsquo;s employment for any reason, he will not directly or indirectly own, manage, control, participate in,
consult with, render services for or in any manner engage in any activity competing with the business of the Company or its Affiliates
(which, for reference, as of the date hereof is initially and primarily focused on the excess and surplus lines insurance markets) or
its subsidiaries as such business exists as of the Date of Termination, within any geographical area in which the Company or its subsidiaries
engage in such business. It shall not be considered a violation of this Section&nbsp;9.01 for the Executive to be a passive owner of not
more than 2% of the outstanding stock of any class of a corporation which is publicly traded, so long as the Executive has no active participation
in the management or operation of such corporation. The preceding notwithstanding, in the event of a termination by the Company Without
Cause or as a result of Executive&rsquo;s resignation, the Company shall have the right, in its sole discretion, to reduce the twelve-month
noncompetition period. In the event of such reduction, the Severance Amount due to the Executive under Section&nbsp;5.03(a)&nbsp;shall
be correspondingly reduced to match the actual noncompetition period (but shall in no event equal less than three (3)&nbsp;months of Base
Salary in the event of a termination by the Company Without Cause).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;9.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Nonsolicitation</B>.
The Executive acknowledges that during his employment with the Company, he will become familiar with Confidential Information concerning
the Company, its Affiliates and their respective predecessors, and that his services will be of special, unique and extraordinary value
to the Company. The Executive hereby agrees that (a)&nbsp;during the Employment Period and for a period of twenty four (24) months after
the date of termination of employment (the &ldquo;<B>Nonsolicitation Period</B>&rdquo;) the Executive will not, directly or indirectly,
(i)&nbsp;induce or attempt to induce any employee of the Company or its Affiliates to leave the employ of the Company or its Affiliates
or (ii)&nbsp;<FONT STYLE="font-size: 10pt; background-color: white">on </FONT>his <FONT STYLE="font-size: 10pt; background-color: white">own
behalf or on behalf of any other Person, hire any employee of the Company or its Affiliates</FONT>, and (b)&nbsp;during the Nonsolicitation
Period, the Executive will not induce or attempt to induce any customer, supplier, client, insured, reinsured, reinsurer, broker, agent,
licensee or other business relation of the Company or its Affiliates to cease doing business with the Company or its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;9.03&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Enforcement</B>.
If a court of competent jurisdiction holds that any provision of the restrictive covenants contained in Section&nbsp;9.01 or 9.02 (including
duration or scope) are unreasonable under circumstances then existing, the parties agree that the maximum duration and scope reasonable
under such circumstances will be substituted for the stated duration or scope and that the court will be permitted to revise the restrictions
contained in this Article&nbsp;9 to cover the maximum scope and duration permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;10</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EQUITABLE RELIEF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;10.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Equitable
Relief</B>. The Executive acknowledges that (a)&nbsp;the covenants contained herein are reasonable, (b)&nbsp;the Executive&rsquo;s services
are unique, and (c)&nbsp;a breach or threatened breach by him of any of his covenants and agreements with the Company and its Affiliates
contained in Sections&nbsp;6.01, 7.01, 8.01, 9.01 or 9.02 could cause irreparable harm to the Company or its Affiliates for which they
would have no adequate remedy at law. Accordingly, and in addition to any remedies which the Company and its Affiliates may have at law,
in the event of an actual or threatened breach by the Executive of his covenants and agreements contained in Sections&nbsp;6.01, 7.01,
8.01, 9.01 or 9.02, the Company and its Affiliates shall have the absolute right to apply to any court of competent jurisdiction for such
injunctive or other equitable relief as such court may deem necessary or appropriate in the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;11</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXECUTIVE REPRESENTATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;11.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Executive
Representations</B>. The Executive hereby represents and warrants to the Company that (a)&nbsp;the execution, delivery and performance
of this Agreement by the Executive does not and will not conflict with, breach, violate or cause a default under any contract, agreement,
instrument, order, judgment or decree to which the Executive is a party or by which he is bound, (b)&nbsp;the Executive is not a party
to or bound by any employment agreement, noncompetition agreement or confidentiality agreement with any other Person that affects his
right or ability to perform the duties contemplated by this Agreement, (c)&nbsp;the Executive did not, while working for any employer
other than the Company: solicit his fellow employees to leave their employment and work with him at the Company; or solicit clients, or
potential clients, of such employer, for the Company; or take any type of information that is proprietary information of such employer,
and (d)&nbsp;upon the execution and delivery of this Agreement by the Company, this Agreement will be the valid and binding obligation
of the Executive, enforceable in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;12</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MISCELLANEOUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Remedies</B>.
The Company will have all rights and remedies set forth in this Agreement, all rights and remedies which the Company has been granted
at any time under any other agreement or contract and all of the rights which the Company has under any law. The Company will be entitled
to enforce such rights specifically, without posting a bond or other security, to recover damages by reason of any breach of any provision
of this Agreement and to exercise all other rights granted by law. There are currently no disciplinary or grievance procedures in place,
there is no collective agreement in place, and there is no probationary period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Consent
to Amendments</B>. The provisions of this Agreement may be amended or waived only by a written agreement executed and delivered by the
Company and the Executive. No other course of dealing between the parties to this Agreement or any delay in exercising any rights hereunder
will operate as a waiver of any rights of any such parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.03&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Successors
and Assigns</B>. All covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto will bind and inure
to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not; <B>provided that</B> the Executive
may not assign his rights or delegate his obligations under this Agreement without the written consent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.04&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Severability</B>.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective
only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.05&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Counterparts</B>.
This Agreement may be executed simultaneously in two counterparts, any one of which need not contain the signatures of more than one party,
but all of which counterparts taken together will constitute one and the same agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.06&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Descriptive
Headings</B>. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.07&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Notices</B>.
All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement will be in
writing and shall be delivered personally by hand, by electronic transmission (with a copy following by hand or by overnight courier),
by registered or certified mail, postage prepaid, return receipt requested, or by overnight courier service (charges prepaid). Communications
delivered personally by hand shall be deemed received on the date when delivered personally to the recipient; communications sent by electronic
means shall be deemed received one (1)&nbsp;business day after the sending thereof; communications sent by registered or certified mail
shall be deemed received four (4)&nbsp;business days after the sending thereof; and communications delivered by overnight courier shall
be deemed received one (1)&nbsp;business day after the date when sent to the recipient. Such notices, demands and other communications
will be sent to the Executive and to the Company at the addresses set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to the Executive:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Justin Cohen</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to the Company:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ategrity Specialty Holdings LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9 West 57<SUP>th</SUP> Street, 33<SUP>rd</SUP> Floor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY 10019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn: Stuart J. Zimmer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With a copy to:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zimmer Financial Services Group LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9 West 57<SUP>th</SUP> St., 33<SUP>rd</SUP> Floor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY 10019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn: Jelena Napolitano</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">And:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latham&nbsp;&amp; Watkins LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1271 Avenue of the Americas</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY 10020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn: Gary Boss</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or to such other address or to the attention of
such other person as the recipient party has specified by prior written notice to the sending party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.08&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Withholding</B>.
The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be required
to be withheld pursuant to any applicable law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.09&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Section&nbsp;409A</B>.
It is intended that this Agreement will comply with Section&nbsp;409A and Section&nbsp;457A of the Internal Revenue Code of 1986, as amended
(the &ldquo;<B>Code</B>&rdquo;) (and any regulations and guidelines issued thereunder), to the extent the Agreement is subject thereto,
and the Agreement shall be interpreted on a basis consistent with such intent. If an amendment of the Agreement is necessary in order
for it to comply with Section&nbsp;409A or Section&nbsp;457A, the parties hereto will negotiate in good faith to amend the Agreement in
a manner that preserves the original intent of the parties to the extent reasonably possible. No action or failure to act, pursuant to
this Section&nbsp;12.09 shall subject the Company to any claim, liability, or expense, and the Company shall not have any obligation to
indemnify or otherwise protect the Executive from the obligation to pay any taxes, interest or penalties pursuant to Section&nbsp;409A
and Section&nbsp;457A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any provision
to the contrary in this Agreement, if the Executive is deemed on the date of his &ldquo;separation from service&rdquo; (within the meaning
of Treasury Regulation Section&nbsp;1.409A-1(h)) to be a &ldquo;specified employee&rdquo; within the meaning of that term under Section&nbsp;409A(a)(2)(B)&nbsp;of
the Code, then with regard to any payment that is required to be delayed pursuant to Section&nbsp;409A(a)(2)(B)&nbsp;of the Code (after
taking into account the applicable provisions of Treasury Regulation Section&nbsp;1.409A-1(b)(9)(iii)), the portion, if any, of such payment
so required to be delayed shall not be made prior to the earlier of (i)&nbsp;the expiration of the six (6)-month period measured from
the date of his &ldquo;separation from service&rdquo; or (ii)&nbsp;the date of his death (the &ldquo;<B>Delay Period</B>&rdquo;). Upon
the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section&nbsp;(whether they would have otherwise
been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum,
and any remaining payments due under this Agreement shall be paid in accordance with the normal payment dates specified for them herein.
Whenever payments under this Agreement are to be made in installments, each such installment shall be deemed to be a separate payment
for purposes of Section&nbsp;409A of the Code. In no case will compliance with this Section&nbsp;by the Company constitute a breach of
the Company&rsquo;s obligations under this Agreement. Notwithstanding any provision of this Agreement to the contrary, for purposes of
any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment that
are considered deferred compensation under Section&nbsp;409A, references to Executive&rsquo;s &ldquo;termination of employment&rdquo;
(and corollary terms) with the Company shall be construed to refer to Executive&rsquo;s &ldquo;separation from service&rdquo; (within
the meaning of Treas. Reg. Section&nbsp;1.409A-1(h)) with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to any reimbursement
or in-kind benefit arrangements of the Company and its subsidiaries that constitute deferred compensation for purposes of Section&nbsp;409A,
except as otherwise permitted by Section&nbsp;409A, the following conditions shall be applicable: (i)&nbsp;the amount eligible for reimbursement,
or in-kind benefits provided, under any such arrangement in one calendar year may not affect the amount eligible for reimbursement, or
in-kind benefits to be provided, under such arrangement in any other calendar year (except that the health and dental plans may impose
a limit on the amount that may be reimbursed or paid), (ii)&nbsp;any reimbursement must be made on or before the last day of the calendar
year following the calendar year in which the expense was incurred, and (iii)&nbsp;the right to reimbursement or in-kind benefits is not
subject to liquidation or exchange for another benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Excess
Parachute Payments</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
any other provision of this Agreement, in the event that the amount of payments or other benefits payable to the Executive under
this Agreement (including, without limitation, the acceleration of any payment or the accelerated vesting of any payment or other
benefit), together with any payments, awards or benefits payable under any other plan, program, arrangement or agreement maintained
by the Company or one of its Affiliates, would constitute an &ldquo;excess parachute payment&rdquo; (within the meaning of
Section&nbsp;280G of the Code), the payments under Section&nbsp;5.03 of this Agreement shall be reduced (by the minimum possible
amounts) until no amount payable to the Executive under this Agreement constitutes an &ldquo;excess parachute payment&rdquo; (within
the meaning of Section&nbsp;280G of the Code); <B>provided</B>, <B>however</B>, <B>that</B> no such reduction shall be made if the
net after-tax payment (after taking into account federal, state, local or other income, employment and excise taxes) to which the
Executive would otherwise be entitled without such reduction would be greater than the net after-tax payment (after taking into
account federal, state, local or other income, employment and excise taxes) to the Executive resulting from the receipt of such
payments with such reduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
determinations required to be made under this Section&nbsp;12.10, including whether a payment would result in an &ldquo;excess parachute
payment&rdquo; and the assumptions to be utilized in arriving at such determinations, shall be made by an accounting, financial services
or other professional services firm or other Person designated by the Company (the &ldquo;<B>Accounting Firm</B>&rdquo;) which shall provide
supporting calculations both to the Company and the Executive as requested by the Company or the Executive. All fees and expenses of the
Accounting Firm shall be borne solely by the Company and shall be paid by the Company. Absent manifest error, all determinations made
by the Accounting Firm under this Section&nbsp;12.10 shall be final and binding upon the Company and the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>No
Third Party Beneficiary</B>. This Agreement will not confer any rights or remedies upon any person other than the Company and its Affiliates,
the Executive and their respective heirs, executors, successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Entire
Agreement</B>. This Agreement (including the documents referred to herein) constitutes the entire agreement among the parties and supersedes
any prior understandings, agreements or representations by or among the parties, written or oral, that may have related in any way to
the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Construction</B>.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule&nbsp;of
strict construction will be applied against any party. Any reference to any federal, state, local or foreign statute or law will be deemed
also to refer to all rules&nbsp;and regulations promulgated thereunder, unless the context requires otherwise. The use of the word &ldquo;including&rdquo;
in this Agreement means including without limitation and is intended by the parties to be by way of example rather than limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Survival</B>.
Sections&nbsp;5.02, 5.03, 6.01, 7.01, 8.01 and Articles&nbsp;9, 10, 11 and 12 will survive and continue in full force in accordance with
their terms notwithstanding any termination of the Employment Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>GOVERNING
LAW</B>. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS AGREEMENT WILL BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Jurisdiction</B>.
The parties agree to the nonexclusive jurisdiction of the federal and state courts situated in New York, New York, for the resolution
of any dispute excluded from mandatory arbitration under Section&nbsp;12.17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.17&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Arbitration</B>.
