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Evolution of EMCI Public Ownership EMCI was formed by EMCC and historically provided the following benefits: Access to capital markets to support growth and enhance consolidated surplus. Raise overall profile of the EMC family of companies Provide additional financial and corporate governance oversight via regulators, investors and a separate board of directors. Provide potential acquisition currency (unused). Provide for incentive-based compensation via equity as well as promoting engagement by employees who purchase stock Importantly, EMCI has no employees, operations or significant source of business independent of EMCC Significant industry and market changes over the past several decades resulted in a reduction of perceived benefits, and, an increase in costs and risks At the same time, challenges to increasing EMCI shareholder value include: Divergent mutual and stock company fundamental financial goals and objectives and operating strategy. Historically lower ROE than publicly-traded peers Small-cap stock with low amount of public float and liquidity Slower organic growth compared to publicly-traded peers No takeover premium Ability to raise additional capital is limited due to AM Best’s requirement that EMCC’s ownership remain above 50.1% (~55% currently) to receive a “group” rating. Limited analyst coverage No near-term prospect of any M&A growth prospects Increasing regulatory, compliance and accounting costs Increasingly burdensome and complex corporate structure Outlook for continued underperformance compared to publicly-traded peers EMCC examined other strategic alternatives to improve EMCI shareholder value Management and EMCC Finance Committee analysis indicated significant limitations to the successful implementation and ultimate effectiveness of the potential alternative strategies examined. Conclusion was that purchase of EMCI’s publicly traded shares was the best strategic alternative available to benefit EMCI’s public shareholders and EMCC and its policyholders 4 Confidential

Summary of Potential Transaction Boenning understands that EMCC management, finance committee and board have engaged in preliminary discussions and analysis of the repurchase of the publicly traded minority interest in EMCI from shareholders (the “Purchase”). EMCC would attempt to acquire all of the common shares of EMCI not currently owned by EMCC, estimated to be ~10 million shares or ~46% of the outstanding shares(1). As such, EMCC convened its Finance Committee and, based on its recommendations, subsequently its Board of Directors to evaluate the merits and impacts on EMCC and EMCI of the Purchase transaction. Management and legal counsel provided significant information relating to the potential Purchase. According to EMCC management and Finance Committee, rationale for the Purchase includes: Immediate and substantial improvement in EMCI shareholder value, particularly compared with near-term and long-term prospects, as EMCI has generally underperformed the market. Simplify the corporate and organizational structure to allow EMCC’s management to focus on fiduciary responsibilities to policyholders instead of both policyholders and stockholders. Total liquidity for EMCI shareholders, particularly compared to limited float and liquidity of EMCI’s shares Pro forma financial impact neutral to positive to EMCC in most cases Ability to finance transaction on favorable terms Elimination of public company costs and dividends provides cash for payment of interest on borrowings to finance Purchase Elimination of complex and burdensome corporate structure and divergent financial and operational philosophies. EMCC’s Board has engaged Boenning as its financial advisor in connection with the potential Purchase. 1) Assumes 21,611,374 common shares outstanding as of 10/31/18, 326,365 options outstanding subject to exercise (assuming the treasury method) and EMCC owned shares of 11,771,778 as of 4/6/18 proxy filing. 6 Confidential

Selected Valuation Observations Boenning notes that qualitative and quantitative factors, including geographic concentration, divergence of projections from history and significant source of business other factors. EMCI’s dependence on EMCC (EMCI has no employees, operations or independent of EMCC), indicate lower end of range is appropriate, ignoring EMCI performance below median of peers; liquidity is 2nd lowest of group (13) Growth in EPS and BV/ share relatively minimal. Stock market performance trails peers and indexes. Comparable Public Company Analysis Precedent Transactions Analysis EMCI ROE (GAAP) materially lags median transaction group; ROE (Stat) exceeds group; combined ratio lags. Indicated values most closely approximate Boenning’s concluded value range. Present Value Analysis EMCI projected EPS exceeds recent past in profitability and growth. Indicated values support current market price. Other Considerations Book value – consideration is appropriate if not “going concern” value. In this case establishes a ”floor value”. Controlling going private transactions unlikely to be a reliable predictor of value. • Data is relatively dated (up to 18 yrs.) and not a statistically large group. Companies are much larger and perform better than EMCI. Historical price data: 10-year high closing price of $31.19 and low of $11.05. Premiums paid analysis - Direct comparability of companies is unlikely; widest range of values support other methods and result in some “outliers” Valuation Note: for purposes of this valuation, Boenning used operating earnings per share as an approximation for net income for all forward looking valuation applications (operating earnings excludes net realized investment gains/losses and, beginning in 2018, the change in net unrealized investment gains/losses on equity investments) 8 Confidential Commentary Methodology

