Forward Looking Statements IGI Investor Presentation Fourth Quarter 2025 February 2026 This presentation contains "forward-looking statements" within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as "ability," "aim," "impact," "seek," "stra ...

Core Viewpoint - Radian Group Inc. has completed the acquisition of Inigo Limited, marking its transition from a U.S. private mortgage insurer to a global multi-line specialty insurer, enhancing its product expertise and capital deployment capabilities [1][2][4]. Acquisition Details - The acquisition was finalized for a purchase price of $1.67 billion, with Inigo's estimated tangible equity at year-end 2025 being $1.16 billion, resulting in a net purchase price multiple of approximately 1.4 times tangible equity [4]. - The transaction was funded through Radian's available liquidity and excess capital from its mortgage insurance subsidiary, Radian Guaranty [4]. Financial Impact - The acquisition is projected to deliver mid-teens percentage accretion to Radian's earnings per share and approximately 200 basis points accretion to return on equity in 2026 [5]. - Radian anticipates that the transaction will double its total annual revenue and provide flexibility for capital deployment across various insurance lines [5]. Operational Integration - Inigo will operate as a standalone business unit in London, maintaining its management structure, brand identity, and culture [2]. - The leadership team from Inigo, including CEO Richard Watson, will continue to manage the business, leveraging Radian's financial strength and operational scale [2][3]. Strategic Focus - Radian's CEO emphasized that the acquisition aligns with the company's strategic focus on growth and diversification while leveraging its core strengths in underwriting, risk management, and capital allocation [2][3]. - Inigo's CEO highlighted the shared commitment to customer focus and data-driven decision-making, enhancing the combined entity's market position [3].

Core Viewpoint - Howard Hughes Holdings Inc. has agreed to acquire Vantage Group Holdings Ltd. for approximately $2.1 billion in an all-cash transaction, marking a significant step in Howard Hughes' transformation into a diversified holding company [1][2]. Acquisition Details - The acquisition is expected to close in the first quarter of 2026 and will be financed by $1.2 billion in cash and up to $1 billion of non-interest-bearing, non-voting preferred stock issued to Pershing Square Holdings, Ltd. [2][3]. - The deal represents 1.5 times the estimated year-end 2025 book value and an implied price-to-book-value multiple of approximately 1.4 at closing [3]. Strategic Implications - The acquisition is seen as a milestone for Howard Hughes, providing a diversified specialty insurance and reinsurance platform managed by an experienced team [5]. - Vantage will continue to operate under its existing name, brand, and culture, with no planned changes to its operations or service standards [6]. Financial Management - Pershing Square will manage Vantage's assets on a fee-free basis, which is expected to enhance investment returns and align interests with policyholders and shareholders [9]. - The holding company emphasizes a focus on underwriting profitability through disciplined risk selection and portfolio optimization, which will improve Vantage's ability to navigate the insurance cycle [8]. Future Growth Potential - Howard Hughes anticipates that the acquisition will accelerate overall growth and diversify long-term value sources, with expectations of high returns on equity for Vantage in the coming decades [10][11].

Core Viewpoint - Vantage Group Holdings Ltd. has entered into a definitive agreement for Howard Hughes Holdings Inc. to acquire 100% of Vantage for $2.1 billion in cash, representing approximately 1.5 times the year-end 2025 book value, with the transaction expected to close in Q2 2026, pending regulatory approvals [1][2][3] Company Overview - Vantage, founded in 2020, has developed into a leading specialty insurer and reinsurer, offering a diversified portfolio of global property and casualty products supported by modern infrastructure and advanced analytics [2][9] Strategic Benefits of the Transaction - The acquisition is anticipated to strengthen Vantage's balance sheet and expand opportunities in specialty insurance and reinsurance, with a focus on underwriting profitability through disciplined risk selection and portfolio optimization [7][4] - Vantage will maintain its name, brand, and culture, with existing colleagues retaining their roles and teams [7] - Howard Hughes' ownership will provide long-term capital support, enhancing Vantage's credit profile and underwriting flexibility [7] Leadership and Management Insights - Greg Hendrick, CEO of Vantage, expressed excitement about the acquisition, highlighting the expected growth and innovation opportunities it will bring [3] - Carlyle and Hellman & Friedman, the investment firms backing Vantage, praised the management team's achievements and expressed confidence in Howard Hughes as a suitable partner for Vantage's next growth phase [5][6] Financial and Operational Details - The transaction is structured to allow Vantage to effectively navigate the insurance cycle and optimize asset allocation over time, with Pershing Square managing Vantage's assets on a fee-free basis to enhance investment returns [7] - Vantage's investment portfolio will focus on cash, short-term Treasurys, high-quality fixed-maturity securities, and a portfolio of common stocks, subject to regulatory considerations [7]