Except as excluded herein below, any controversy, dispute or claim arising out of or relating to this Agreement, or breach thereof, or
the Executive&rsquo;s employment with or termination of employment from the Company (each, a &ldquo;<B>Covered Claim</B>&rdquo;) shall
be resolved by final and binding arbitration administered by JAMS. The arbitration shall be conducted by a single, neutral arbitrator,
pursuant to JAMS&rsquo;s Employment Arbitration Rules&nbsp;&amp; Procedures, available at https://www.jamsadr.com/rules-employment-arbitration/English,
as in effect at the time of the initiation of arbitration, which the Company will provide to the Executive upon reasonable request, in
New York, New York. Notwithstanding anything in this Agreement to the contrary, the arbitration provisions of this Agreement shall be
governed by and enforceable pursuant to the Federal Arbitration Act, and, in all other respects, the arbitrator shall apply the substantive
laws of New York or applicable Federal law, with the same statutes of limitation and available remedies that would apply if the claims
were brought in a court of law of competent jurisdiction. The costs unique to arbitration, including the arbitration administrative fees,
arbitrator compensation and expenses, and any costs of any witnesses call by the arbitrator, that would not be incurred in a court proceeding
shall be borne by the Company. Unless otherwise ordered by the arbitrator under applicable law, the Company and the Executive shall each
bear its, their, his, or his own expenses, such as expert witness fees, filing fees, and attorneys&rsquo; fees and costs. Nothing herein
shall prevent the Company or the Executive from seeking a statutory award of reasonable attorneys&rsquo; fees and costs under applicable
law. THE COMPANY AND THE EXECUTIVE RECOGNIZE THAT, BY AGREEING TO ARBITRATE THEIR DISPUTES, EACH WAIVE ITS, THEIR, HIS, OR HER RIGHT TO
A TRIAL BY JURY OF ANY COVERED CLAIM. THE COMPANY AND THE EXECUTIVE WAIVE ITS, THEIR, HIS, OR HER RIGHT TO BRING ANY COVERED CLAIM AS
PART&nbsp;OF OR IN CONNECTION WITH A CLASS&nbsp;OR COLLECTIVE ACTION. Notwithstanding the foregoing, this Section&nbsp;shall not preclude
either party from seeking a temporary restraining order or a preliminary injunction from a court of competent jurisdiction if such relief
is not available in a timely fashion through arbitration. Further, this arbitration agreement shall not apply to: (a)&nbsp;claims for
unemployment and workers&rsquo; compensation benefits; (b)&nbsp;sexual harassment and sexual assault disputes arising under federal, state,
local, or tribal law, unless the Executive elects to arbitrate such disputes; (c)&nbsp;claims arising under the National Labor Relations
Act or which are brought before the National Labor Relations Board; (d)&nbsp;claims brought before the Equal Employment Opportunity Commission
or similar state or local agency, if the Executive is required to exhaust the Executive&rsquo;s administrative remedies; provided, that
any appeal from an award or denial of an award by any such agency or any further action upon receipt of a right-to-sue letter shall be
arbitrated pursuant to the terms of this Agreement; and (e)&nbsp;any other claim, which by law cannot be subject to mandatory arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;Follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATEGRITY SPECIALTY HOLDINGS LLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; font-size: 10pt; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printed Name: Stuart Zimmer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chairman, Board of Directors</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Justin Cohen</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;to Cohen Employment Agreement</I>]</P>

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<DOCUMENT>
<TYPE>EX-10.20
<SEQUENCE>16
<FILENAME>tm2428146d9_ex10-20.htm
<DESCRIPTION>EXHIBIT 10.20
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;10.20</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDED
AND RESTATED LOAN AGREEMENT<BR> </B></FONT>Dated as of April 05, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ZIMMER
INSURANCE SERVICES LLC,</B></FONT><BR>
as the Borrower,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATEGRITY
SPECIALTY HOLDINGS LLC</B></FONT><B>,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as an Initial Lender,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATEGRITY
SPECIALTY INSURANCE LIMITED</B></FONT>,<BR>
as an Initial Lender and as Administrative Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>TABLE
OF CONTENTS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Page</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE&nbsp;I. Definitions; Construction </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.1.</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Terms and Determinations.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computation of Time Periods.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.4.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation.</FONT></TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE&nbsp;II. The Loan </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Loan.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment of Interest on Payment Date and Principal at Maturity.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.4.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments, Computations, Etc.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.5.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.6.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.7.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.8.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE&nbsp;III. [RESERVED] </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE&nbsp;IV. Conditions of Closing </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to Closing and Funding.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE&nbsp;V. Representations and Warranties </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations and Warranties of the Borrower.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE&nbsp;VI. Covenants </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Affirmative Covenants of the Borrower.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative Covenants of the Borrower.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnities by the Borrower</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.4.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenant of Parties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE&nbsp;VII. Events of Default </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events of Default.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actions Upon an Event of Default.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise of Remedies.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE&nbsp;VIII. ADMINISTRATIVE AGENT </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agent for Administrative Purposes Only</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collateral and Guaranty Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE&nbsp;IX. Assignments; Participations </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assignments and Participations.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prohibition on Assignments by the Borrowers.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE&nbsp;X. Mutual Covenants Regarding Confidentiality Section </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.1.</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidentiality of This Agreement.</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Confidential Information.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Confidentiality of Tax Treatment and Tax Structure.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE&nbsp;XI. Miscellaneous </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments and Waivers.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices, Etc.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acknowledgements.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.4.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Waiver, Rights and Remedies.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.5.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Binding Effect.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.6.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term of this Agreement; Third Party Beneficiary.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.7.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.8.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WAIVER OF JURY TRIAL.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.9.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recourse Against Certain Parties.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.10.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved.]</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.11.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution in Counterparts; Electronic Execution; Severability; Integration.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.12.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right of Setoff</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><U>SCHEDULES</U>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: left">Schedule A&#8239;&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left">Lender Register</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><U>EXHIBITS</U></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;A&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Form&nbsp;of Assignment and Acceptance</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>AMENDED
AND RESTATED LOAN AND SECURITY AGREEMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amended and
Restated Loan Agreement, dated as of April 05, 2025 (this &ldquo;<U>Agreement</U>&rdquo;), is effective as of March 31, 2025
and is among ZIMMER INSURANCE SERVICES LLC, a Delaware limited liability company, as borrower (the &ldquo;<U>Borrower</U>&rdquo;),
ATEGRITY SPECIALTY HOLDINGS LLC, as an initial lender (&ldquo;<U>ASH</U>&rdquo;) and ATEGRITY SPECIALTY INSURANCE LIMITED, as an
initial lender (&ldquo;<U>ASIL</U>&rdquo; and, together with ASH, the &ldquo;<U>Initial Lenders</U>&rdquo; and, each an
 &ldquo;<U>Initial Lender</U>&rdquo;), and as administrative agent (in such capacity, the &ldquo;<U>Administrative
Agent</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>W
I T N E S S E T H:</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Initial Lenders
are willing to make loans subject to and on the terms set forth herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, each Initial Lender
has redeemed its limited partnership interests in ZP Utility Insurance Fund, LP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the proceeds of such
redemption are being held at the Initial Lender&rsquo;s account at The Citco Group Limited (&ldquo;<U>Citco</U>&rdquo;) and the Initial
Lender will direct Citco to apply the proceeds of such redemption to make the Loan (as defined below) to the Borrower hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Borrower will
apply proceeds of the loan made hereunder to acquire limited partnership interests in ZP Utility Fund, LP (the &ldquo;<U>LP Interests</U>&rdquo;)
to be held at Citco;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">WHEREAS, the Borrower, the Initial Lenders and the Administrative Agent entered into that certain Loan Agreement, dated as of March 31,
2025 (the &ldquo;Original Loan Agreement&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Borrower, the Initial Lenders and the Administrative Agent desire to amend
and restate the Original Loan Agreement in its entirety as set forth herein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, in consideration
of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;I.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Definitions;
Construction</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;1.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Definitions</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever used herein, unless
the context otherwise requires, the following words and phrases shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Accrued Interest</U>&rdquo;
means with respect to any Payment Date, the aggregate interest accrued on the Loan Balance for the related Interest Period at the applicable
Interest Rate, after giving effect to all payments of principal to the Lenders on or prior to the immediately preceding Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Act</U>&rdquo; shall
have the meaning specified in <U>Section&nbsp;10.2(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Administrative Agent</U>&rdquo;
shall have the meaning specified in the preamble hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Advisors</U>&rdquo;
means accountants, attorneys, consultants, advisors, credit enhancers, liquidity providers and Persons similar to the foregoing and the
respective directors, officers, employees and managers of each of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any Person, (i)&nbsp;any other Person that directly or indirectly owns, controls or holds fifty percent (50.0%)
or more of the outstanding beneficial interest in such Person, (ii)&nbsp;any other Person of which fifty percent (50.0%) or more of the
outstanding beneficial interest is directly or indirectly owned, controlled or held by such Person, (iii)&nbsp;any other Person that directly
or indirectly is under common control with such Person, (iv)&nbsp;any officer, director, partner or employee of such Person, and (v)&nbsp;any
officer, director, partner, employee or immediate family member of any Person who is an Affiliate of such Person. For purposes of this
definition, &ldquo;control&rdquo; means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of an entity, whether through the ownership of voting securities, by contract, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate Unpaids</U>&rdquo;
means, with respect to any date of determination, an amount equal to the sum of (i)&nbsp;the Loan Balance, (ii)&nbsp;all accrued but unpaid
Interest, and, (iii)&nbsp;without duplication, all other Obligations owed (whether due and payable or accrued as of such date of determination)
by the Borrower to the Secured Parties under this Agreement and the other Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agreement</U>&rdquo;
shall have the meaning specified in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Anti-Corruption
Laws</U></FONT>&rdquo; means Applicable Law concerning or relating to bribery or corruption, including the U.S. Foreign Corrupt Practices
Act of 1977 and the UK Bribery Act 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable Law</U>&rdquo;
means, for any Person, all existing and future applicable laws, rules, regulations (including proposed, temporary and final income tax
regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental
Authority (including usury laws, the Securities Act and the Exchange Act), and applicable judgments, decrees, injunctions, writs, orders
or line action of any court, arbitrator or other administrative, judicial or quasi-judicial tribunal or agency of competent jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Asset Coverage Ratio</U>&rdquo;
means, with respect to any Person, the percentage equivalent of a fraction, the numerator of which is equal to the total assets of such
Person and its consolidated subsidiaries and the denominator of which is equal to the Indebtedness of such Person and its consolidated
subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Assignment and Acceptance</U>&rdquo;
means an assignment and acceptance agreement between a Lender and an assignee, in substantially the form of <U>Exhibit&nbsp;A</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Authorized Signatory</U>&rdquo;
means, with respect to any party hereto, any Person that has been authorized to execute and deliver on behalf of such party any notice,
certificate, document, agreement, consent, instruction or other communication to be delivered by such party under or in relation to this
Agreement or any other Transaction Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Bankruptcy Code</U>&rdquo;
means the United States Bankruptcy Code (Title 11 of the United States Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Barclays Facility</U>&rdquo;
means that certain Amended and Restated Credit Agreement, dated as of September&nbsp;30, 2020, among Zimmer Partners, LP, ZP Utility GP,
LLC, ZP Energy GP, LLC, ZP Offshore Energy GP, LLC, ZP Utility Insurance GP, LLC, ZP Utility Insurance GP II, LLC, ZP MidCap GP, LLC,
Zimmer Partners GP, LLC, the Guarantor and Barclays Bank PLC and the documents referenced therein, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Benefit Plan Investor</U>&rdquo;
means an employee benefit plan (as defined in Section&nbsp;3(3)&nbsp;of ERISA), that is subject to the fiduciary responsibility provisions
of Title I of ERISA, a plan (as defined in Section&nbsp;4975 of the Code) that is subject to Section&nbsp;4975 of the Code, or any entity
whose underlying assets include &ldquo;plan assets&rdquo; (within the meaning of 29 C.F.R. Section&nbsp;2510.3-101, as modified by Section&nbsp;3(42)
of ERISA) by reason of investment by an employee benefit plan or plan in such entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Borrower</U>&rdquo;
means Zimmer Insurance Services LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business Day</U>&rdquo;
means any day other than a Saturday or a Sunday and any day which is a legal holiday under the laws of the State of New York or Delaware
or any day on which a bank located in the State of New York or Delaware is authorized or permitted to close for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Change of Control</U>&rdquo;
means any transaction or series of transactions which results in estate planning vehicles, trusts, family and charitable foundations or
family investment vehicles for the benefit of any of such persons and their family members, ceasing to directly or indirectly own immediately
after such transaction or series of related transactions, in the aggregate, more than 50% of the outstanding voting interests in the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Closing Date</U>&rdquo;
means March&nbsp;31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Confidential Information</U>&rdquo;
means, of any party hereto, includes information concerning the business, operations, assets, clients, customers, vendors, investors in,
creditors of or material contract counterparties of such party, which information is delivered or made available by such party to any
recipient under or in relation to this Agreement or any other Transaction Document, including (i)&nbsp;information transmitted in written,
oral, magnetic or any other medium, (ii)&nbsp;all copies and reproductions, in whole or in part, of such information and (iii)&nbsp;all
summaries, analyses, compilations, studies, notes or other records which contain, reflect or are generated from such information; <U>provided</U>,
that Confidential Information does not include, with respect to a recipient thereof, information that (a)&nbsp;was already known to such
Person and such knowledge was not obtained from any other entity who was known by such Person to be subject to an obligation of confidentiality
or otherwise prohibited from transmitting such information to such Person, (b)&nbsp;is or has become part of the public domain through
no act or omission of such Person, (c)&nbsp;is or was lawfully disclosed to such Person without restriction on disclosure by a third party,
(d)&nbsp;is or was developed independently by such Person or (e)&nbsp;is or was lawfully and independently provided to such Person prior
to disclosure hereunder, from a third party who is not known by such Person to be subject to an obligation of confidentiality or otherwise
prohibited from transmitting such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Default</U>&rdquo;
means any event that, with the giving of notice or the lapse of time, or both, would become an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dollars</U>&rdquo;
or &ldquo;<U>$</U>&rdquo; means the lawful currency of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Equity Interests</U>&rdquo;
means with respect to any Person, its equity ownership interests, its common stock and any other capital stock or other equity ownership
units of such Person authorized from time to time, and any other shares, options, interests, participations or other equivalents (however
designated) of or in such Person, whether voting or nonvoting, including common stock, options, warrants, preferred stock, phantom stock,
membership units (common or preferred), stock appreciation rights, membership unit appreciation rights, convertible notes or debentures,
stock purchase rights, membership unit purchase rights and all securities convertible, exercisable or exchangeable, in whole or in part,
into any one or more of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ERISA</U>&rdquo;
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ERISA Affiliate</U>&rdquo;
means (i)&nbsp;any corporation which is a member of the same controlled group of corporations (within the meaning of Section&nbsp;414(b)&nbsp;of
the Code) as the Borrower, (ii)&nbsp;a trade or business (whether or not incorporated) under common control (within the meaning of Section&nbsp;414(c)&nbsp;of
the Code) with the Borrower or (iii)&nbsp;for purposes of Section&nbsp;302 of ERISA and Section&nbsp;412 of the Code, a member of the
same affiliated service group (within the meaning of Section&nbsp;414(m)&nbsp;of the Code) as, or under the common control with (for Section&nbsp;414(o)&nbsp;of
the Code) the Borrower, any corporation described in <U>clause (i)</U>&nbsp; above or any trade or business described in <U>clause (ii)</U>&nbsp;above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&ldquo;Event
of Default</U></FONT>&rdquo; shall have the meaning specified in <U>Section&nbsp;7.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&ldquo;Exchange
Act</U></FONT>&rdquo; means the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>FATCA</U>&rdquo;
means sections 1471 through 1474 of the Code as in effect on the date of this Agreement, and any regulations promulgated thereunder or
published administrative guidance implementing such Sections, any agreement entered into pursuant to Section&nbsp;1471(b)&nbsp;of the
Code, or any fiscal regulatory legislation, rules&nbsp;or practices adopted pursuant to any intergovernmental agreement entered into in
connection with the implementation of such section of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Federal Reserve
Board</U>&rdquo; means the Board of Governors of the Federal Reserve System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Formation Documents</U>&rdquo;
means (i)&nbsp;with respect to the Borrower the certificate of formation, filed in Delaware, dated as of August&nbsp;16, 2023, and the
limited liability company agreement of the Borrower, dated as of August&nbsp;16, 2023, and (ii)&nbsp;with respect to the Guarantor, the
certificate of formation of the Guarantor filed in Delaware, dated as of June&nbsp;29, 2018, and the amended and restated limited liability
company agreement of the Guarantor, dated as of September&nbsp;24, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Funding Date</U>&rdquo;
means April&nbsp;1, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles as in effect from time to time in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Governmental Authority</U>&rdquo;
means with respect to any Person, any nation or government, any State or other political subdivision thereof, any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government and having jurisdiction over such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Guarantor</U>&rdquo;
means Zimmer Financial Services Group LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Guaranty</U>&rdquo;
means that certain guaranty, dated as of March&nbsp;31, 2025, by the Guarantor in favor of the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indebtedness</U>&rdquo;
means with respect to any Person and any day, without duplication, (i)&nbsp;all indebtedness of such Person for borrowed money or for
the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable
in accordance with customary trade practices) or which is evidenced by a note, bond, debenture or similar instrument, (ii)&nbsp;all obligations
of such Person under capital leases, and (iii)&nbsp;all liabilities secured by any Lien on any property owned by such Person even though
such Person has not assumed or otherwise become liable for the payment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Insolvency Event</U>&rdquo;
means with respect to any Person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;such
Person shall fail generally to pay its debts as they come due, or shall make a general assignment for the benefit of creditors; or any
case or other proceeding shall be instituted by such Person seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of it or its debts under the Bankruptcy
Code or any other law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, or seeking
the entry of an order for relief or the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like
for such Person or all or substantially all of its assets; or such Person shall take any corporate or limited liability company action
to authorize any of such actions; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
case or other proceeding shall be commenced, without the application or consent of such Person in any court seeking the liquidation, reorganization,
debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver,
custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets, or any similar action
with respect to such Person under the Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding up
or composition or adjustment of debts, and (A)&nbsp;such case or proceeding shall continue undismissed, or unstayed and in effect, for
a period of sixty (60) consecutive days or (B)&nbsp;an order for relief in respect of such Person shall be entered in such case or proceeding
or a decree or order granting such other requested relief shall be entered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Insolvency Laws</U>&rdquo;
means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, rearrangement, receivership,
insolvency, reorganization, suspension of payments, marshaling of assets and liabilities or similar debtor relief laws from time to time
in effect affecting the rights of creditors generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Insolvency Proceeding</U>&rdquo;
means with respect to any Person, any bankruptcy, insolvency, arrangement, rearrangement, conservatorship, moratorium, suspension of payments,
readjustment of debt, reorganization, receivership, liquidation, marshaling of assets and liabilities or similar proceeding of or relating
to such Person under any Insolvency Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Interest</U>&rdquo;
means for any Payment Date, the Accrued Interest for such Payment Date; <U>provided</U>, that no portion of any payment of Interest shall