Summary of Proposal Boenning offers the following suggestions for discussion: Although Boenning believes EMCI historical performance and other qualitative and quantitative factors argue for a valuation at the lower end of the potential range, going private standards and realities of the current market and legal environment suggest offering the middle of the range or better. Such an approach will also more closely accommodate “outlier” and other data points. Boenning estimated range of $25 to $35 per share P/B of 93.9% to 131.4% P/E of 13.3x to 18.6x Current Premium of 2% to 42% Approximates range indicated by Precedent Transactions approach, Present Value Analysis and upper bounds of Comparable Company range and also accommodates other observed data points Median value indicator is $27.96 per share. High end of valuation reflects: P/B of 131.4% P/E of 18.6x Premium of 42% Pro forma capitalization, leverage and income statement effects fall within acceptable levels based on management financial model estimates. Suggest $30 per share offer with negotiation authorization to $33.50 per share Boenning is prepared to assist EMCC/counsel in review of Bid Letter and related materials 10 Confidential

EMCI - Key Historical Financial Performance EMC Insurance Group Inc. (NASDAQ:EMCI) 717 Mulberry Street Des Moines, IA 50309 http://www.emcins.com ($ in 000's, except per share data) Cash and Investments (Reported) 1,256,629 1,384,407 1,416,021 1,466,021 1,540,739 1,539,877 8.1% 1.8% Total Policy Reserves (Reported) 839,299 903,555 926,930 948,485 1,000,422 1,063,709 25.0% Total Equity (Reported) 455,210 502,886 524,938 553,342 603,846 574,608 21.3% Gross Premiums Written (Reported) 959,543 970,434 988,370 1,025,906 1,063,699 1,105,929 Net Investment Income (Reported) 43,022 46,465 45,582 47,490 45,479 45,168 Total Policy Income (Reported) 515,506 540,722 570,266 592,408 607,158 635,084 Net Income (Reported) 43,519 29,992 50,162 46,203 39,238 40,261 20.9% Basic Book Value per Share (Reported) $22.81 $24.72 $25.26 $26.07 $28.14 $26.63 22.9% Bonds Commercial Property Commercial Auto Personal Lines Workers' Compensation Commercial Liability ROAA (%) 3.30 2.07 3.29 2.89 2.41 2.41 Net Income/ Total Revenue (%) 7.66 5.05 8.04 7.16 5.96 5.81 Stock Price 34.00 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Intangibles/ Equity (%) 0.21 0.19 0.18 0.17 0.16 0.16 30.00 26.00 22.00 Tangible Equity/ Tangible Assets (%) 33.07 33.53 34.14 34.79 35.87 33.74 18.00 14.00 10.00 Expense Ratio (%) 33.20 30.60 31.30 32.40 31.80 - 12 Confidential $ Price per share Volume Combined Ratio (%) 97.90 101.90 96.30 97.70 101.30 - Loss Ratio (%) 64.70 71.30 65.00 65.30 69.50 - Reserves/ Equity (x) 1.84 1.80 1.77 1.71 1.66 1.85 Net Premiums Written/ Avg Equity (x) 1.29 1.15 1.12 1.07 1.08 1.12 ROATCE (%) 10.51 6.23 9.68 8.35 6.86 6.93 LTM or as of Ratios: 2013Y 2014Y 2015Y 2016Y 2017Y 09/30/18 Common Shares Outstanding (actual) 19,958,980 20,344,409 20,780,439 21,222,535 21,455,545 21,575,286 Basic EPS after Extra (Reported) $2.22 $1.48 $2.43 $2.20 $1.84 $1.88 Total Expenses (Reported) 507,132 553,560 552,070 581,776 619,029 652,680 Total Revenue (Reported) 567,985 594,467 623,726 644,983 658,845 693,461 Net Premiums Written (Reported) 534,077 552,610 578,938 594,703 616,301 649,616 Tangible Equity (Reported) 454,268 501,944 523,996 552,400 602,904 573,666 Total Debt (Reported) 25,000 25,000 25,000 25,000 25,000 25,000 Total Assets (Reported) 1,374,501 1,497,820 1,535,955 1,588,813 1,681,940 1,701,102 LTM or as of Financial Highlights: 2013Y 2014Y 2015Y 2016Y 2017Y 09/30/18 2018 NPE by Type