Core Viewpoint - The acquisition of Vantage Group Holdings Ltd. by Howard Hughes Holdings Inc. marks a significant step in HHH's transformation into a diversified holding company, enhancing its portfolio with a leading specialty insurance and reinsurance platform valued at approximately $2.1 billion [1][2][12] Company Overview - Howard Hughes Holdings Inc. (HHH) is focused on long-term shareholder value through its real estate platform and is traded on the New York Stock Exchange as HHH [11] - Vantage Group Holdings Ltd. was established in 2020 and has rapidly become a leading provider of specialty insurance and reinsurance, supported by Carlyle and Hellman & Friedman [13] Transaction Details - HHH has entered into a definitive agreement to acquire 100% of Vantage for approximately $2.1 billion, expected to close in the second quarter of 2026, pending regulatory approvals [1][12] - The acquisition will be financed through HHH's cash on hand and up to $1 billion of non-interest-bearing preferred stock issued to Pershing Square Holdings, Ltd. [3][12] Strategic Benefits - The acquisition is expected to accelerate HHH's growth profile and diversify its sources of long-term value, leveraging Vantage's insurance expertise and Pershing Square's investment capabilities [2][6] - HHH's ownership of Vantage will provide long-term capital support, enhancing Vantage's credit profile and underwriting flexibility [12] Financial Structure - The PSH Preferred stock will be structured to allow HHH to increase its economic ownership of Vantage over time, with a potential full redemption expected within seven years [3][12] - The total cash consideration represents 1.5 times the estimated year-end 2025 book value, implying a price-to-book-value multiple of approximately 1.4 at closing [12] Management and Future Outlook - Vantage's management team, led by CEO Greg Hendrick, anticipates that the acquisition will strengthen its balance sheet and expand opportunities in specialty insurance and reinsurance [3][5] - The deal is structured to enable HHH to acquire 100% legal ownership of Vantage while allowing for potential high returns on equity in the long term [5]

Core Insights - The U.S. stock indices showed positive performance on December 11, 2025, with the S&P 500 and Dow Jones Industrial Average reaching new closing records following a quarter-point interest rate cut by the U.S. central bank on December 10, leading investors to favor equities sensitive to rate cuts over tech stocks [1][2]. Investment Recommendations - Investors are advised to consider low-leverage stocks as safe-haven securities amid concerns over overvalued AI-centric tech stocks. Recommended companies include Casey's General Stores (CASY), Hamilton Insurance Group (HG), Northrip Bancorp (NRIM), REV Group (REVG), and Engie (ENGIY), which exhibit low leverage and stability during market volatility [2][10]. Understanding Leverage - Leverage involves borrowing capital for operational and business expansion, typically through debt financing. While debt can facilitate growth, excessive reliance on it poses risks, especially if returns do not exceed interest costs. Therefore, selecting companies with low debt is crucial for minimizing investment risks [4][5][6]. Debt-to-Equity Ratio Analysis - The debt-to-equity ratio is a key metric for assessing a company's financial risk, with lower ratios indicating better solvency. As the third-quarter 2025 earnings season concludes, investors should focus on stocks with solid earnings growth and low debt-to-equity ratios to ensure steady returns [7][9]. Stock Selection Criteria - A comprehensive screening process for selecting low-leverage stocks includes criteria such as: - Debt/Equity ratio lower than the industry median - Current price of at least $10 - Average 20-day trading volume of 50,000 or more - Positive earnings growth compared to the industry median - VGM Score of A or B, combined with a Zacks Rank of 1 (Strong Buy) or 2 (Buy) [11][12][13]. Company Performance Highlights - **Casey's General Stores (CASY)**: Reported a 3.3% increase in same-store sales and a 14% rise in earnings for Q2 fiscal 2026. The Zacks Consensus Estimate predicts a 9.6% revenue increase and an 11.8% earnings improvement for fiscal 2026, with a Zacks Rank of 2 [14][15]. - **Hamilton Insurance Group (HG)**: Achieved a 16.5% increase in net premiums and improved operating earnings to $1.20 per share from $0.16 in Q3 2024. The Zacks Consensus Estimate forecasts a 20.9% revenue increase and an 8.5% earnings rise for 2025, holding a Zacks Rank of 1 [16][17]. - **Northrip Bancorp (NRIM)**: Completed a $60 million private placement to support growth initiatives. The Zacks Consensus Estimate anticipates a 29.6% revenue increase and a 51.5% earnings rise for 2025, with a Zacks Rank of 1 [18][19]. - **REV Group (REVG)**: Reported a 13% increase in net sales and a 62.7% rise in adjusted EPS for Q4 fiscal 2025. The Zacks Consensus Estimate suggests a 7.3% revenue increase and a 30.4% earnings rise for fiscal 2026, with a Zacks Rank of 2 [20][21]. - **Engie (ENGIY)**: Announced the financial closure of its first offshore wind farm in Poland, with a total planned capacity of up to 390 MW. The Zacks Consensus Estimate indicates a 31.8% earnings improvement for 2025, holding a Zacks Rank of 2 [22][23].