be considered to have been paid by any distribution if at any time such portion of such distribution is rescinded or must otherwise be
returned for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Interest Period</U>&rdquo;
means for any Payment Date, the period from and including the immediately preceding Payment Date (or, in the case of the initial Interest
Period, the Closing Date) to but excluding such Payment Date; <U>provided</U>, <U>however</U>, that any Interest Period that commences
before the Maturity Date that would otherwise end after the Maturity Date shall end on the Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Interest Rate</U>&rdquo;
means a per annum rate that is equal to 5.5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment</U>&rdquo;
means with respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means
of share purchase, capital contribution, loan or otherwise, and excluding commission, travel and similar advances to officers, employees
and directors made in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment Company
Act</U>&rdquo; means the Investment Company Act of 1940.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lender</U>&rdquo;
means the Initial Lenders, each signatory hereto as a Lender and their successors and permitted assigns from time to time that becomes
a party hereto by execution of an Assignment and Acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lender Register</U>&rdquo;
means the Lender Register attached hereto as <U>Schedule A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lien</U>&rdquo;
means any mortgage, lien, pledge, charge, claim, security interest or encumbrance of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Loan</U>&rdquo;
means the loan made by the Initial Lenders to the Borrower on the Closing Date pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Loan Amount</U>&rdquo;
means $94,000,000.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Loan Balance</U>&rdquo; means as of the
Closing Date, the Loan Amount, and as of each Payment Date thereafter, the excess of (x)&nbsp;the sum of the outstanding principal amount
of the Loan at the immediately preceding Payment Date (or the Funding Date in the case of the first such determination following such
dateover (y)&nbsp;any amounts of principal paid on such Payment Date in accordance with <U>Section&nbsp;2.8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Loan Percentage</U>&rdquo;
means with respect to each Lender at any time, a fraction (expressed as a percentage), the numerator of which is the portion of the Loan
Balance then funded or maintained by such Lender at such time and the denominator of which is the Loan Balance at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>LP Interests</U>&rdquo;
has the meaning specified in the preamble hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Material Adverse
Effect</U>&rdquo; means with respect to any Person and to any event or circumstance, a material adverse effect on (i)&nbsp;the business,
financial condition, operations, performance or properties of such Person, (ii)&nbsp;the validity or enforceability of this Agreement
or any other Transaction Document, (iii)&nbsp;the rights and remedies of the Secured Parties under any Transaction Document, (iv)&nbsp;the
ability of such Person to perform its obligations under this Agreement or any Transaction Document to which it is a party or (v)&nbsp;the
status, existence, perfection, priority or enforceability of any Lender&rsquo;s interest in the Pledged Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Maturity Date</U>&rdquo;
means April&nbsp;30, 2032; provided that the Maturity Date may be extended in accordance with <U>Section&nbsp;2.5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Maximum Lawful Rate</U>&rdquo;
means the highest rate of interest permissible under Applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Multiemployer Plan</U>&rdquo;
means a &ldquo;multiemployer plan&rdquo; as defined in Section&nbsp;4001(a)(3)&nbsp;of ERISA which is or was at any time during the current
year or the immediately preceding five years contributed to by the Borrower or any ERISA Affiliate on behalf of its employees or with
respect to which the Borrower or any ERISA Affiliate has any outstanding liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Obligations</U>&rdquo;
means all loans, advances, debts, liabilities and obligations for monetary amounts owing by the Borrower to the Lenders or any of their
respective assigns, as the case may be, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or
non-contingent and all covenants and duties regarding such amounts, of any kind or nature, present or future, arising under or in respect
of the Loan, including all principal and interest (including interest that accrues after the commencement against the Borrower of any
action under the Bankruptcy Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Patriot Act</U>&rdquo;
means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26, 2001)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Payment Date</U>&rdquo;
means the first day of April&nbsp;in each calendar year or, if any such day is not a Business Day, the next succeeding Business Day, commencing
on April&nbsp;1, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&ldquo;Pension
Plan</U></FONT>&rdquo; means an &ldquo;employee pension benefit plan&rdquo;, as such term is defined in Section&nbsp;3 of ERISA (other
than a Multiemployer Plan) that is subject to the provisions of Title IV of ERISA, which is maintained or contributed to by the Borrower
or any ERISA Affiliate or with respect to which the Borrower or any ERISA Affiliate has any outstanding liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Liens</U>&rdquo;
means any Liens created (i)&nbsp;pursuant to this Agreement or any other Transaction Document and (ii)&nbsp;under the Barclays Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Business</U>&rdquo;
means any insurance-related administration or risk-bearing business conducted by the Borrower or its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Distributions</U>&rdquo;
means, with respect to the Borrower, any dividend or distribution by the Borrower that after giving effect to such distribution or dividend,
the Asset Coverage Ratioof the Borrower and its consolidated subsidiaries is greater than or equal to 120%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means an individual, partnership, corporation (including a business or statutory trust), limited liability company, joint stock company,
trust, unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof) or
other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Pledged Collateral</U>&rdquo;
shall have the meaning specified in the Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Proceeding</U>&rdquo;
means any suit in equity, action at law or other judicial or administrative proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Reportable Event</U>&rdquo;
means any of the events set forth in Section&nbsp;4043(c)&nbsp;of ERISA for which the thirty (30) day notice provision has not been waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Sanctioned
Country</U>&rdquo; means at</FONT> any time, a country or territory which is the subject or target of any Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Sanctioned
Person</U>&rdquo; means a</FONT>t any time, (a)&nbsp;any Person listed in any Sanctions-related list of designated Persons maintained
by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b)&nbsp;any Person operating,
organized or resident in a Sanctioned Country or (c)&nbsp;any Person controlled by any such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sanctions</U>&rdquo;
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by any Sanctions Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sanctions Authority</U>&rdquo;
means the United States (including the Office of Foreign Assets Control of the U.S. Department of the Treasury and the U.S. Department
of State),&nbsp;the United Kingdom (including His Majesty&rsquo;s Treasury), the European Union and any EU member state, the United Nations
Security Council, and any other relevant sanctions authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Secured Party</U>&rdquo;
means the Administrative Agent and the Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities Act</U>&rdquo;
means the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Solvent</U>&rdquo;
means, as to any Person at any time, having a state of affairs such that (i)&nbsp;the fair value of the property owned by such Person
is greater than the amount of such Person&rsquo;s liabilities (including disputed, contingent and unliquidated liabilities) as such value
is established and liabilities evaluated for purposes of Section&nbsp;101(32) of the Bankruptcy Code; (ii)&nbsp;the present fair salable
value of the property owned by such Person in an orderly liquidation of such Person is not less than the amount that will be required
to pay the probable liability of such Person on its debts as they become absolute and matured; (iii)&nbsp;such Person is able to realize
upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature
in the normal course of business; (iv)&nbsp;such Person does not intend to, and does not believe that it will, incur debts or liabilities
beyond such Person&rsquo;s ability to pay as such debts and liabilities mature; and (v)&nbsp;such Person is not engaged in business or
a transaction, and is not about to engage in a business or a transaction, for which such Person&rsquo;s property would constitute unreasonably
small capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>State</U>&rdquo;
means any state of the United States or the District of Columbia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Subsidiary</U>&rdquo;
means with respect to any Person, any corporation, limited liability company, partnership or other legal entity of which such entity directly
or indirectly owns or controls at least a majority of the outstanding stock or other equity interest having general voting power. For
purposes of this definition, &ldquo;control&rdquo; means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of an entity, whether through the ownership of voting securities, by contract, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Tax&rdquo;</U> or
 &ldquo;<U>Taxes</U>&rdquo; means any present or future taxes, levies, imposts, duties, charges, assessments or fees of any nature (including
interest, penalties and additions thereto) that are imposed by any Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transaction Documents</U>&rdquo;
means this Agreement, the Guaranty and any other document, certificate, opinion, agreement or writing the execution of which is necessary
or incidental to carrying out the transactions contemplated by this Agreement or any of the other foregoing documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Treasury Regulations</U>&rdquo;
means the regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions
of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>UCC</U>&rdquo; means
the Uniform Commercial Code as in effect in the respective jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>United States</U>&rdquo;
means the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;1.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Accounting
Terms and Determinations</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise defined or
specified herein, all accounting terms shall be construed herein, all accounting determinations hereunder shall be made, all financial
statements required to be delivered hereunder shall be prepared in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;1.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Computation
of Time Periods</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise stated in
this Agreement, in the computation of a period of time from a specified date to a later specified date, the word &ldquo;from&rdquo; means
 &ldquo;from and including&rdquo; and the words &ldquo;to&rdquo; and &ldquo;until&rdquo; each mean &ldquo;to but excluding&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;1.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Interpretation</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When used in this Agreement,
unless a contrary intention appears: (i)&nbsp;a term has the meaning assigned to it; (ii)&nbsp;an accounting term not otherwise defined
has the meaning assigned to it in accordance with GAAP; (iii)&nbsp;&ldquo;or&rdquo; is not exclusive; (iv)&nbsp;&ldquo;including&rdquo;
means including without limitation; (v)&nbsp;words in the singular include the plural and words in the plural include the singular; (vi)&nbsp;any
agreement, instrument defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement,
instrument as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to
all attachments thereto and instruments incorporated therein; (vii)&nbsp;any statute defined or referred to herein or in any instrument
or certificate delivered in connection herewith means such statute as from time to time amended, modified or supplemented and includes
any successor statute and the rules&nbsp;and regulations issued pursuant to such statute; (viii)&nbsp;references to a Person are also
to its successors and permitted assigns; (ix)&nbsp;the words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; and
words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision hereof;
(x)&nbsp;references contained herein to Section, Schedule and Exhibit, as applicable, are references to Sections, Schedules and Exhibits
in this Agreement unless otherwise specified; (xi)&nbsp;references to &ldquo;writing&rdquo; include printing, typing, lithography and
other means of reproducing words in a visible form; and (xii)&nbsp;all terms used in Article&nbsp;9 of the UCC in the State of New York
and not specifically defined herein are used herein as defined in such Article&nbsp;9, unless the context requires application of another
jurisdiction&rsquo;s UCC, in which case, such terms are defined as in the UCC of that jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;II.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>The
Loan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>The
Loan</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;On
the terms and conditions set forth herein, including this Section&nbsp;2.1 and Article&nbsp;IV, on the Funding Date, the Borrower agrees
to borrow from the Initial Lenders, and the Initial Lenders agreed to advance to the Borrower, the Loan Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Initial Lenders shall make available to the Borrower the Loan Amount, subject to the fulfillment of the applicable conditions set forth
in Article&nbsp;IV, on the Funding Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Amounts
repaid under this Agreement may not be reborrowed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Borrower may prepay all or any portion of the Loan Balance without penalty or premium at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Borrower hereby promises to pay to the order of the Lenders the Loan Balance, together with all Interest and all other Obligations due
and payable to such Lenders, as set forth herein, in lawful money of the United States and in immediately available funds at the rates
and on the dates specified herein. Without limiting the foregoing, the Loan Balance, all accrued Interest thereon and all other Aggregate
Unpaids, shall be due and payable, if not previously paid, on the earlier of (i)&nbsp;the date of the declaration or automatic occurrence
of an Event of Default and (ii)&nbsp;the Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Borrower shall record in its records the date and amount of the Loan Balance, the Accrued Interest with respect thereto and each repayment
and payment thereof. The failure to so record any such information or any error in so recording any such information shall not, however,
limit or otherwise affect the Obligations or the obligation of the Borrower hereunder or under the other Transaction Documents to repay
any such amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
Lender may request that its Loan Percentage of the Loan be evidenced by a promissory note. In such event, the Borrower shall prepare,
execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered
assigns) and in a form reasonably approved by such Lender. Thereafter, the portion of the Loan evidenced by such promissory note and interest
thereon shall at all times (including after assignment pursuant to <U>Section&nbsp;9.1</U>) be represented by one or more promissory notes
in such form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Payments</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Borrower shall pay Interest on the Loan Balance for the period from the Funding Date until the Maturity Date. Interest shall accrue on
the Loan Balance during each Interest Period and be payable on each Payment Date in accordance with <U>Section&nbsp;2.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Loan Balance shall bear interest at a rate per annum equal to the Interest Rate for the applicable Interest Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
calculations of interest and other periodic amounts payable hereunder shall be calculated on the basis of a three hundred sixty (360)
day year with each month assumed to have thirty (30) days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
any other provision of this Agreement or the Transaction Documents, if at any time the rate of interest payable by any Person under the
Transaction Documents exceeds the Maximum Lawful Rate, then, so long as the Maximum Lawful Rate would be exceeded, such rate of interest
shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of interest so payable is less than the Maximum Lawful Rate,
such Person shall continue to pay Interest at the Maximum Lawful Rate until such time as the total interest received from such Person
is equal to the total Interest that would have been received had Applicable Law not limited the interest rate so payable. In no event
shall the total Interest received by any Lender under this Agreement and the other Transaction Documents exceed the amount which such
Lender could lawfully have received, had the Interest due been calculated from the Closing Date at the Maximum Lawful Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Repayment
of Interest on Payment Date and Principal at Maturity</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
so long as no Default or Event of Default has occurred and is continuing, on each Payment Date, the Borrower shall pay or make distributions
in the amounts and to the Persons in the order of priority set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>First</I>,
to the Initial Lenders or the Administrative Agent, in an amount equal to any fees, expense reimbursements and indemnified amounts payable
thereto in accordance with this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Second</I>,
subject to <U>Section&nbsp;2.2</U>, to each Lender, <I>pro rata </I>in accordance with such Lender&rsquo;s Loan Percentage, an amount
equal to the accrued and unpaid Interest for such Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the terms hereof, the Borrower will repay the outstanding principal amount of the Loan Balance, all accrued Interest thereon and all
other Aggregate Unpaids to each Lender, <I>pro rata</I> in accordance with such Lender&rsquo;s Loan Percentage, in full, on the earliest
to occur of (i)&nbsp;the Maturity Date and (ii)&nbsp;the date of the declaration or automatic occurrence of an Event of Default pursuant
to <U>Section&nbsp;7.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Payments,
Computations, Etc</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Unless
otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower hereunder shall be paid or deposited in accordance
with the terms hereof no later than 2:00 p.m.&nbsp;(New York, New York time) on the day when due in Dollars in immediately available funds
at the direction of each Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Whenever
any payment hereunder (i)&nbsp;shall be stated to be due on a day other than a Business Day, such payment shall be made, without penalty,
on the next succeeding Business Day or (ii)&nbsp;is received after 4:00 p.m.&nbsp;(New York, New York time) such payment shall be deemed
to have been received on the next succeeding Business Day, and any such extension of time shall in such case be included in the computation
of payment of Interest, other interest or any fee payable hereunder, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
payments hereunder shall be made without set-off or counterclaim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
the extent that (i)&nbsp;any Person makes a payment to the Borrower, the Guarantor or any Lender or (ii)&nbsp;the Borrower, the Guarantor
or any Lender receives or is deemed to have received any payment or proceeds for application to an obligation, which payment or proceeds
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee,
receiver or any other party under any Insolvency Law, State or United States federal law, common law or for equitable cause, then, to
the extent such payment or proceeds are set aside, the obligation or part thereof intended to be satisfied shall be revived and continue
in full force and effect, as if such payment or proceeds had not been received or deemed received by the Borrower, the Guarantor or such
Lender, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Maturity</U></B></FONT><B><U>
Date</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Maturity Date, if the
Borrower has not indefeasibly paid the Aggregate Unpaids in full, the Initial Lenders in their sole discretion may determine that the
then effective Maturity Date shall be extended in one (1)&nbsp;year increments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>[Reserved].</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Taxes</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Each
Lender (or other applicable recipient of payments) that is a United States Person (as defined in Section&nbsp;7701(a)(30) of the Internal
Revenue Code) shall deliver to the Borrower, on or before the date on which it becomes a party to this Agreement (and from time to time
thereafter when required by law or upon the reasonable request of the Borrower) a properly completed and duly signed original copies of
Internal Revenue Service Form&nbsp;W-9 (or any successor form) certifying that the Lender is exempt from U.S. federal backup withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Lender (or other applicable recipient of payments) that is not a United States Person (as defined in Section&nbsp;7701(a)(30) of the Internal
Revenue Code) shall, to the extent it is legally entitled to do so, deliver to the Borrower on or before the date on which it becomes
a party to this Agreement (and from time to time thereafter when required by law or upon the reasonable request of the Borrower, as applicable)
whichever of the following is applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;two
(2)&nbsp;duly completed copies of Internal Revenue Service Form&nbsp;W-8BEN or Form&nbsp;W-8BEN-E (or any successor form) claiming eligibility
for benefits of an income tax treaty to which the United States of America is a party,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;two
(2)&nbsp;duly completed copies of Internal Revenue Service Form&nbsp;W-8ECI (or any successor forms),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(C)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of a Lender claiming the benefits of the exemption for portfolio interest under Section&nbsp;881(c)&nbsp;of the Internal Revenue
Code, (x)&nbsp;a Certificate re Non-Bank Status (any such certificate, a &ldquo;<U>United States Tax Compliance Certificate</U>&rdquo;),
to the effect that such Lender is not (I)&nbsp;a &ldquo;bank&rdquo; extending credit pursuant to a loan agreement entered into in the
ordinary course of its trade or business within the meaning of Section&nbsp;881(c)(3)(A)&nbsp;of the Internal Revenue Code, (II)&nbsp;a
 &ldquo;10 percent shareholder&rdquo; within the meaning of Section&nbsp;881(c)(3)(B)&nbsp;of the Internal Revenue Code, or (III)&nbsp;a
 &ldquo;controlled foreign corporation&rdquo; described in Section&nbsp;881(c)(3)(C)&nbsp;of the Internal Revenue Code, and that no payments
in connection with the Transaction Documents are effectively connected with such Lender&rsquo;s conduct of a U.S. trade or business and
(y)&nbsp;two (2)&nbsp;duly completed copies of Internal Revenue Service Form&nbsp;W-8BEN (or any successor forms),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(D)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
the extent a Lender or other recipient of payments is not the beneficial owner (for example, where the Lender or other recipient of payments
is a partnership, or is a participant holding a participation granted by a participating Lender),&nbsp;Internal Revenue Service Form&nbsp;W-8IMY
(or any successor forms) of the Lender, accompanied by a Form&nbsp;W-8ECI, W-8BEN, W-8BEN-E, United States Tax Compliance Certificate,
Form&nbsp;W-9 (or other successor forms) or any other required information from each beneficial owner, as applicable, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
a payment made to a Lender under this Agreement would be subject to U.S. federal withholding Tax imposed by FATCA if such payee were to
fail to comply with the applicable reporting requirements of FATCA (including those contained in Section&nbsp;1471(b)&nbsp;or 1472(b)&nbsp;of
the Code, as applicable), such payee shall deliver to the Borrower at the time or times prescribed by law and at such time or times reasonably
requested by the Borrower such documentation prescribed by applicable law (including as prescribed by Section&nbsp;1471(b)(3)(C)(i)&nbsp;of
the Code) and such additional documentation reasonably requested by the Borrower as may be necessary for it to comply with its obligations
under FATCA and to determine that such Lender has complied with such Lender&rsquo;s obligations under FATCA. Each Lender agrees that (i)&nbsp;the
Borrower may disclose the information contained on such form or certification as reasonably necessary to comply with their respective
obligations under FATCA and (ii)&nbsp;if any form or certification it previously delivered expires or becomes obsolete or inaccurate in
any respect, it shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so. Notwithstanding
any other provisions of this <U>clause (E)</U>, a Lender or other recipient of payments shall not be required to deliver any form that
such Lender or other recipient of payments is not legally eligible to deliver. The Lenders acknowledge the right of the Borrower to withhold
in compliance with Applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2.8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Prepayment</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrower may elect to
prepay the Loan in whole or in part at any time by providing notice to the Lenders of its election at least one (1)&nbsp;Business Day
prior to the date of such prepayment. Any prepayment under this <U>Section&nbsp;2.8</U> shall be made without any penalty or premium.