Ownership, Float and Liquidity Analysis Institutional Concentration Breakdown of Shareholder Ownership 100% 100% 2.6% 75% 75% 50% 50% 25% 25% 0% 0% Peer Aver age HMN EIG ST FC UFCS AMSF GBLI DGICA EMCI PT VC.B HALL NSEC UNAM Peer Aver age HMN EIG ST FC UFCS AMSF GBLI DGICA EMCI PT VC.B HALL NSEC UNAM Total Instituti on Ownershi p Insider Ownershi p Retail & Other Top 10 Institutions Top 11-25 Institutions All Other institutions Avg Weekly Vol. / Shs Outstanding (%) Float as % of outstanding 125 % Peer Avg HMN EIG STFC UFCS AMSF GBLI DGICA EMCI PTVC.B HALL FACO CNFR NSEC UNAM 100 % 75 % 50 % 25 % 0 % 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% HMN E IG S TFC U FC S A MS F GB LI DGICA E MCI P TVC . B HALL UNAM 14 Confidential 99.1% 97.1% 98.3% 84.8% 71.8% 67.3% 45.2% 42.3% 38.9% 38.8% 14.6% 9.1% 99.2% 13.8% 61.1% 98.4% 18.7% 13.3% 17.0% 7.3% 58.0% 27.7% 90.9% 5.9% 7.1% 54.6% 57.7% 2.9% 86.7% 83.8% 32.6% 83.3% 81.3% 56.9% 50.4% 31.7% 37.1% 32.7% 29.0% 15.4% 10.4% 0.0% 11.9% 19.8% 19.6% 5.5% 74.9% 20.3% 11.7% 7.2% 10.1% 9.3% 24.2% 97.1% 100.0% 16.3% 17.1% 17.1% 15.3% 86.2% 21.6% 17.4% 28.1% 39.9% 78.2% 74.6% 75.7% 73.6% 73.1% 63.0% 58.6% 51.6% 5.2% 19.9%

Summary of Valuation Approaches Boenning has utilized several commonly accepted valuation methodologies in its analysis and summarized below their differing level of relevance and how they support the analysis. Comparable Public Company Analysis The financial performance and market valuations of publicly held peer companies. Focus on companies in similar lines of business and customer profile. Select a group that approximates the size, trading volume and market cap of EMCI The valuations implied by recent transactions involving companies with characteristics similar to EMCI and the nature of the transaction being considered. Whole company M&A insurance transactions seeking 100% being acquired (control basis) Insurance transactions where the majority shareholder acquired the minority block; known as a controlling going private transaction (“CGPT”) or controlled transaction Precedent Transactions Analysis The value of EMCI implied by the present value of its anticipated distributed cash flows through dividends plus the present value of an estimated “terminal value”. Present Value Analysis Highly dependent on management projections and cash distribution assumptions Need to capture earnings at a steady state for terminal value Review metrics such as 52 week low/high, current book value per share and analyst estimates. Review transaction premium data from whole company and controlling shareholder transactions focusing strictly on the premiums-to-market offered by acquirers to induce shareholders of target companies to sell their ownership stakes. Boenning assessment of EMCI’s position among its peers used to refine valuation within the wider range of multiples paid General influences of middle-market or small cap company realities on valuation. General conditions and other factors considered relevant by Boenning Additional Valuation Considerations 17 Confidential Concept/Commentary Methodology