Core Viewpoint - Radian Group Inc. has received all necessary regulatory approvals for its acquisition of Inigo Limited, with the transaction expected to close in February 2026, pending customary closing conditions [1]. Group 1: Acquisition Details - The acquisition of Inigo Limited represents a strategic move for Radian, transitioning from a U.S. mortgage insurer to a global, diversified multi-line specialty insurer, enhancing product expertise and capital deployment [2]. - Post-acquisition, Inigo will function as a business unit of Radian while retaining its underwriting operations in London, combining Radian's financial strength and risk management with Inigo's market insights [3]. Group 2: Company Background - Radian Group Inc. is a leading U.S. private mortgage insurer, providing solutions to enhance access to affordable homeownership [4]. - Inigo Limited, established in 2020, operates through Lloyd's Syndicate 1301, underwriting a multi-class specialty insurance and reinsurance portfolio for major commercial and industrial clients [5].

Group 1: James River Group (JRVR) - James River Group is an insurance company that operates specialty insurance and reinsurance companies, holding a Zacks Rank 1 (Strong Buy) [1] - The Zacks Consensus Estimate for its current year earnings has increased by 11.8% over the last 60 days [1] - The company has a price-to-earnings ratio (P/E) of 5.84, significantly lower than the industry average of 9.20, and possesses a Value Score of A [2] Group 2: PagSeguro Digital (PAGS) - PagSeguro Digital provides financial technology solutions and services for micro-merchants and small to medium-sized businesses, primarily in Brazil and internationally, and also carries a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings has increased by 7% over the last 60 days [2] - The company has a price-to-earnings ratio (P/E) of 7.23 compared to the industry average of 14.70, and possesses a Value Score of B [3] Group 3: StoneCo (STNE) - StoneCo offers an end-to-end cloud-based technology platform for electronic commerce across in-store, online, and mobile channels, and holds a Zacks Rank 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 3.9% over the last 60 days [3] - The company has a price-to-earnings ratio (P/E) of 11.70, lower than the industry average of 23.60, and possesses a Value Score of B [4]

Core Viewpoint - Sompo Holdings is acquiring 100% of Aspen Insurance Holdings for $37.50 per share in cash, totaling approximately $3.5 billion, which enhances Sompo's portfolio and strengthens its position in specialty insurance and reinsurance markets [2][11]. Group 1: Transaction Overview - The merger agreement involves the redemption of all outstanding Class A ordinary shares of Aspen for cash and their delisting from NYSE, while preference shares will remain outstanding [1][12]. - The transaction is expected to close in the first half of 2026, pending regulatory approvals and customary closing conditions [13]. Group 2: Strategic Benefits - The acquisition diversifies Sompo's portfolio geographically, particularly in high-growth international markets, and enhances its underwriting expertise in core specialty insurance and reinsurance lines [1][5]. - Aspen's expertise in various global reinsurance lines and its top-tier Lloyd's syndicate will provide Sompo access to complex risks and untapped markets [6]. Group 3: Financial Impact - The transaction is anticipated to be immediately accretive to Sompo's return on equity (ROE) post-closing, contributing significantly to the group's financial profile [10]. - Aspen's recent financial performance includes a combined ratio of 87.9% and an operating return on average equity of 19.4% for the twelve months ended December 31, 2024 [10]. Group 4: Premium and Valuation - The acquisition price of $37.50 per share represents a 35.6% premium to Aspen's unaffected share price of $27.66 as of August 19, 2025 [11]. - This premium reflects the quality and potential of Aspen's business as recognized by Sompo [4]. Group 5: Leadership and Integration - Sompo Group CEO Mikio Okumura emphasized the transaction as part of their strategy to enhance resilience and promote collaboration within the group [3]. - James Shea, CEO of Sompo P&C, highlighted that strategic acquisitions are key to building a robust global platform, and Aspen represents a timely opportunity in the market cycle [4].

Financial Highlights - IGI's total assets reached approximately $700 million as of full year 2024[4] - The company's gross written premium was $2.1 billion as of June 30, 2025[4] - IGI reported a net income of $34.1 million for Q2 2025, a 4% increase over Q2 2024[20] - The company's net income for the first half of 2025 was $61.4 million, a 13.2% decrease compared to the first half of 2024[20] - IGI's book value per share increased by 4.8% from March 31, 2025, to $15.36[20] Underwriting Performance - IGI's combined ratio for Q2 2025 was 90.5%[20] - The combined ratio for the first half of 2025 was 92.4%[20] - Underwriting income for Q2 2025 was $35.0 million[20] - Underwriting income for the first half of 2025 was $63.0 million[20] Capital Management - IGI returned $33.5 million to shareholders in Q2 2025 through dividends and share repurchases[20] - The company returned $77.0 million to shareholders in the first half of 2025, including a $0.85 special dividend and share repurchases[20] - As of June 30, 2025, the Jabsheh family owned 35.8% of the company[9]