Upon the Borrower&rsquo;s election to prepay the Loan in full in accordance with this <U>Section&nbsp;2.8</U>, the Borrower shall reduce
the Loan Balance and make all other payments in accordance with <U>Section&nbsp;2.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;III.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>[RESERVED]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;IV.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Conditions
of Closing</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;4.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Conditions
to Closing and Funding</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Closing Date shall not occur, nor shall the Initial Lenders be obligated to take, fulfill or perform any other action hereunder, until
all of the following conditions have been satisfied in the sole discretion of the Initial Lenders and the Administrative Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Transaction Document shall have been duly executed by, and delivered to, the parties hereto and thereto and the Initial Lenders shall
have received each other document, agreement, certificate, opinion and other item as the Initial Lenders and the Administrative Agent
may request, each in form and substance satisfactory to the Initial Lenders and the Administrative Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
representations and warranties of the Borrower and the Guarantor contained in each Transaction Document to which it is a party shall be
true and correct in all material respects (except to the extent that any such representation or warranty is subject to any materiality
qualifier, in which case, if at any time such representation or warranty fails to be correct in any respect) on and as of the Closing
Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Initial Lenders and the Administrative Agent shall have received resolutions duly adopted by the Borrower authorizing, as applicable,
the transactions contemplated hereunder and the execution, delivery and performance of the Transaction Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Initial Lenders and the Administrative Agent shall have satisfactorily completed financial and legal due diligence on the Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
Default or Event of Default shall have occurred;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Borrower shall have paid or caused to be paid all fees required to be paid by it on the Closing Date, including all fees required to be
paid on or before the Closing Date hereunder and the Initial Lenders and the Administrative Agent shall have been reimbursed for all fees,
costs and expenses related to the transactions contemplated hereunder and under the other Transaction Documents, including legal and other
document preparation costs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
event shall exist which has resulted in, or could reasonably be expected to result in a Material Adverse Effect with respect to Borrower; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Funding Date shall not occur, nor shall the Initial Lenders be obligated to make the loan hereunder, until all of the following conditions
have been satisfied in the sole discretion of the Initial Lenders and the Administrative Agent on the Funding Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
representations and warranties of the Borrower and the Guarantor contained in each Transaction Document to which it is a party shall be
true and correct in all material respects (except to the extent that any such representation or warranty is subject to any materiality
qualifier, in which case, if at any time such representation or warranty fails to be correct in any respect) on and as of the Funding
Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
Default or Event of Default shall have occurred; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
event shall exist which has resulted in, or could reasonably be expected to result in a Material Adverse Effect with respect to Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Representations
and Warranties</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;5.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Representations
and Warranties of the Borrower</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise indicated,
the Borrower makes the following representations and warranties as of the Closing Date, the Funding Date and each Payment Date, upon which
the Initial Lenders rely in making the Loan to the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Organization
and Good Standing.</U> The Borrower is duly organized and validly existing as a limited liability company, in good standing under the
laws of the State of Delaware, with all requisite power and authority to conduct its business as such business is presently conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Due
Qualification.</U> The Borrower is duly qualified to do business in the State of Delaware. The Borrower has obtained all necessary licenses
and approvals in all jurisdictions in which the conduct of its business requires such qualifications, licenses or approvals except where
the failure to qualify could not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Power
and Authority; Due Authorization.</U> The Borrower (i)&nbsp;has all necessary power, authority and legal right to (A)&nbsp;execute and
deliver this Agreement and each other Transaction Document to which it is a party and (B)&nbsp;carry out the terms of this Agreement and
each other Transaction Document to which it is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Violation.</U> The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof will not (i)&nbsp;conflict
with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default
under, the Borrower&rsquo;s Formation Documents, (ii)&nbsp;result in a breach of, or constitute a default under, or require any consent
under, any material agreement that is binding on the Borrower or by which it or its properties may be bound or affected, (iii)&nbsp;result
in the creation or imposition of any Lien upon any of the Borrower&rsquo;s properties pursuant to the terms of any agreement, other than
this Agreement or (iv)&nbsp;violate any Applicable Law, in the case of <U>clause (iv)</U>, except where such violation could not reasonably
be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Proceedings.</U> There is no litigation, proceeding or investigation pending or, to the Borrower&rsquo;s best knowledge, threatened against
it, before any Governmental Authority (i)&nbsp;asserting the invalidity of this Agreement, (ii)&nbsp;seeking to prevent the consummation
of any of the transactions contemplated by this Agreement or (iii)&nbsp;seeking any determination or ruling that could reasonably be expected
to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>All
Consents Required.</U> All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Governmental
Authority required for the due execution, delivery and performance by the Borrower of this Agreement either (x)&nbsp;have been duly obtained,
effected or given and are in full force and effect or (y)&nbsp;as of the date hereof, the Borrower has properly completed and submitted
all applications, documents and other materials necessary to cause such consent, license, approval, authorization, registration or declaration
to be issued or obtained and has paid all applicable fees and costs in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Solvency.</U>
The transactions under this Agreement do not and will not render the Borrower not Solvent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Taxes.</U>
The Borrower has filed, caused to be filed, or received an extension of time for filing that has not yet expired all federal and material
state, local or foreign tax returns that are required to be filed by it. The Borrower has paid or made adequate provisions for the payment
of all federal or material amounts of state, local or foreign Taxes and all material assessments made against it or any of its property
(other than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect
to which reserves have been provided on the books of the Borrower), and no tax lien has been filed and, to its knowledge, no claim is
being asserted, with respect to any such Tax, fee or other charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Exchange
Act Compliance; Regulations T, U and X.</U> None of the transactions contemplated herein (including the use of the proceeds from the Loan)
will violate or result in a violation of Section&nbsp;7 of the Exchange Act, or any regulations issued pursuant thereto, including Regulations
T, U and X of the Federal Reserve Board, 12 C.F.R., Chapter II. The Borrower does not own, nor does it intent to carry or purchase, any
 &ldquo;margin stock&rdquo; within the meaning of Regulation U or to extend &ldquo;purpose credit&rdquo; within the meaning of Regulation
U.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Reports
Accurate</U>. All information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished by the
Borrower to any Lender or the Administrative Agent in connection with this Agreement are true, correct and complete in all material respects
as of the date specified therein or the date so furnished (as applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Investment
Company Act</U>. The Borrower is not and, after giving effect to the transactions contemplated by this Agreement, will not be required
to register as, an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Anti-Corruption
Laws and Sanctions</U>. The Borrower is in compliance with Anti-Corruption Laws and applicable Sanctions. The Borrower is subject to policies
and procedures to ensure compliance by it and its directors, officers, employees and agents with Anti-Corruption Laws.&nbsp; Neither the
Borrower nor the Guarantor, or any of their respective directors, officers or employees, or,&nbsp;to the knowledge of the Borrower, the
affiliates or agents of the Borrower, is a Sanctioned Person or, located, organized or resident in a Sanctioned Country.&nbsp;None of
the Loan, the use of proceeds of the Loan or the transactions contemplated by this Agreement will violate Anti-Corruption Laws or applicable
Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Anti-Money
Laundering Laws</U>. The operations of the Borrower are and have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements, the applicable money laundering statutes of all jurisdictions where the Borrower conducts business,
the rules&nbsp;and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced
by any governmental or regulatory agency (collectively, the &ldquo;<U>Anti-Money Laundering Laws</U>&rdquo;), and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Borrower or any of its subsidiaries
with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Borrower, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>ERISA</U>.
The Borrower is not, and will not any time be, a Benefit Plan Investor or a governmental plan, non-U.S. plan, church plan or any other
plan, arrangement or entity that is subject to any federal, state, local or non-U.S. law that is substantially similar to Title I of ERISA
or Section&nbsp;4975 of the Code (a &ldquo;<U>Similar Law Plan</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Binding
Obligation</U>. This Agreement constitutes the legal, valid and binding obligation of the Borrower, enforceable against it in accordance
with its terms, except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general
principles of equity (whether considered in a suit at law or in equity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;VI.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Covenants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;6.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Affirmative
Covenants of the Borrower</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From the date hereof until
the Maturity Date, the Borrower covenants and agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with Laws</U>. The Borrower shall comply in all material respects with all Applicable Laws, including those with respect to the LP Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Preservation
of Existence</U>. The Borrower shall preserve and maintain its existence, rights, franchises and privileges in the State of Delaware,
and qualify and remain qualified in good standing in each jurisdiction where the failure to preserve and maintain such existence, rights,
franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Keeping
of Records and Books of Account</U>. The Borrower shall maintain and implement administrative and operating procedures and keep and maintain
all documents, books, records and other information reasonably necessary or advisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Taxes</U>.
The Borrower shall file or cause to be filed all U.S. federal and material state, local or foreign tax returns that are required to be
filed by it and shall pay, discharge or otherwise satisfy all of its Tax liabilities, other than any Tax liability the validity of which
is currently being contested in good faith by appropriate proceedings diligently conducted and with respect to which reserves have been
provided in the books of such Borrower in accordance with GAAP. The Borrower shall deliver to each Lender, as may reasonably be required
by the Code and applicable Treasury Regulations or otherwise, such information in the possession or control of it, as may be required
to enable each Lender to prepare its federal and State income tax returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Use
of Proceeds</U>. The Borrower shall apply the proceeds of the Loan to acquire the LP Interests in ZP Utility Fund, LP and for general
corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Reporting</U>.
The Borrower, shall distribute, or cause to be distributed, to each Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Financial
Statements</U>. The Borrower shall provide quarterly and annual financial statements, including audited annual financial statements if
available;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Auditors&rsquo;
Management Letters</U>. Promptly after any auditors&rsquo; management letters are received by the Borrower or by its accountants, which
refer in whole or in part to any inadequacy, defect, problem, qualification or other lack of fully satisfactory accounting controls utilized
by the Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>ERISA</U>.
Promptly after the occurrence of any &ldquo;Reportable Event&rdquo; with respect to a Pension Plan, a notice describing such Reportable
Event and a copy of any notices received from or filed with the PBGC pertaining thereto; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice
of Material Events</U>. Promptly after receiving written notice of an event or circumstance that is likely to have a Material Adverse
Effect on the Borrower or the Guarantor, notice of such event or circumstance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice
of Default</U>. The Borrower shall notify each Lender of any Default or Event of Default hereunder within five (5)&nbsp;days of notice
or knowledge thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Other</U>.
The Borrower shall furnish to the Lenders promptly, from time to time, such other information, documents, records or reports as the Lenders
may from time to time reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with Formation Documents</U>. The Borrower shall comply with the restrictions set forth in its Formation Documents in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;6.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Negative
Covenants of the Borrower</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise indicated,
the Borrower covenants and agrees from the date hereof until the date on or after the Maturity Date as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Other Business; Indebtedness; Guarantees; Subsidiaries; Investments</U>. The Borrower shall not (i)&nbsp;engage in any business other
than a Permitted Business, (ii)&nbsp;incur any Indebtedness, obligation, liability or contingent obligation of any kind other than pursuant
to or as contemplated by this Agreement or any other Transaction Document (excluding any incidental expenses incurred by the Borrower
in connection with the performance of its obligations under the foregoing documents), or (iii)&nbsp;guarantee, endorse or otherwise be
or become contingently liable in connection with the obligations of any other Person, except as provided for under the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Mergers,
Acquisitions, Sales, Etc.</U> The Borrower shall not be a party to any merger, consolidation or division, or purchase or otherwise acquire
all or substantially all of the assets or any stock of any class of, or any partnership or joint venture interest in, any other Person,
or, sell, transfer, convey or lease all or any substantial part of its assets (other than pursuant hereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Change
of Name or Location of Records</U>. The Borrower shall not (i)&nbsp;make any change to its name (within the meaning of Section&nbsp;9-507(c)&nbsp;of
any applicable enactment of the UCC) indicated in its Formation Documents or (ii)&nbsp;change its form of organization or its jurisdiction
of organization, unless, in each case, at least thirty (30) days prior to the effective date of such change, it delivers to the Administrative
Agent such financing statements or amendments to financing statements (Form&nbsp;UCC-1 or Form&nbsp;UCC-3, respectively) authorized by
it which shall reflect such name change or change in form or jurisdiction of organization, together with such other documents, legal opinions
and instruments that the Administrative Agent may reasonably request in connection with the transaction giving rise thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>ERISA
Matters</U>. The Borrower shall not, to the extent it could reasonably result in a Material Adverse Effect, (i)&nbsp;engage or permit
any ERISA Affiliate to engage in any prohibited transaction for which an exemption is not available or has not previously been obtained
from the United States Department of Labor, (ii)&nbsp;fail to satisfy or permit any ERISA Affiliate to fail to satisfy the &ldquo;minimum
funding standard,&rdquo; as defined in Section&nbsp;302(a)&nbsp;of ERISA and Section&nbsp;412(a)&nbsp;of the Code with respect to any
Pension Plan, (iii)&nbsp;fail to make or permit any ERISA Affiliate to fail to make any payments to a Multiemployer Plan that the Borrower
or any ERISA Affiliate is required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (iv)&nbsp;permit
the filing of any notice of intent to terminate a Pension Plan under Section&nbsp;4041(c)&nbsp;of ERISA, (v)&nbsp;permit the termination
of any Pension Plan under Section&nbsp;4041(c)&nbsp;of ERISA or the institution by the Pension Benefit Guaranty Corporation of proceedings
to terminate or appoint a trustee to administer a Pension Plan, (vi)&nbsp;permit any event or condition that might constitute grounds
under Section&nbsp;4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or (vii)&nbsp;incur
any liability or permit any ERISA Affiliate to incur any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent
under Section&nbsp;4007 of ERISA. The Borrower will not become a Benefit Plan Investor or a Similar Law Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Formation
Documents and Transaction Documents</U>. Without the prior consent of the Administrative Agent, the Borrower shall not amend, modify,
waive or terminate any provision of (i)&nbsp;its Formation Documents or (ii)&nbsp;any Transaction Document in any manner that would have
a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>[Reserved].</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Assignments</U>. The Borrower shall not assign or delegate, grant any interest in or permit any Lien (other than Permitted Liens) to exist
upon any of its rights, obligations or duties under this Agreement or any Transaction Document to which the Borrower is a party without
the prior written consent of the Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Transfer of LP Interests</U>. The Borrower shall not, directly or indirectly, sell, transfer, or otherwise dispose of, assign or convey,
pledge, hypothecate or otherwise encumber any LP Interests as security for any obligation or liability, whether existing or future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Distributions</U>.