Summary of Pro Forma Impact Boenning has reviewed management’s analysis related to the potential impact on consolidated financial statements of the proposed Purchase and associated financing (updated for 9/30/18 results). Material pro forma adjustments and related commentary include: Current availability of financing and viable associated transaction costs support Notes: a)Interest expense from new FHLB (3.5%) and surplus notes (5.5%); Tax benefit at 21% b)Goodwill created and associated Amort. Over 10ys c)Cash utilized in transaction d)Elimination of minority interest in EMCI e)Net impact from change in net income Income statement impacts include: Amortization of goodwill created from premium paid for minority stock (Non-cash) New interest expense surplus notes on FHLB debt and While not captured on the income statement, elimination of ~$9mm annual dividend payment to public shareholders offsets (~$1mm) and public companycosts offsets ~75% of the cash expense (i.e. new interest expense) Elimination of$238.5mm ofspecial surplusfunds(EMCIminorityinterest) from 9/30/18 consolidated Surplus Key pro forma amounts or ratios noted on the following page include: C&S, Leverage (financial and operational) and Net Income Note: Assumes a fixed 60%/40% FHLB / Surplus note financing split for any given purchase price. 24 Confidential Illustrative Pro Forma Impact Purchase Price $315m/~$31.52 per Share LTM 9/30/18 Adj. Income Statement: Total Premium Earned 1,804.3 Total Underwriting deduc. 1,804.3 Net Underwriting (loss) gain $0.0 Tot Inv. Inc. / Cap Gains / Misc. 123.4 Interest Expense 0 13.4 (a) Amort of Goodwill 0 7.6 (b) Dividends to Policyholders 34.3 Fed Income Tax (Benefit) 6.1 (2.8) (a) Net Income $83.0 $18.3 Balance Sheet: Total Cash & Investments 3,982.8 (10.6) (c) Goodwill 0.0 68.8 (b) Other Assets 787.0 Total Assets $4,769.7 $58.2 FHLB 0 190.0 (a) Other Liabilities 3,053.5 Total Liabilities $3,053.5 $190.0 Minority Interest in EMCI 238.5 (238.5) (d) Unassigned Surplus 1,394.7 Net Income 83.0 (18.3) (e) Surplus Notes 0.0 125.0 (a) Total Surplus $1,716.3 ($131.8) Total Liab & Surplus $4,769.7 58.2 Pro Forma LTM 9/30/18 1,804.3 1,804.3 $0.0 123.4 13.4 7.6 34.3 3.3 $64.8 3,972.2 68.8 787.0 $4,828.0 190.0 3,053.5 $3,243.5 0.0 1,394.7 64.8 125.0 $1,584.5 $4,828.0

Summary of Pro Forma Impact Boenning reviewed with management preliminary pro forma analysis related to the potential financial impact of the proposed Purchase statements and associated financing on the consolidated Purchase Price per Share Range Purchase Price per Share Range $30.00 $31.50 $33.00 $34.50 $30.00 $31.50 $33.00 $34.50 $1,580.4 (7.9%) $1,584.4 (7.7%) $1,588.4 (7.4%) $1,592.4 (7.2%) $66.8 (19.5%) $64.8 (22.0%) $62.8 (24.4%) $60.7 (26.8%) Purchase Price per Share Range Purchase Price per Share Range $30.00 $31.50 $33.00 $34.50 $30.00 $31.50 $33.00 $34.50 10.3% 10.7% 11.1% 11.6% 114.2% 113.9% 113.6% 113.3% Management indicated its BCAR projections under all scenarios, including significant CAT stress, support maintenance of scores supporting an A rating. C&S includes Surplus Notes. Significant portion of Net Income change results from (non-cash) goodwill amortization. Note: Assumes a fixed 60%/40% FHLB / Surplus note financing split for any given purchase price. 25 Confidential Operating Leverage (NPW/C&S) 9/30/18 Base: 105.1% Financial Leverage Ratio (D/TC) 9/30/18 Base: 0.0% Net Income 9/30/18 Base: $83.0 M C&S 9/30/18 Base: $1,716.3 M