Except to the extent permitted by <U>Section&nbsp;2.3</U>, the Borrower shall not declare or pay, directly or indirectly, any dividend
or make any other distribution (whether in cash or other property) with respect to the profits, assets or capital of the Borrower or any
Person&rsquo;s interest therein, or purchase, redeem or otherwise acquire for value any of its capital stock now or hereafter outstanding
except any Permitted Distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Anti-Corruption
Laws; Sanctions</U>. None of the Borrower, or any of its directors, officers, or employees, or to the knowledge of the Borrower, any Affiliates
or agents of the Borrower, or any of their subsidiaries, shall, directly or indirectly, use any part&nbsp;of any proceeds of the Loan,
contribute, or otherwise make available such proceeds (a)&nbsp;to fund or facilitate any activities or business of or with any Person
that, at the time of such funding or facilitation, is a Sanctioned Person in violation of Sanctions, (b)&nbsp;to fund or facilitate any
activities or business of or in any Sanctioned Country in violation of Sanctions, (c)&nbsp;in any manner that would result in a violation
by any Person of Sanctions, or (d)&nbsp;in violation of Applicable Law, including Anti-Corruption Laws. None of the Borrower, or any of
its respective directors, officers, or employees, or to the knowledge of the Borrower, any Affiliates or agents of the Borrower, or any
of their subsidiaries, shall use the proceeds of the Loan in furtherance of an offer, payment, promise to pay, or authorization of the
payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;6.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Indemnities
by the Borrower</U></B>. The Borrower agrees to indemnify, defend and hold harmless the Administrative Agent and each Lender and their
respective directors, officers, employees and agents (the &ldquo;<U>Indemnified Parties</U>&rdquo;) against any and all fees, losses,
claims, damages (including punitive damages), liabilities or expenses (including reasonable legal and accounting fees and expenses, and
court costs) (collectively, &ldquo;<U>Losses</U>&rdquo;), as incurred (payable promptly upon written request), for or on account of or
arising from or in connection with or as a result of this Agreement or any other Transaction Document, including (x)&nbsp;any breach
of any representation, warranty or covenant of the Borrower in this Agreement, the other Transaction Documents or in any certificate
or other written material delivered pursuant hereto or thereto, (y)&nbsp;the failure by Borrower to comply with Applicable Law or (z)&nbsp;any
litigation, claim, proceeding or investigation before any Governmental Authority (1)&nbsp;relating to this Agreement, the other Transaction
Documents or the transactions contemplated hereby or thereby or (2)&nbsp;relating to the Borrower in which any Indemnified Party becomes
involved as a result of the transactions contemplated by this Agreement or the other Transaction Documents, including any judgment, award,
settlement, reasonable and documented out of pocket external attorneys&rsquo; fees and other out of pocket costs or expenses incurred
in connection with any such litigation, claim, proceeding or investigation (including in connection with an Indemnified Party&rsquo;s
enforcement of its right to indemnification); provided, however, that the Borrower shall not be so required to indemnify any such Indemnified
Party or otherwise be liable to any such Indemnified Party hereunder for any Losses (i)&nbsp;with respect to taxes other than any taxes
that represent losses, claims or damages arising from any non-tax claim or (ii)&nbsp;arising from such Indemnified Party&rsquo;s willful
misconduct or gross negligence as determined by a court of competent jurisdiction in a final, non-appealable judgment. The indemnification
obligations of the Borrower shall survive the termination of this Agreement and shall be enforceable by the Administrative Agent and
each Lender even if such Lender or the Administrative Agent subsequently assigns its rights and obligations under this Agreement in accordance
with <U>Article&nbsp;X</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;6.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Covenant
of Parties</U></B>. Each party to this Agreement, including each Lender that becomes a party hereto from time to time, acknowledges,
covenants and agrees that the transactions contemplated by this Agreement are intended to be treated as a loan for accounting purposes
and each such party shall treat the transactions contemplated by this Agreement as a loan for accounting purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;VII.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Events
of Default</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;7.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Events
of Default</U></B></FONT>. (a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;(a)&nbsp;Each of the following events shall constitute an &ldquo;<U>Event
of Default</U>&rdquo;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(A)&nbsp;Any
failure by the Borrower to pay any Interest due and payable by the Borrower under this Agreement or any other Transaction Document when
the same becomes due and payable, and such failure shall continue for a period of three (3)&nbsp;Business Days after the earlier of actual
knowledge or written notice thereof or (B)&nbsp;any failure by the Borrower to pay any amount (other than Interest or principal in respect
of the Loan) due and payable by the Borrower under this Agreement or any other Transaction Document when the same becomes due and payable,
and such failure shall continue unremedied for two (2)&nbsp;Business Days after the earlier of actual knowledge or written notice thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
failure by the Borrower to indefeasibly pay in full the Loan Balance, together with all other Aggregate Unpaids on the Maturity Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
sale or disposition of any of the LP Interests by the Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
failure on the part of the Borrower to observe or perform any of its covenants or agreements set forth in any Transaction Document to
which it is a party in any material respect (other than a covenant or agreement, a default in the observance or performance of which is
elsewhere specifically dealt with in this <U>Section&nbsp;7.1(a)</U>) and such failure continues unremedied for thirty (30) calendar days
after the earlier of (1)&nbsp;written notice to the Borrower, by any Secured Party of such breach and (2)&nbsp;the date such breach was
discovered by the Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
representation or warranty made or deemed to be made by the Borrower or in connection with this Agreement or any of the other Transaction
Documents to which it is a party shall prove to have been false or incorrect in any material respect when made, deemed made or delivered,
and shall remain unremedied for thirty (30) calendar days after the earlier of (1)&nbsp;written notice to the Borrower by any Secured
Party of such breach and (2)&nbsp;the date such breach was discovered by the Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
occurrence of an Insolvency Event relating to the Borrower or the Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
final non appealable judgment shall be entered against, or settlements by, or the commencement of any material litigation, arbitration
or investigation involving the Borrower, that could individually or in the aggregate reasonably be expected to have a Material Adverse
Effect on the Borrower or the Lenders, and, in the case of a judgment, such judgment shall not have been discharged or stayed within thirty
(30) days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Borrower shall become an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act or shall be required to register
as an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
occurrence of any default or event of default under any other agreement or instrument relating to any indebtedness of the Borrower or
the Guarantor, which results in such indebtedness becoming due prior to its scheduled maturity or which permits the holder or holders
of such indebtedness to declare such indebtedness to be due and payable prior to its scheduled maturity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
occurrence of a Change of Control in respect of the Borrower or the Guarantor; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Guaranty shall cease to be in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
the occurrence of any Event of Default, the Lenders may, by notice to the Borrower (with a copy to the Guarantor and the Administrative
Agent, if any), declare the Loan Balance and all other amounts owing by the Borrower under this Agreement to be accelerated and become
immediately due and payable without demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower.
The Lenders may waive any Event of Default in writing whereupon such Event of Default shall be deemed to have not occurred for purposes
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;7.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Actions
Upon an Event of Default</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On and after an Event of Default,
the Administrative Agent at the direction of the Lenders, shall take the following remedial actions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Administrative Agent may take any action permitted under the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Administrative Agent may, on behalf of the Lenders, declare the Aggregate Unpaids immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;7.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Exercise
of Remedies</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No failure or delay on the
part of the Administrative Agent to exercise any right, power or privilege under this Agreement and no course of dealing between the Borrower,
on the one hand, and the Administrative Agent, on the other hand, shall operate as a waiver of such right, power or privilege, nor shall
any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise of such right,
power or privilege or the exercise of any other right, power or privilege. The rights and remedies expressly provided in this Agreement
are cumulative and not exclusive of any rights or remedies which the Secured Parties or the Administrative Agent would otherwise have
pursuant to law or equity. No notice to or demand on any party in any case shall entitle such party to any other or further notice or
demand in similar or other circumstances, or constitute a waiver of the right of the other party to any other or further action in any
circumstances without notice or demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;VIII.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ADMINISTRATIVE
AGENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;8.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Appointment</U></B>.
The Lenders hereby appoint ASIL as the Administrative Agent. Each Lender by entering into this Agreement hereby irrevocably authorizes
the Administrative Agent to act in accordance with the explicit provisions of the Transaction Documents and to exercise such powers as
are reasonably incidental thereto and perform such duties as are expressly delegated to the Administrative Agent, subject to the terms
and conditions of this Agreement and the other Transaction Documents. Notwithstanding any provision to the contrary contained elsewhere
in this Agreement or in any other Transaction Document, the Administrative Agent shall not have any duty or responsibility except those
expressly set forth herein, nor shall the Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Transaction
Document or otherwise exist against the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;8.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Agent
for Administrative Purposes Only</U></B>. Unless otherwise agreed by the Administrative Agent and the Lenders in their sole discretion,
the Borrower shall make all payments directly to the Lenders severally and not to the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;8.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Collateral
and Guaranty Matters</U></B>. . The Administrative Agent, at the direction of the Lenders, may release any Lien granted to or held by
the Administrative Agent under the Guaranty (i)&nbsp;when all outstanding Aggregate Unpaids owing with respect to the Loans have been
paid in full (it being understood and agreed to that the Administrative Agent shall be under no obligation to account for any outstanding
monetary Obligations owing to any Lender that have not been reported to Administrative Agent in writing by such Lender and the Administrative
Agent may assume that no such non-reported monetary Obligations owing to such Lender exist for purposes of this clause (i)); (ii)&nbsp;constituting
property sold or to be sold or disposed of as part of or in connection with any sale or other disposition permitted under this Agreement
(including by consent, waiver or amendment and it being agreed and understood that the Administrative Agent may conclusively rely without
further inquiry on a certificate of an officer of the Borrower as to the sale or other disposition of property being made in compliance
with this Agreement); or (iii)&nbsp;if approved, authorized or ratified in writing by the Lenders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;IX.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Assignments;
Participations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;9.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Assignments
and Participations</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Lender agrees that the Loan being extended pursuant to this Agreement will be made for investment only and not with a view to any public
distribution thereof, and that such Lender will not offer to sell or otherwise dispose of the related rights or obligations so acquired
by it (or any interest therein) in violation of any of the registration requirements of the Securities Act or any applicable State securities
laws. Each Lender hereby confirms and agrees that, in connection with any offering, transfer or sale by it of any interest in the Loan,
it has not engaged and will not engage in a general solicitation or general advertising. Each Lender hereby confirms and agrees that it
is a &ldquo;qualified purchaser&rdquo; as defined in the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Lender may assign to one or more Affiliates all or a portion of its rights and obligations under this Agreement, upon notice to the Administrative
Agent.; <U>provided</U>, <U>however</U>, that (i)&nbsp;the parties to each such assignment shall execute and deliver to the Borrower,
the other Lenders and the Administrative Agent an Assignment and Acceptance, (ii)&nbsp;each Person that becomes a Lender under an Assignment
and Acceptance shall agree to be bound by the confidentiality provisions of <U>Article&nbsp;XI</U>, (iii)&nbsp;at no time shall there
be more than 5 Lenders, (iv)&nbsp;each Person that becomes a Lender under an Assignment and Acceptance shall provide the Administrative
Agent with documentation required by <U>Section&nbsp;2.7</U> hereof and prescribed by Applicable Law (including as prescribed by Section&nbsp;1471(b)(3)(C)(i)&nbsp;of
the Code) and such additional documentation reasonably requested by the Borrower as may be necessary to comply with its obligations under
FATCA and to determine that such Person has complied with its obligations under FATCA and (v)&nbsp;each Person that becomes Lender under
an Assignment and Acceptance is a &ldquo;qualified purchaser&rdquo; as defined in the Investment Company Act. Upon such execution and
delivery by the Lender assignor and assignee, from and after the effective date specified in each Assignment and Acceptance, (i)&nbsp;the
assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant
to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (ii)&nbsp;the Lender assignor thereunder
shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish
its rights (except for rights to indemnification under <U>Section&nbsp;6.3</U>) and be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender&rsquo;s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;By
executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and the assignee thereunder confirm to and agree
with each other and the other parties hereto as follows: (i)&nbsp;other than as provided in such Assignment and Acceptance, such assigning
Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations
made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of
this Agreement or any other instrument or document furnished pursuant hereto; (ii)&nbsp;such assignee confirms that it has received a
copy of this Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iii)&nbsp;such assignee will, independently
and without reliance upon such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (iv)&nbsp;such assignee appoints
and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as
are delegated to such agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (v)&nbsp;such assignee
agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement are required to
be performed by it as a Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Administrative Agent shall maintain at its address in the United States a copy of each Assignment and Acceptance delivered to and accepted
by it and update the Lender Register attached hereto as <U>Schedule A</U> for the recordation of the names, addresses and Loan Percentage
of each Lender and the Loan Balance (and stated interest) of the Loan. The Lender Register shall be conclusive and binding for all purposes,
absent manifest error, and the Borrower may treat each Person whose name is recorded in the Lender Register as a Lender hereunder for
all purposes of this Agreement. The Lenders and any transferees or assignees thereof after the Closing Date will be required to provide
to the Administrative Agent or its agents all information, documentation or certifications reasonably requested by the Administrative
Agent to permit the Administrative Agent to comply with its reporting obligations under applicable laws, including any applicable cost
basis reporting obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee, the Administrative Agent shall, if such Assignment
and Acceptance has been completed, accept such Assignment and Acceptance, and the Administrative Agent shall then record the information
contained therein in the Lender Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section&nbsp;9.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Prohibition
on Assignments by the Borrowers.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrower may not assign
any of its rights or obligations under this Agreement to any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;X.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Mutual
Covenants Regarding Confidentiality<BR>
Section</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;10.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Confidentiality
of This Agreement</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each party hereto, severally
and with respect to itself only, covenants and agrees to hold in confidence, and not disclose to any Person, the terms of this Agreement
(including any fees payable in connection with this Agreement or the identity of any Lender under this Agreement), except as the Borrower,
the Administrative Agent and all Lenders may have consented to in writing prior to any proposed disclosure and except that any party hereto
may disclose such information (i)&nbsp;to its Affiliates, officers, directors, employees, investors, potential investors, creditors, potential
creditors, potential or existing lenders, agents, counsel, accountants, subservicers, auditors, advisors or any actual or potential assignee
or participant, or representatives (such Persons, &ldquo;<U>Excepted Persons</U>&rdquo;); <U>provided</U> that each Excepted Person shall,
as a condition to any such disclosure, agree for the benefit of other parties hereto that such information shall be used solely in connection
with such Excepted Person&rsquo;s performance of its duties hereunder or under any Transaction Document, or its evaluation of, or relationship
with, the disclosing party, (ii)&nbsp;to the extent such information has become available to the public other than as a result of a disclosure
by the disclosing party, or (iii)&nbsp;to the extent it is (a)&nbsp;required by Applicable Law, or in connection with any legal or regulatory
proceeding or (b)&nbsp;required by any Governmental Authority to disclose such information; <U>provided</U> that in the case of <U>clause
(iii)</U>, the disclosing party will use all reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by law)
notify each other party hereto of its intention to make any such disclosure prior to making such disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;10.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Other
Confidential Information</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
party hereto covenants and agrees that it will not disclose any Confidential Information of any other party now or hereafter received
or obtained by it without the prior written consent of such other party except as permitted by this <U>Section&nbsp;10.2</U>; <U>provided</U>,
<U>however</U>, that any party may disclose any such Confidential Information to those of its employees or Affiliates directly involved
in the transactions contemplated by the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
party hereto acknowledges and understands that the Confidential Information may contain &ldquo;nonpublic personal information&rdquo; as
that term is defined in Section&nbsp;6809(4)&nbsp;of the Gramm-Leach-Bliley Act (the &ldquo;<U>Act</U>&rdquo;), and each party hereto
agrees to maintain such nonpublic personal information received hereunder in accordance with the Act and other applicable federal and
state privacy laws. Each party hereto shall, and shall direct employees, Affiliates directly involved in the transaction contemplated
by the Transaction Documents and its respective Advisors to (i)&nbsp;not disclose such nonpublic personal information to any third party,
that is not a party to a Transaction Document, including third party service providers, without the prior written consent of the Borrower;
(ii)&nbsp;agree not to use nonpublic personal information for any purpose not reasonably contemplated by their respective roles in the
transactions contemplated by the Transaction Documents; (iii)&nbsp;protect against any unauthorized access to or use of such nonpublic
personal information; (iv)&nbsp;in the event of any actual or apparent theft, unauthorized use or disclosure of such nonpublic personal
information, immediately commence all reasonable efforts to investigate and correct the causes and remediate the results thereof; and
(v)&nbsp;as soon as practicable following its having actual knowledge or receipt of written notice of any event described in <U>clause
(iv)</U>&nbsp;hereof, provide notice thereof to the other parties hereto, and such further information and assistance as may be reasonably
requested by any other party in relation thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
party hereto may also disclose any such Confidential Information to Excepted Persons, provided that each such Person is informed of the
confidential nature of such information and applicability of the Act to the use, maintenance and protection thereof by the recipient thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
anything herein to the contrary, nothing herein shall be construed to prohibit (i)&nbsp;disclosure of any and all information that is
or becomes publicly known; (ii)&nbsp;disclosure of any and all information (A)&nbsp;if required to do so by any applicable statute, law,
rule&nbsp;or regulation, (B)&nbsp;to any government agency or regulatory body having or claiming authority to regulate or oversee any
aspects of such party&rsquo;s business or that of their affiliates, (C)&nbsp;pursuant to any subpoena, civil investigative demand or similar
demand or request of any court, regulatory authority, arbitrator or arbitration having jurisdiction over such party or an officer, director,
employer, shareholder or affiliate of such party, (D)&nbsp;in any preliminary or final offering circular, registration statement or contract
or other document approved in advance by the Borrower, or (E)&nbsp;to any affiliate, independent or internal auditor, agent (including
any potential sub or successor servicer), employee or attorney of each party having a need to know the same, provided that such party
advises such recipient of the confidential nature of the information being disclosed and such Person agrees to maintain the confidentiality
thereof for the benefit of the party whose Confidential Information is proposed to be disclosed; or (iii)&nbsp;any other disclosure authorized
by the party whose Confidential Information is proposed to be disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;It
is understood that the Administrative Agent, each Lender and their respective Affiliates may be required to disclose (and may so disclose,
without liability hereunder) the Confidential Information or portions thereof at the request of a bank examiner, insurance commissioner
or other regulatory authority or in connection with an examination of it or its Affiliates by a bank examiner, insurance commissioner
or other regulatory authority, including in connection with the regulatory compliance policy of the Administrative Agent or any Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
party hereto agrees that its obligations under this <U>Article&nbsp;X</U> shall survive the termination of this Agreement for a period
of two (2)&nbsp;years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
the extent not prohibited by applicable law, each party hereto shall use commercially reasonable efforts to give advance notice to each
other party of any disclosure of such other party&rsquo;s Confidential Information made pursuant to applicable law, regulation, court
order or other legal process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;10.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Non-Confidentiality
of Tax Treatment and Tax Structure</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything to
the contrary contained herein or in any document related to the transactions contemplated hereby, the parties hereby agree that, from
the commencement of discussions with respect to the transactions described herein, each party hereto (and each of its employees, representatives,
Advisors, Affiliates or agents) is permitted to disclose to any and all persons of any kind (other than limitations imposed by State or
federal securities laws), the structure and tax aspects of the transactions, and all materials of any kind (including opinions or other
tax analyses) that are provided to each such party related to such structure and tax aspects. In this regard, each party hereto acknowledges
and agrees that this disclosure of the structure or tax aspects of the transactions is not limited in any way by an express or implied
understanding or agreement, oral or written (whether or not such understanding or agreement is legally binding) except as is reasonably
necessary to comply with state and federal securities laws. Furthermore, each party hereto acknowledges and agrees that it does not know
or have reason to know that its use or disclosure of information relating to the structure or tax aspects of the transactions is limited
in any other manner (such as where the transactions are claimed to be proprietary of exclusive) for the benefit of any other Person (other
than as it may be limited by State or federal securities laws).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;XI.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Miscellaneous</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Amendments
and Waivers</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as provided in this
<U>Section&nbsp;11.1</U>, and subject to the provisions of <U>Section&nbsp;7.1(b)</U>, no amendment, waiver or other modification of this
Agreement or any schedule or exhibit hereto shall be effective without the written agreement of the Borrower, the Administrative Agent
and the Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section&nbsp;11.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Notices,
Etc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All notices and other communications
provided for hereunder shall, unless otherwise stated herein, be in writing (including telex communication and communication by facsimile
copy) and mailed, transmitted or delivered, as to each party hereto, at its address set forth below or specified in such party&rsquo;s
Assignment and Acceptance or at such other address as shall be designated by such party in a written notice to the other parties hereto.
All such notices and communications shall be effective, upon receipt, or in the case of (i)&nbsp;notice by mail, five days after being
deposited in the United States mail, first class postage prepaid, (ii)&nbsp;notice by email, upon receipt of answer back, or (iii)&nbsp;notice
by overnight courier, one (1)&nbsp;Business Day after being deposited with such overnight courier service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of the Borrower, at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Zimmer Insurance Services LLC<BR>
9 West 57<SUP>th</SUP> Street, 33<SUP>rd</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, NY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Mitchell Pressman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Telephone: [***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Email: [***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of the Guarantor, at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Zimmer Financial Services
Group LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">9 West 57<SUP>th</SUP> Street, 33<SUP>rd</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, NY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Chief Legal Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Telephone: [***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Email: [***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each party hereto agrees that
every other party hereto (or to any other Transaction Document) shall have behaved reasonably in accepting and relying upon, as having
been properly authorized and delivered by the first party, any notice, certificate, instruction, consent, agreement, report or other communication
that appears on its face to have been executed by an Authorized Signatory for such first party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of ASH, at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Ategrity Specialty Holdings LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">9 West 57<SUP>th</SUP> Street, 33<SUP>rd</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, NY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: General Counsel<BR>
Email: [***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of ASIL, at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Ategrity Specialty Insurance Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">9 West 57<SUP>th</SUP> Street, 33<SUP>rd</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, NY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: General Counsel<BR>
Email: [***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of a Lender, on the signature pages&nbsp;hereto, or as set forth in the related Assignment and Acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Acknowledgements</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Borrower acknowledges and agrees that the Loan is for a commercial purpose and not for any personal, family or household purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Borrower acknowledges and agrees that, upon remedies becoming exercisable in accordance with this Agreement and the other Transaction
Documents, it will comply with instructions originated by the Initial Lenders or Administrative Agent with respect to the Pledged Collateral
without the further consent of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>No
Waiver, Rights and Remedies</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No failure on the part of
the Administrative Agent, any Secured Party or any assignee of any Secured Party to exercise, and no delay in exercising, any right or
remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude
any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not
exclusive of any rights and remedies provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Binding
Effect</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall be binding
upon and inure to the benefit of the Administrative Agent, the Secured Parties and their respective successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Term
of this Agreement; Third Party Beneficiary</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall remain
in full force and effect until the Maturity Date; <U>provided</U>, <U>however</U>, that the rights and remedies with respect to any breach
of any representation and warranty made or deemed made by the Borrower pursuant to <U>Article&nbsp;V</U>, the indemnification and payment
provisions of <U>Articles VI</U> and <U>IX</U>, the confidentiality provisions of <U>Article&nbsp;X</U>, the provisions of <U>Section&nbsp;11.9</U>
and any other provision of this Agreement expressly stated to survive, shall be continuing and shall survive any termination or assignment
of this Agreement, or the resignation or removal of any party.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>GOVERNING
LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN
 &sect;&sect;5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)). EACH OF THE PARTIES HERETO HEREBY AGREES TO THE JURISDICTION
OF THE COURTS OF THE STATE OF NEW YORK, LOCATED IN THE BOROUGH OF MANHATTAN AND THE FEDERAL COURTS LOCATED WITHIN THE STATE OF NEW YORK
IN THE BOROUGH OF MANHATTAN. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO
VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF
AS IS DEEMED APPROPRIATE BY SUCH COURT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>WAIVER
OF JURY TRIAL</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT,
TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY
OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE
RESOLVED IN A BENCH TRIAL WITHOUT A JURY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Recourse
Against Certain Parties</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
recourse under or with respect to any obligation, covenant or agreement (including the payment of any fees or any other obligations) of
any Secured Party or the Administrative Agent as contained in this Agreement or any other agreement, instrument or document entered into
by it pursuant hereto or in connection herewith shall be had against any manager or administrator of such Person or any incorporator,
Affiliate, stockholder, officer, employee or director of such Person or of any such manager or administrator, as such, by the enforcement
of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood
that the agreements of any Secured Party or the Administrative Agent contained in this Agreement and all of the other agreements, instruments
and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of such
Person, and that no personal liability whatsoever shall attach to or be incurred by any administrator of any such Person or any incorporator,
stockholder, Affiliate, officer, employee or director of such Person or of any such administrator, as such, or any other of them, under
or by reason of any of the obligations, covenants or agreements of such Person contained in this Agreement or in any other such instruments,
documents or agreements, or that are implied therefrom, and that any and all personal liability of every such administrator of such Person
and each incorporator, stockholder, Affiliate, officer, employee or director of such Person or of any such administrator, or any of them,
for breaches by such Person of any such obligations, covenants or agreements, which liability may arise either at common law or at equity,
by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of this <U>Section&nbsp;11.9</U> shall survive the termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section&nbsp;11.10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>[Reserved.]</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Execution
in Counterparts; Electronic Execution; Severability; Integration</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may be executed
in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which when taken together shall constitute one and the same agreement. The words &ldquo;execution&rdquo;,
 &ldquo;executed&rdquo;, &ldquo;signed&rdquo;, &ldquo;signature&rdquo;, and words of like import in this Agreement and the other Transaction
Documents shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity
or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. In case
any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality
and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not
in any way be affected or impaired thereby. This Agreement contains the final and complete integration of all prior expressions by the
parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect
to the subject matter hereof, superseding all prior oral or written understandings other than any fee letter contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><U>Right
of Setoff</U></B>. Each Lender is hereby authorized (in addition to any other rights it may have) at any time after the occurrence of
an Event of Default, or at any time that any Obligation is due and payable, to set off, appropriate and apply (without presentment, demand,
protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owed by such Lender to, or
for the account of, the Borrower against the amount of the Obligations owed by the Borrower to such Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 11.13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendemnt
and Restatement</U></B>. This Agreement amends and restates in full the Original Loan Agreement, with effect as of the Closing Date,
and the parties hereto confirm that (a) all prior actions made pursuant to the Original Loan Agreement are effective as if made under
this agreement on the date made, and (b) no provision of this agreement is intended to result in the duplication of any such prior action
by any party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Pages&nbsp;Follow]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT>, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>ZIMMER INSURANCE SERVICES LLC,</B></P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">as Borrower</P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#8239;/s/ Mitchell Pressman&#8239;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">Mitchell Pressman</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">CFO</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font:  10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>ATEGRITY SPECIALTY HOLDINGS LLC,</B></P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">as an Initial Lender</P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#8239;/s/ Justin Cohen&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Justin Cohen</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">CEO</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>ATEGRITY SPECIALTY INSURANCE LIMITED,</B></P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">as an Initial Lender</P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#8239;/s/ Justin
    Cohen&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Justin Cohen</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> CEO</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font:  10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>ATEGRITY SPECIALTY INSURANCE LIMITED,</B></P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">as Administrative Agent</P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#8239;/s/ Justin
    Cohen&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Justin Cohen</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">CEO</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Omitted Exhibits</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule A of this exhibit, which is described under Section 9.1(d) above, has been omitted pursuant to Item 601(a)(5) of Regulation S-K because it does not contain information material
to an investment or voting decision and that information is not otherwise disclosed in this exhibit or the disclosure document. The registrant
will furnish supplementally a copy of Schedule A to the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>EXHIBIT&nbsp;A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;OF ASSIGNMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
ASSIGNMENT AND ASSUMPTION AGREEMENT (this &ldquo;<U>Assignment Agreement</U>&rdquo;) is entered into between the [_______] (&ldquo;<U>Assignor</U>&rdquo;)
and [________], (&ldquo;<U>Assignee</U>&rdquo;) as of [______], 20[__] (the &ldquo;<U>Effective Date</U>&rdquo;). Reference is made to
the agreement described in <U>Item 1</U> of <U>Annex I</U> hereto (as it may be amended, supplemented or otherwise modified from time
to time in accordance with the terms thereof, the &ldquo;<U>Loan Agreement</U>&rdquo;). Capitalized terms used herein and not otherwise
defined shall have the meanings ascribed to them in the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
accordance with the terms and conditions of the Loan Agreement, the Assignor hereby irrevocably sells and assigns to the Assignee, and
the Assignee hereby irrevocably purchases and assumes from the Assignor, all of the Assignor&rsquo;s rights and obligations in its capacity
as a Lender under the Loan Documents as of the date hereof, as specified in <U>Item 3 of Annex I</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Assignor (a)&nbsp;represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and
that such interest is free and clear of any adverse claim, (b)&nbsp;makes no representation or warranty and assumes no responsibility
with respect to any statements, warranties or representations made in or in connection with the Loan Documents or the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any other instrument or document furnished pursuant
thereto, and (c)&nbsp;makes no representation or warranty and assumes no responsibility with respect to the financial condition of the
Borrower or the performance or observance by the Borrower of any of its obligations under the Loan Documents or any other instrument or
document furnished pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Assignee (a)&nbsp;confirms that it has received copies of the Loan Agreement and the other Loan Documents, together with copies of the
financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Assignment Agreement, and (b)&nbsp;agrees that it has independently and without reliance on the
Assignor, and based on such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into
this Assignment Agreement, and also agrees that it will, independently and without reliance on the Assignor, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Assignee hereby releases the Assignor from and against any and all losses, claims, damages, liabilities and expenses asserted by the Assignee
relating to or arising from an alleged failure by the Assignor to disclose any information relating to the Loan or the Borrower, or otherwise,
including, but not limited to, such Assignee&rsquo;s inability to review such information, and agrees to make no claim against the Assignor
in respect of the non-disclosure of such information; provided, that in no event does such Assignee release the Assignor from any liabilities
asserted by the Assignee arising from fraud or the failure of the Assignor to disclose to the Assignee any information that, to the knowledge
of the Assignor, is in the Assignor&rsquo;s possession, and is necessary in order to make any other information prepared and provided
by the Assignor to the Assignee, in light of the circumstances under which such information was prepared and provided, not misleading.
The Assignee further releases the Assignor from any liability arising out of this Assignment Agreement or the Loan Documents which may,
directly or indirectly, arise out of (i)&nbsp;the Borrower&rsquo;s, or any other party&rsquo;s breach of its representations or warranties
in any Transaction Documents, or (ii)&nbsp;any failure by the Borrower, or any other party to perform or otherwise comply with its covenants
and obligations under the Transaction Documents. The Assignee further acknowledges that the underlying assumptions may not be realized,
that actual events may materially differ from such assumptions, and that the Assignor makes no representation as to whether such illustrations
or assumptions will be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Assignee (a)&nbsp;confirms that it is eligible as an assignee under the terms of the Loan Agreement, (b)&nbsp;appoints and authorizes
the Administrative Agent to take such action as the Administrative Agent on its behalf and to exercise such powers under the Loan Documents
as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto, (c)&nbsp;agrees
that it will perform in accordance with their terms all of the obligations which, by the terms of the Loan Documents are required to be
performed by it as a Lender, and (d)&nbsp;attaches the forms prescribed by the Internal Revenue Service of the United States certifying
as to the Assignee&rsquo;s status for purposes of determining exemption from United States withholding taxes with respect to all payments
to be made to the Assignee under the Loan Agreement or such other documents as are necessary to indicate that all such payments are subject
to such rates at a rate reduced by an applicable tax treaty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Assignee represents and warrants to the Assignor and the Administrative Agent as of the Effective Date that it has experience and expertise
in the making of or investing in loans such as the applicable Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Assignee agrees to be bound by the confidentiality provisions of Article&nbsp;IX of the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Assignee covenants and agrees that, shall not, prior to the date which is one year and one day after the final payment of the Obligations,
petition or otherwise invoke the process of any Governmental Authority for the purpose of commencing or sustaining an Insolvency Proceeding
against the Borrower under any United States federal or State Insolvency Laws or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Borrower or any substantial part of its property or ordering the winding up or
liquidation of the affairs of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Assignee acknowledges, covenants and agrees that the transactions contemplated by the Loan Agreement are intended be treated as a loan
for accounting purposes and the Assignee shall treat the transactions contemplated by the Loan Agreement as a loan for accounting purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Following
the execution of this Assignment Agreement by the Assignor and Assignee, it will be delivered by the Assignor to the Administrative Agent
(with a copy to the Borrower) and be recorded by the Administrative Agent on the Lender Register. The effective date of this Assignment
Agreement (the &ldquo;<U>Settlement Date</U>&rdquo;) shall be the date specified in <U>Item 2</U> of <U>Annex I</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 38; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
recording by the Administrative Agent, as of the Settlement Date (a)&nbsp;the Assignee shall be a party to the Loan Agreement and, to
the extent of the interest assigned pursuant to this Assignment Agreement as specified in <U>Item 4</U> of <U>Annex I</U>, have the rights
and obligations of a Lender thereunder and under the other Loan Documents, and (b)&nbsp;the Assignor shall, to the extent of the interest
assigned pursuant to this Assignment Agreement, relinquish its rights and be released from its obligations under the Loan Agreement and
the other Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
recording by the Administrative Agent, from and after the Settlement Date, the Administrative Agent shall make all payments under the
Loan Agreement and the other Loan Documents in respect of the interest assigned hereby (including, without limitation, all payments or
principal, interest and commitment fees (if applicable) with respect thereto) to the Assignee. On the Settlement Date, the Assignee shall
pay to or at the direction of the Assignor the Purchase Price set forth in <U>Item&nbsp;5</U> of <U>Annex I</U>. The Assignor and Assignee
shall make all appropriate adjustments in payments under the Loan Agreement and the other Loan Documents for periods prior to the Settlement
Date directly between themselves on the Settlement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;THIS
ASSIGNMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
hereto have caused this Assignment Agreement and Annex I hereto to be executed by their respective officers thereunto duly authorized,
as of the first date above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[___________],</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Assignor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#8239;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 47%"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[___________],&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Assignee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#8239;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Exhibit A - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNEX I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Borrower: Zimmer Insurance Services LLC(&ldquo;<U>Borrower</U>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 3%; text-align: left">1.</TD><TD STYLE="text-align: justify">Name and Date of Loan Agreement:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Amended and Restated Loan Agreement, dated as of
April 05,, 2025, among Zimmer Insurance Services LLC, as Borrower, Ategrity Specialty Holdings LLC, as an Initial Lender, and
Ategrity Specialty Insurance Limited, as an Initial Lender and as Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 3%">2.</TD>
  <TD STYLE="width: 47%">Date of Assignment Agreement:</TD>
  <TD STYLE="text-align: right; width: 50%">[_____,
20__]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">3.</TD><TD>Loan Documents:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The &ldquo;Transaction Documents&rdquo; as such term is
defined in the Loan and Security Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 3%; text-align: left">4.</TD><TD STYLE="text-align: justify">Assigned Interest:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Lender</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Amount
                                            of</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Loans Assigned</P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
                                            Rata<BR> Share</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 53%">[________]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
                                                                                      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 20%">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[__]%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 3%">5.</TD>
  <TD STYLE="width: 47%">Purchase Price Total:</TD>
  <TD STYLE="text-align: right; width: 50%">$[_______]</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Agreed and Accepted:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[___________],</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Assignor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#8239;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 47%"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[___________],&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Assignee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#8239;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>LENDER REGISTER</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>17
<FILENAME>tm2428146d9_ex10-21.htm
<DESCRIPTION>EXHIBIT 10.21
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;10.21</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Execution Version</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Dated March&nbsp;31, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GUARANTY AND PLEDGE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>between</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ZIMMER FINANCIAL SERVICES GROUP LLC,<BR>
as Guarantor,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ATEGRITY SPECIALTY INSURANCE LIMITED,<BR>
as Administrative Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Page</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; width: 81%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guaranty; Limitation of Liability</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guaranty Absolute</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pledge of Membership Interests and Security</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;4.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Reserved]</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;5.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Reserved</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;6.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Payments Free and Clear of Taxes, Etc</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;7.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Representations and Warranties</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;8.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Affirmative Covenants of the Guarantor</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;9.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Negative Covenants of the Guarantor</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;10.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendments</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notices, Etc</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;12.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No Waiver; Remedies</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;13.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Right of Set off</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;14.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Continuing Guaranty; Assignments under the Loan Agreement</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;15.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees and Expenses; Indemnification</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;16.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subordination</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;17.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Execution in Counterparts; Electronic Execution</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;18.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing Law; Jurisdiction; Waiver of Jury Trial, Etc</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;19.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Severability</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;20.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Headings</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;21.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guaranty Enforceable by Administrative Agent</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;22.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stay of Acceleration</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;23.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Termination</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;24.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Integration</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;25.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definitions</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GUARANTY AND PLEDGE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">GUARANTY AND PLEDGE AGREEMENT
dated as March&nbsp;31, 2025 (as amended, amended and restated, modified, restated and/or supplemented from time to time, this &ldquo;<U>Guaranty</U>&rdquo;),
by Zimmer Financial Services Group LLC, a Delaware limited liability company (the &ldquo;<U>Guarantor</U>&rdquo;) in favor of Ategrity
Specialty Insurance Limited (the &ldquo;<U>Administrative Agent</U>&rdquo;) for the benefit of the Secured Parties (as defined in the
Loan Agreement defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRELIMINARY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
is made to that certain Loan Agreement dated as of March&nbsp;31, 2025 (as amended, amended and restated, supplemented or otherwise modified
from time to time, the &ldquo;<U>Loan Agreement</U>&rdquo;), among Zimmer Insurance Services LLC, a Delaware limited liability company
(the &ldquo;<U>Borrower</U>&rdquo;), the Administrative Agent, the Initial Lenders and </FONT>each lender from time to time party thereto
(collectively, the &ldquo;<U>Lenders</U>&rdquo; and individually, a &ldquo;<U>Lender</U>&rdquo;). Terms defined in the Loan Agreement
and not otherwise defined in this Guaranty are used in this Guaranty as defined in the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, it is a condition
precedent to the making of the Loan by the Initial Lenders that the Guarantor shall have executed and delivered this Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the premises and in order to induce the Initial Lenders to make the Loan, the Guarantor hereby covenants and agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Guaranty;
Limitation of Liability</U></B>. (a)&nbsp;Until the Guarantee Termination Date, the Guarantor hereby absolutely, unconditionally and
irrevocably guarantees to the Administrative Agent, for the ratable benefit of itself and the other Secured Parties the full payment
when due of (whether at scheduled maturity, or by acceleration, mandatory prepayment, demand or otherwise or as further described below),
and the performance of, the Obligations (as defined in the Loan Agreement, the &ldquo;<U>Guaranteed Obligations</U>&rdquo;); <U>provided</U>,
that the Guarantor shall be required to make the following payments with respect to all amounts owing related to the Guaranteed Obligations
only as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>First</I>,
to each Lender, <I>pro rata </I>in accordance with such Lender&rsquo;s Loan Percentage, an amount equal to the accrued and unpaid Interest
for such Payment Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Second</I>,
if applicable, to each Lender, <I>pro rata</I> in accordance with such Lender&rsquo;s Loan Percentage, the remaining Loan Balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Without limiting the generality
of the foregoing, the Guarantor&rsquo;s liability shall extend to all amounts that constitute part of the Obligations and would be owed
by the Borrower to any Secured Party under or in respect of the Transaction Documents (as amended, restated, supplemented or otherwise
modified from time to time, the &ldquo;<U>Secured Documents</U>&rdquo;) but for the fact that they are unenforceable or not allowable
due to the existence of a bankruptcy, reorganization or similar proceeding involving the Borrower. As used herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Guarantor, and by its acceptance
of the benefits of this Guaranty, the Administrative Agent, on behalf of the Secured Parties, hereby confirm that it is the intention
of all such Persons that this Guaranty and the obligations of the Guarantor hereunder not constitute a fraudulent transfer or conveyance
for purposes of any Insolvency Law, the Uniform&nbsp;Fraudulent Conveyance Act, the Uniform&nbsp;Fraudulent Transfer Act or any similar
foreign, federal or state law to the extent applicable to this Guaranty and the obligations of the Guarantor hereunder. To effectuate
the foregoing intention, by acceptance of the benefits of this Guaranty, the Administrative Agent, on behalf of the Secured Parties, and
the Guarantor, hereby irrevocably agree that the obligations of the Guarantor under this Guaranty at any time shall be limited to the
maximum amount (after giving effect to any rights of contribution pursuant to any agreements but before giving effect to any other guarantee)
as will result in the obligations (including, for the avoidance of doubt, the Guaranteed Obligations) of the Guarantor under this Guaranty
not constituting a fraudulent transfer or conveyance or subject to avoidance under Insolvency Laws or any similar foreign, federal or
state law, in each case applicable to the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Guaranty
Absolute</U></B>. To the maximum extent permitted by Applicable Law, the Guarantor agrees that its guarantee constitutes a guarantee
of payment when due of the Guaranteed Obligations and not of collection, which will be paid strictly in accordance with the terms of
the Secured Documents, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or
the rights of any Secured Party with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Pledge
of Membership Interests and Security</U></B>. (a)&nbsp;As security for the payment and performance of the Obligations, the Guarantor
hereby pledges, mortgages, charges, hypothecates, assigns and grants to and in favor of the Administrative Agent, for the benefit of
the Secured Parties, a security interest (the &ldquo;<U>Security Interest</U>&rdquo;) in the following: (i)&nbsp;16,000,000 limited liability
company units of Ategrity Specialty Holdings LLC, as determined on the Closing Date, without giving effect to any subsequent conversions
or stock splits occurring after the date hereof and (ii)&nbsp;all membership and other Equity Interests in the Borrower, in each case,
now or hereafter owned by the Guarantor or in which the Guarantor now or hereafter has an interest and all proceeds derived directly
or indirectly from any dealing with any of the foregoing (collectively, the &ldquo;<U>Pledged Collateral</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Guarantor confirms and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;value
has been given by the Initial Lender and the other Lenders to the Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Guarantor has rights in all existing Equity Interests and power to transfer rights in the Pledged Collateral to the Administrative Agent,
for and on behalf of the Lenders; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;neither
the Guarantor nor any of the Lenders has postponed the time for attachment of the Security Interest, and the Security Interest shall attach
to the existing Equity Interests upon the execution of this agreement and shall attach to the Pledged Collateral in which the Guarantor
hereafter acquires rights at the time that the Guarantor acquires rights in such Pledged Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Guaranty creates a valid and continuing security interest (as defined in the applicable UCC) in all Pledged Collateral in favor of the
Administrative Agent, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers
from the Guarantor. The Guarantor has caused or will have caused, within ten (10)&nbsp;days after the Closing Date, the filing of all
appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect
the security interest in the Pledged Collateral granted to the Administrative Agent hereunder, and the Guarantor has taken all other steps
necessary to perfect its security interest in the Pledged Collateral. Other than the security interest granted to the Administrative Agent
pursuant to this Guaranty, the Guarantor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of
the Pledged Collateral. The Guarantor has not authorized the filing of, nor is aware of any, financing statement listing the Guarantor
as debtor that includes a description of collateral covering the Pledged Collateral other than any financing statement relating to the
security interest granted to the Administrative Agent hereunder or that has been terminated or amended. The Guarantor is not aware of
any judgment or tax lien filings against the Guarantor. All financing statements filed or to be filed against the Guarantor in favor of
the Administrative Agent in connection herewith describing the Pledged Collateral contain a statement to the following effect: &ldquo;A
purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Parties.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
grant under this Guaranty does not constitute and is not intended to result in a creation or an assumption by any of the Secured Parties
of any obligation of the Guarantor or any other Person in connection with any or all of the Pledged Collateral or under any agreement
or instrument relating thereto. Anything herein to the contrary notwithstanding, (i)&nbsp;the exercise by the Secured Parties of any of
their rights in the Pledged Collateral shall not release the Guarantor from any of its duties or obligations under the Pledged Collateral
and (ii)&nbsp;no Secured Party shall have any obligations or liability under the Pledged Collateral by reason of this Agreement, nor shall
any Secured Party be obligated to perform any of the obligations or duties of the Guarantor thereunder or to take any action to collect
or enforce any claim for payment assigned hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Guarantor agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take
all actions, that may reasonably be necessary, or, at the request of the Administrative Agent, that the Administrative Agent may reasonably
deem necessary or desirable, to perfect, protect or more fully evidence the security interest granted to the Secured Parties in the Pledged
Collateral, or to enable the Secured Parties to exercise and enforce their rights and remedies hereunder and thereunder. The responsibility
of the Administrative Agent in respect of any Pledged Collateral held by the Administrative Agent shall be limited to exercising the same
degree of care which it gives valuable property of the Administrative Agent. The Administrative Agent shall, subject to Applicable Law,
not be bound under any circumstances to realize upon any of the Pledged Collateral or allow any of the Pledged Collateral to be sold,
or exercise any option or right attaching thereto, or be responsible for any loss occasioned by any sale of the Pledged Collateral or
by the retention or other refusal to sell the same; nor shall the Administrative Agent be obliged to collect or see to the payment of
dividends or distributions thereon, but all dividends and distributions, if and when received by the Guarantor, shall, subject to <U>Section&nbsp;3(f)</U>,
be held in trust for the Administrative Agent and shall be forthwith paid to the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>None
of the Secured Parties will, except as may result from the exercise of their remedies hereunder, have legal title to any part of the Pledged
Collateral and, from and after the Maturity Date, will have no further interest in or rights with respect to any part of the Pledged Collateral.
After remedies become exercisable in accordance with the Loan Agreement, the Guarantor shall forthwith pay such amounts to the Administrative
Agent to be applied to reduce the Guaranteed Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
financing statement filed in connection with this Guaranty or amendment thereto may describe the Pledged Collateral in the same manner
as described in this Guaranty or any other agreement entered into by the parties in connection herewith, or may contain an indication
or description of collateral that describes such property in any other manner as the Administrative Agent may determine, in their sole
discretion, is necessary, advisable or prudent to ensure the perfection of the security interest in the Pledged Collateral. The Guarantor,
as applicable, shall provide the Administrative Agent with copies of all financing statements filed in connection herewith (including
all continuations, amendments and terminations related thereto) promptly following the filing of any such document with a Governmental
Authority, and the Guarantor shall provide the Administrative Agent with copies of any such filings upon their request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Guarantor agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up,
claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality
where any part of the Pledged Collateral may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement,
or the absolute sale of any of the Pledged Collateral or any part thereof, or the final and absolute putting into possession thereof,
immediately after such sale, of the purchasers thereof, and the Guarantor for itself and all who may at any time claim through or under
it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any
of the properties or assets constituting the Pledged Collateral marshaled upon any such sale, and agrees that the Lenders or the Administrative
Agent, or any court having jurisdiction to foreclose on the security interests granted in this Agreement may sell the Pledged Collateral
as an entirety or in such parcels as the Lenders, the Administrative Agent or such court may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
and after an Event of Default, the Administrative Agent may exercise in respect of the Pledged Collateral, in addition to any and all
other rights and remedies otherwise available to it, including rights available hereunder, all of the rights and remedies of a secured
party upon default under the UCC (such rights and remedies to be cumulative and nonexclusive).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
(i)&nbsp;a release of the Pledged Collateral or (ii)&nbsp;the Maturity Date, the Administrative Agent, upon payment in full of the related
Aggregate Unpaids, shall execute and file such partial or full releases or partial or full assignments of financing statements and other
documents and instruments as may be reasonably requested by the Guarantor to effectuate the release of any relevant portion of the Pledged
Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Guarantor fails to perform any of its obligations under this <U>Section&nbsp;3</U> after ten (10)&nbsp;Business Days&rsquo; notice
from the Administrative Agent, any Secured Party may (but shall not be required to) perform, or cause performance of, such obligation;
and such Secured Party&rsquo;s reasonable costs and expenses incurred in connection therewith shall be payable by the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of the Administrative Agent and the Borrower agree that the Barclays Lenders shall have a first priority perfected security interest with
respect to the specific collateral granted under the Barclays Facility and the Administrative Agent shall have first priority perfected
security interest with respect to the Collateral and in the event of a conflict between any specific item of collateral, to the extent
such collateral is granted to the Barclays Lenders, the Barclays Facility shall have priority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>[Reserved]</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>[Reserved</U></B>].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Payments
Free and Clear of Taxes, Etc</U></B>. Any and all payments by the Guarantor under this Guaranty shall be made, to the extent provided
in the Loan Agreement, without setoff, counterclaim or other defense, free and clear of and without deduction for any and all present
or future Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Representations
and Warranties</U></B>. Except as otherwise indicated, the Guarantor makes the following representations and warranties as of the Closing
Date and each Payment Date, upon which the Initial Lender relies in making the Loan to the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Organization
and Good Standing.</U> The Guarantor is duly organized and validly existing as a limited liability company, in good standing under the
laws of the State of Delaware, with all requisite power and authority to conduct its business as such business is presently conducted,
and the Guarantor has all necessary power, authority and legal right to guarantee the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Due
Qualification.</U> The Guarantor is duly qualified to do business in the State of Delaware. The Guarantor has obtained all necessary licenses
and approvals in all jurisdictions in which the conduct of its business requires such qualifications, licenses or approvals except where
the failure to qualify could not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Power
and Authority; Due Authorization.</U> The Guarantor (i)&nbsp;has all necessary power, authority and legal right to (A)&nbsp;execute and
deliver this Guaranty and each other Transaction Document to which it is a party, (B)&nbsp;carry out the terms of this Guaranty and each
other Transaction Document to which it is a party and (C)&nbsp;grant the security interest in the Pledged Collateral on the terms and
conditions herein provided and (ii)&nbsp;has taken all necessary action to authorize the execution, delivery and performance of this Guaranty
and the grant of the security interest in the Pledged Collateral on the terms and conditions herein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Violation.</U> The consummation of the transactions contemplated by this Guaranty and the fulfillment of the terms hereof will not (i)&nbsp;conflict
with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default
under, the Guarantor&rsquo;s Formation Documents, (ii)&nbsp;result in a breach of, or constitute a default under, or require any consent
under, any indenture, agreement, mortgage, deed of trust or other instrument that is binding on the Guarantor or by which it or its properties
may be bound or affected, (iii)&nbsp;result in the creation or imposition of any Lien upon any of the Guarantor&rsquo;s properties pursuant
to the terms of any agreement, other than this Guaranty or (iv)&nbsp;violate any Applicable Law, in the case of <U>clause (iv)</U>, except
where such violation could not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Proceedings.</U> There is no litigation, proceeding or investigation pending or, to the Guarantor&rsquo;s best knowledge, threatened against
it, before any Governmental Authority (i)&nbsp;asserting the invalidity of this Guaranty, (ii)&nbsp;seeking to prevent the consummation
of any of the transactions contemplated by this Guaranty or (iii)&nbsp;seeking any determination or ruling that could reasonably be expected
to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>All
Consents Required.</U> All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Governmental
Authority required for the due execution, delivery and performance by the Guarantor of this Guaranty either (x)&nbsp;have been duly obtained,
effected or given and are in full force and effect or (y)&nbsp;as of the date hereof, the Guarantor has properly completed and submitted
all applications, documents and other materials necessary to cause such consent, license, approval, authorization, registration or declaration
to be issued or obtained and has paid all applicable fees and costs in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Solvency.</U>
The transactions under this Guaranty do not and will not render the Guarantor not Solvent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Taxes.</U>
The Guarantor has filed, caused to be filed, or received an extension of time for filing that has not yet expired all federal and material
state, local or foreign tax returns that are required to be filed by it. The Guarantor has paid or made adequate provisions for the payment
of all federal or material amounts of state, local or foreign Taxes and all material assessments made against it or any of its property
(other than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect
to which reserves have been provided on the books of the Guarantor), and no tax lien has been filed and, to its knowledge, no claim is
being asserted, with respect to any such Tax, fee or other charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Exchange
Act Compliance; Regulations T, U and X.</U> None of the transactions contemplated herein (including the use of the proceeds from the Loan
and the pledge of the Pledged Collateral) will violate or result in a violation of Section&nbsp;7 of the Exchange Act, or any regulations
issued pursuant thereto, including Regulations T, U and X of the Federal Reserve Board, 12 C.F.R., Chapter II. The Guarantor does not
own, nor does it intent to carry or purchase, and no proceeds from the pledge of the Pledged Collateral will be used to carry or purchase,
any &ldquo;margin stock&rdquo; within the meaning of Regulation U or to extend &ldquo;purpose credit&rdquo; within the meaning of Regulation
U.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Reports
Accurate</U>. All information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished by the
Borrower or Guarantor to any Lender or the Administrative Agent under or in connection with the Loan Agreement are true, correct and complete
in all material respects as of the date specified therein or the date so furnished (as applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Investment
Company Act.</U> The Guarantor is not and, after giving effect to the transactions contemplated by this Guaranty, will not be required
to register as, an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Anti-Corruption
Laws and Sanctions</U>. The Guarantor is in compliance with Anti-Corruption Laws and applicable Sanctions. The Guarantor is subject to
policies and procedures to ensure compliance by it and its directors, officers, employees and agents with Anti-Corruption Laws.&nbsp;
Neither the Guarantor nor any subsidiary thereof, or any of their respective directors, officers or employees, or,&nbsp;to the knowledge
of the Guarantor, the affiliates or agents of the Guarantor, is a Sanctioned Person or, located, organized or resident in a Sanctioned
Country.&nbsp;Neither the Guaranty nor the transactions contemplated by this Guaranty will violate Anti-Corruption Laws or applicable
Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Anti-Money
Laundering Laws</U>. The operations of the Guarantor are and have been conducted at all times in compliance with Anti-Money Laundering
Laws, and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the
Guarantor or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Guarantor,
threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>ERISA</U>.
The Guarantor is not, and will not any time be, a Benefit Plan Investor or a governmental plan, non-U.S. plan, church plan or any other
plan, arrangement or entity that is subject to any federal, state, local or non-U.S. law that is substantially similar to Title I of ERISA
or Section&nbsp;4975 of the Code (a &ldquo;<U>Similar Law Plan</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Beneficial
Ownership</U>. The information included in the Beneficial Ownership Certification delivered by the Guarantor to the Administrative Agent
is true and correct in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Ownership
of Borrower</U>. The Guarantor owns beneficially and of record 100% of the Equity Interests in the Borrower and 100% of the Equity Interests
in Ategrity Specialty Holdings LLC. The Borrower is a disregarded entity for federal income tax purposes and no election has been made
or will be made to treat the Borrower as a corporation or an association taxable as a corporation for federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Affirmative
Covenants of the Guarantor</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From the date hereof until
the Guarantee Termination Date, the Guarantor covenants and agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Compliance
with Laws</U>. The Guarantor shall comply in all material respects with all Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Preservation
of Existence</U>. The Guarantor shall preserve and maintain its existence, rights, franchises and privileges in the State of Delaware,
and qualify and remain qualified in good standing in each jurisdiction where the failure to preserve and maintain such existence, rights,
franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Keeping
of Records and Books of Account</U>. The Guarantor shall maintain and implement administrative and operating procedures and keep and maintain
all documents, books, records and other information reasonably necessary or advisable or related to the Pledged Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Protect
and Defend Title</U>. With respect to the Pledged Collateral, the Guarantor shall: (i)&nbsp;take all action necessary to perfect, protect
and more fully evidence the ownership of such Pledged Collateral by the Guarantor, including executing or causing to be executed such
other instruments or notices as may be necessary or appropriate and (ii)&nbsp;taking all additional action that the Administrative Agent
may reasonably request, including the filing of financing statements listing the Administrative Agent as secured party, to perfect, protect
and more fully evidence the respective interests of the parties to this Guaranty in the Pledged Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Taxes</U>.
The Guarantor shall file or cause to be filed all federal and material state, local or foreign tax returns that are required to be filed
by it. The Guarantor shall deliver to the Administrative Agent, as may be required by the Code and applicable Treasury Regulations or
otherwise, such information in the possession or control of it, as may be required to enable each Lender to prepare its federal and State
income tax returns, including Internal Revenue Service Form&nbsp;1099.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Reporting</U>.
The Guarantor, shall distribute, or cause the Borrower to distribute, to the Administrative Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Auditors&rsquo;
Management Letters</U>. Promptly after any auditors&rsquo; management letters are received by the Guarantor or by its accountants, which
refer in whole or in part to any inadequacy, defect, problem, qualification or other lack of fully satisfactory accounting controls utilized
by the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>ERISA</U>.
Promptly after the occurrence of any &ldquo;Reportable Event&rdquo; with respect to a Pension Plan, a notice describing such Reportable
Event and a copy of any notices received from or filed with the PBGC pertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice
of Material Events</U>. Promptly after receiving written notice of an event or circumstance that is likely to have a Material Adverse
Effect on the Borrower, the Guarantor or the Pledged Collateral, notice of such event or circumstance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Notice
of Default</U>. The Guarantor shall notify each Lender of any default, event of default or termination with respect to any Transaction
Document or the Barclays Facility within five (5)&nbsp;days of notice or knowledge thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Other</U>.
The Guarantor shall furnish to the Administrative Agent promptly, from time to time, such other information, documents, records or reports
respecting the Pledged Collateral as the Administrative Agent may from time to time reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Negative
Covenants of the Guarantor</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise indicated,
the Guarantor covenants and agrees from the date hereof until the date on or after the Guarantee Termination Date as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Security Interests</U>. Except with respect to or permitted by the Barclays Facility, the Guarantor
shall not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than
Permitted Liens) on any portion of the Pledged Collateral or any interest therein, and the Guarantor shall not sell, pledge, assign or
suffer to exist any Lien on its interest, if any, hereunder. The Guarantor shall promptly notify the Lenders of the existence of any Lien
(other than Permitted Liens) on any portion of the Pledged Collateral and it shall defend the right, title and interest of the Lenders
in, to and under such Pledged Collateral, against all claims of third parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Sales.</U>
The Guarantor shall not sell or assign with or without recourse any portion of the Pledged Collateral or any interest therein (other than
pursuant hereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>ERISA
Matters</U>. The Guarantor shall not, to the extent it could reasonably result in material liability to or impairment of any assets of
or interests of any Secured Parties in assets of the Guarantor, (i)&nbsp;engage or permit any ERISA Affiliate to engage in any prohibited
transaction for which an exemption is not available or has not previously been obtained from the United States Department of Labor, (ii)&nbsp;fail
to satisfy or permit any ERISA Affiliate to fail to satisfy the &ldquo;minimum funding standard,&rdquo; as defined in Section&nbsp;302(a)&nbsp;of
ERISA and Section&nbsp;412(a)&nbsp;of the Code with respect to any Pension Plan, (iii)&nbsp;fail to make or permit any ERISA Affiliate
to fail to make any payments to a Multiemployer Plan that the Guarantor or any ERISA Affiliate is required to make under the agreement
relating to such Multiemployer Plan or any law pertaining thereto, (iv)&nbsp;permit the filing of any notice of intent to terminate a
Pension Plan under Section&nbsp;4041(c)&nbsp;of ERISA, (v)&nbsp;permit the termination of any Pension Plan under Section&nbsp;4041(c)&nbsp;of
ERISA or the institution by the Pension Benefit Guaranty Corporation of proceedings to terminate or appoint a trustee to administer a
Pension Plan, (vi)&nbsp;permit any event or condition that might constitute grounds under Section&nbsp;4042 of ERISA for the termination
of, or the appointment of a trustee to administer, any Pension Plan, except for non-compliance with this clause (vi)&nbsp;which could
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect or (vii)&nbsp;incur any liability
or permit any ERISA Affiliate to incur any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under
Section&nbsp;4007 of ERISA. The Guarantor will not become a Benefit Plan Investor or a Similar Law Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Transaction
Documents</U>. Without the prior consent of the Administrative Agent, the Guarantor shall not amend, modify, waive or terminate any provision
of any Transaction Document in any manner that would be materially adverse to the Pledged Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Compliance
with Agreements</U>. The Guarantor shall not take any action, or fail to take any action that, following the expiration of any applicable
grace period, could result in an event of default under any indenture, agreement, mortgage, deed of trust or other instrument that is
binding on the Guarantor or by which it or its.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Assignments</U>. The Guarantor shall not assign or delegate, grant any interest in or permit any Lien (other than Permitted Liens) to
exist upon any of its rights, obligations or duties under this Guaranty or any Transaction Document to which the Guarantor is a party
without the prior written consent of the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Anti-Corruption
Laws; Sanctions</U>. None of the Guarantor, or any of its directors, officers, or employees, or to the knowledge of the Guarantor, any
Affiliates or agents of the Guarantor, or any of their subsidiaries, shall, directly or indirectly, use any part&nbsp;of any proceeds
of the Loan, contribute, or otherwise make available such proceeds (a)&nbsp;to fund or facilitate any activities or business of or with
any Person that, at the time of such funding or facilitation, is a Sanctioned Person in violation of Sanctions, (b)&nbsp;to fund or facilitate
any activities or business of or in any Sanctioned Country in violation of Sanctions, (c)&nbsp;in any manner that would result in a violation
by any Person of Sanctions, or (d)&nbsp;in violation of Applicable Law, including Anti-Corruption Laws. None of the Guarantor, or any
of its respective directors, officers, or employees, or to the knowledge of the Guarantor, any Affiliates or agents of the Guarantor,
or any of their subsidiaries, shall use the proceeds of the Loan in furtherance of an offer, payment, promise to pay, or authorization
of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Amendments</U></B>.
No amendment, waiver or other modification of this Agreement or any schedule or exhibit hereto shall be effective without the written
agreement of the Guarantor and the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Notices,
Etc</U></B>. All notices and other communications provided for in this Guaranty (except as otherwise permitted herein) shall be delivered
in accordance with Section&nbsp;11.2 of the Loan Agreement <I>mutatis mutandis</I> and (i)&nbsp;if to the Guarantor, addressed to it
in care of the Borrower at the Borrower&rsquo;s address pursuant to Section&nbsp;11.2 of the Loan Agreement, and (ii)&nbsp;if to the
Administrative Agent, at its address pursuant to Section&nbsp;11.2 of the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>No
Waiver; Remedies</U></B>. No failure on the part of any Secured Party to exercise, and no delay in exercising, any right hereunder shall
operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof
or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Right
of Set off</U></B>. Upon the occurrence and during the continuance of any Event of Default under the Loan Agreement, the Administrative
Agent and each other Lender is hereby authorized at any time and from time to time, with prior notice to the Borrower and the Administrative
Agent to the maximum extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other Indebtedness (excluding any deposits in any deposit account used exclusively for payroll,
trust or tax withholding) at any time owing by the Administrative Agent or such Lender to or for the credit or the account of the Guarantor
against any and all of the Obligations of the Guarantor now or hereafter existing under the Secured Documents, irrespective of whether
the Administrative Agent or such Lender shall have made any demand under this Guaranty or any other Secured Document and although such
Obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or Indebtedness,
in each case subject to the terms of the Loan Agreement. The rights of the Administrative Agent and each Lender under this <U>Section&nbsp;13</U>
are in addition to other rights and remedies (including other rights of set off) that the Administrative Agent and such Lender may have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Continuing
Guaranty; Assignments under the Loan Agreement</U></B>. This Guaranty is a continuing guaranty and shall (a)&nbsp;remain in full force
and effect until the Guarantee Termination Date, (b)&nbsp;be binding upon the Guarantor, its successors and assigns and (c)&nbsp;inure
to the benefit of and be enforceable by the Administrative Agent on behalf of the Secured Parties and their permitted successors, permitted
transferees and permitted assigns. Without limiting the generality of clause&nbsp;(c)&nbsp;of the immediately preceding sentence, any
Secured Party may assign or otherwise transfer all or any portion of its rights and obligations under the Loan Agreement (including all
or any portion of the Loan owing to it) to any other Person in accordance with Section&nbsp;9.1 of the Loan Agreement, and such other
Person shall thereupon become vested with all the benefits and obligations in respect thereof granted to such Secured Party herein or
otherwise, in each case as and to the extent provided in Section&nbsp;9.1 of the Loan Agreement. The Guarantor shall not have the right
to assign its rights hereunder or any interest herein without the prior written consent of the Administrative Agent, on behalf of the
Secured Parties, other than pursuant to a transaction permitted by the Loan Agreement and consummated in accordance with the terms and
conditions contained therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Fees
and Expenses; Indemnification</U></B>. (a)&nbsp; The Guarantor agrees to pay or reimburse upon demand, to the Administrative Agent, the
amount of any and all reasonable and documented out-of-pocket costs and expenses incurred by it (including the reasonable and documented
out-of-pocket fees, disbursements and other charges of counsel, and the consummation and administration of the transactions contemplated
hereby and thereby) incurred hereunder in the manner and solely to the extent set forth in Section&nbsp;6.3 of the Loan Agreement (as
if each reference therein to the &ldquo;Borrower&rdquo; thereunder is a reference to the Guarantor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Without
limitation of any other Guaranteed Obligations of the Guarantor or remedies of the Secured Parties under this Guaranty, the Guarantor
shall (a)&nbsp;indemnify, defend and hold harmless each Indemnified Party from and against all Losses (and regardless of whether such
matter is initiated by a third party, the Guarantor, the Borrower or their respective Affiliates), and (b)&nbsp;reimburse each Indemnified
Party promptly (and in any event within thirty (30) days) upon demand for all reasonable attorneys&rsquo; fees and out-of-pocket disbursements
(including any reasonable counsel fees and expenses incurred in connection with any enforcement (including any action, claim or suit brought)
by an Indemnified Party of any indemnification or other obligation of the Borrower or any other Person) and, in each case, in accordance
with the terms of Section&nbsp;6.3 of the Loan Agreement (as if each reference therein to the &ldquo;Borrower&rdquo; thereunder is a reference
to the Guarantor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Subordination</U></B>.
Except as set forth in <U>Section&nbsp;16(a)</U>&nbsp;herein and with respect to the Pledged Collateral granted under <U>Section&nbsp;3</U>
herein, until the Guarantee Termination Date, the Administrative Agent hereby subordinates the Guaranteed Obligations hereunder, now
or hereafter owing to the Guarantor by the Borrower (the &ldquo;<U>Subordinated Obligations</U>&rdquo;) to any and all debts, liabilities
and other obligations owing to the Barclays Lenders to the extent and in the manner hereinafter set forth in this <U>Section&nbsp;16</U>
and subject to the provisions of <U>Section&nbsp;3</U> herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Prohibited
Payments, Etc</U>. After the occurrence and during the continuance of any Event of Default under the Barclays Facility (including the
commencement and continuation of any proceeding under any Insolvency Law relating to the Guarantor), the Administrative Agent shall not
demand, accept or take any action, except to the extent such action is solely with respect to the Pledged Collateral, prior to the payment
in full of the Barclays Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Subsequent
Payment of Guaranteed Obligations</U>. In any proceeding under any Insolvency Law relating to the Guarantor, the Guarantor agrees that
the Administrative Agent on behalf of the Secured Parties shall only be entitled to receive payment in full in cash of all Guaranteed
Obligations (including all interest, fees and expenses accruing after the commencement of a proceeding under any Insolvency Law, whether
or not constituting an allowed claim in such proceeding), solely to the extent unrelated to the Pledged Collateral, after the payment
in full of the Barclays Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Execution
in Counterparts; Electronic Execution</U></B>. This Guaranty may be executed in one or more counterparts (and by different parties hereto
in different counterparts), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
The words &ldquo;execution&rdquo;, &ldquo;executed&rdquo;, &ldquo;signed&rdquo;, &ldquo;signature&rdquo;, and words of like import in
this Guaranty shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to
the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions
Act. Delivery by fax or other electronic transmission of an executed counterpart of a signature page&nbsp;to this Guaranty shall be effective
as delivery of an original executed counterpart of this Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Governing
Law; Jurisdiction; Waiver of Jury Trial, Etc</U></B>. (a)&nbsp; THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN &sect;&sect;5-1401 AND 5-1402 OF THE
NEW YORK GENERAL OBLIGATIONS LAW)). EACH OF THE PARTIES HERETO HEREBY AGREES TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK,
LOCATED IN THE BOROUGH OF MANHATTAN AND THE FEDERAL COURTS LOCATED WITHIN THE STATE OF NEW YORK IN THE BOROUGH OF MANHATTAN. EACH OF
THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER
IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>TO
THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO
THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE
RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Severability</U></B>.
If any provision of this Guaranty is held to be illegal, invalid or unenforceable, (a)&nbsp;the legality, validity and enforceability
of the remaining provisions of this Guaranty shall not be affected or impaired thereby and (b)&nbsp;the parties shall endeavor in good
faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions, the economic effect of which comes
as close as possible to that of the illegal, invalid or unenforceable provision. The invalidity of a provision in a particular jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Headings</U></B>.
Section&nbsp;headings herein are included for convenience of reference only and shall not affect the interpretation of this Guaranty
or any other Transaction Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Guaranty
Enforceable by Administrative Agent</U></B>. Notwithstanding anything to the contrary contained elsewhere in this Guaranty, the Secured
Parties agree (by their acceptance of the benefits of this Guaranty) that this Guaranty may be enforced only by the action of the Administrative
Agent and that no other Secured Party shall have any right individually to seek to enforce or to enforce this Guaranty or to realize
upon the security to be granted by the Transaction Documents, it being understood and agreed that such rights and remedies may be exercised
by the Administrative Agent. The Secured Parties further agree that this Guaranty may not be enforced against any director, officer,
employee, partner, member or stockholder of the Guarantor (except to the extent such partner, member or stockholder is also a guarantor
under the Transaction Documents). It is understood and agreed that the agreement in this <U>Section&nbsp;21</U> is among and solely for
the benefit of the Secured Parties and that, if the Lenders so agree (without requiring the consent of the Guarantor), this Guaranty
may be directly enforced by any Secured Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Stay
of Acceleration</U></B>. If acceleration of the time for payment of any amount payable by the Borrower under the Loan Agreement or any
other Transaction Document is stayed upon the insolvency, bankruptcy or reorganization of the Borrower, all such amounts constituting
Guaranteed Obligations otherwise subject to acceleration under the terms of the Loan Agreement or any other Transaction Document shall
nonetheless be payable by the Guarantor hereunder forthwith on demand by the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;23.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Termination</U></B>.
Upon the occurrence of the Guarantee Termination Date, this Guaranty and all obligations (other than those expressly stated to survive
such termination) of the Guarantor hereunder shall terminate. In connection with any such termination, the Administrative Agent shall
promptly execute and deliver to the Guarantor, at the Guarantor&rsquo;s expense, all documents that the Guarantor shall reasonably request
to evidence such termination. Any execution and delivery of documents by the Administrative Agent pursuant to the preceding sentence
of this <U>Section&nbsp;23</U> shall be without recourse to and without any representation or warranty of any kind (either express or
implied) to the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;24.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Integration</U></B>.
This Guaranty, together with the other Transaction Documents, constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
In the event of any conflict between the provisions of this Guaranty and those of the Loan Agreement, the provisions of the Loan Agreement
shall control; <U>provided</U> that the inclusion of supplemental rights or remedies in favor of the Administrative Agent or the other
Secured Parties in the Loan Agreement shall not be deemed a conflict with this Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;25.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B><U>Definitions</U></B>.
Capitalized terms used but not defined herein shall have the meanings set forth in the Loan Agreement. The following capitalized terms
shall have the following meanings set forth herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Barclays Lenders</U>&rdquo;
means the secured parties under the Barclays Facility as identified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Guarantee Termination Date</U>&rdquo; means
the date on which&nbsp;the Loan shall have expired or been terminated and all of the Guaranteed Obligations payable by the Borrower under
the Transaction Documents and payable by the Guarantor under this Guaranty shall have been paid in full in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT>, the Guarantor and the Administrative Agent on behalf of the Secured Parties have caused this Guaranty to be
duly executed and delivered as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font:10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>ZIMMER FINANCIAL SERVICES GROUP LLC,</B></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><B></B> as Guarantor</P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"> /s/ Mitchell Pressman</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Mitchell Pressman</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">CFO</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font:  10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><B>ATEGRITY SPECIALTY INSURANCE LIMITED,</B></P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0">as Administrative Agent</P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Justin G. Cohen</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Justin G. Cohen</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>18
<FILENAME>tm2428146d9_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT><B>Exhibit&nbsp;23.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the reference to our firm under the caption
 &ldquo;Experts&rdquo; and to the use of our report dated March&nbsp;4, 2025, in the Registration Statement (Form&nbsp;S-1 No. 333-286059) and the
related Prospectus of Ategrity Specialty Holdings LLC&#8239;for the registration of shares of its common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ernst&nbsp;&amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tysons, Virginia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 15, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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&     __9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