Publicly Traded Multiple Summary Boenning applied the range of valuation multiples derived from EMCI’s recent metrics to calculate implied per share values. publicly held companies to EMCI Factor Multiples Implied Value Median Average Median Average LTM GAAP EPS Consensus GAAP 2018E EPS Consensus GAAP 2019E EPS Consensus GAAP 2020E EPS Management 2018E Management 2019E Management 2020E 9/30/18 GAAP Book Value Per Share (Basic) $1.88 $1.40 $1.40 $1.35 $1.40 $1.74 $1.89 $26.63 12.9x 14.5x 10.5x 9.0x 14.5x 10.5x 9.0x 0.75x 12.9x 14.5x 10.5x 9.0x 14.5x 10.5x 9.0x 0.78x $24.28 $20.37 $14.69 $12.15 $20.37 $18.25 $17.01 $19.97 $24.28 $20.37 $14.69 $12.15 $20.37 $18.25 $17.01 $20.82 EMCI Factor Multiples Implied Value Median Average Median Average LTM GAAP EPS Consensus GAAP 2018E EPS Consensus GAAP 2019E EPS Consensus GAAP 2020E EPS Management 2018E Management 2019E Management 2020E 9/30/18 GAAP Book Value Per Share (Basic) $1.88 $1.40 $1.40 $1.35 $1.40 $1.74 $1.89 $26.63 12.9x 16.9x 17.5x 15.9x 16.9x 17.5x 15.9x 0.92x 15.3x 18.8x 17.3x 14.8x 18.8x 17.3x 14.8x 1.15x $24.28 $23.60 $24.47 $21.50 $23.60 $30.42 $30.11 $24.62 $28.82 $26.36 $24.16 $19.98 $26.36 $30.03 $27.98 $30.63 Notes: Consensus and management estimates are operating income (v. net income); Value range is derived as the low and high of the various metrics calculated for each comparable group; 28 Confidential Value Range$19.98$30.63 Selected Comparable Companies - <$2B Market Cap Value Range$12.15$20.82 Selected Comparable Companies - <$1B Market Cap

Selected Publicly Traded P&C Companies Operating Metrics Boenning reviewed publicly traded P&C insurance companies with less capitalization and selected the following 13 companies for its analysis. than $2B in market (1) As of 12/31/2017 * As of 6/30/2018 29 Confidential Balance SheetIncome Statement & Profitability ($ in millions, all numbers as of or LTM 09/30/18 unless otherwise noted)Net TotalTotalDebt /Reserves /InvestmentLossExpenseCombined AssetsEquityTotal Cap.Loss & LAEEquityTotalYieldROAAROAERatio¹Ratio¹Ratio¹ Company($M)($M)(%)Reserves(%)Revenue(%)(%)(%)(%)(%)(%) Horace Mann Educators Corporation11,2811,30418.63855.41,2164.71.511.776.626.7103.3 Employers Holdings, Inc.3,8999912.02,2342.68223.43.815.558.232.390.5 State Auto Financial Corporation2,93986912.31,1992.11,3744.51.13.672.035.7107.7 United Fire Group, Inc.2,831884-1,2782.01,0913.13.110.872.831.2104.0 AMERISAFE, Inc.1,587459NA7912.23782.43.512.060.524.284.7 Global Indemnity Limited1,95870228.76091.35103.6(0.3)(0.9)61.541.9103.4 Donegal Group Inc.1,82441613.57803.27763.2(1.2)(4.8)69.433.6103.0 Protective Insurance Corporation1,4473884.97782.24412.40.51.775.433.0108.4 Hallmark Financial Services, Inc.1,27126724.35313.13922.80.41.979.928.0107.9 First Acceptance Corporation*4067249.31533.43371.70.42.579.417.897.2 Conifer Holdings, Inc.2334739.0913.11012.0(1.8)(8.3)79.246.8126.0 National Security Group, Inc.*1464624.671.7652.70.72.268.034.3102.3 Unico American Corporation*12557-501.2361.8(5.8)(12.8)94.020.0114.0 All Companies (13): Low12546-71.2361.7(5.8)(12.8)58.217.884.7 Average2,30450018.16832.65802.90.42.772.831.2104.0 Median1,58741616.16092.24412.80.52.272.832.3103.4 High11,2811,30449.32,2345.41,3744.73.815.594.046.8126.0 Market Cap <$1B (8): Low12546-71.2361.7(5.8)(12.8)61.517.897.2 Average92624923.03752.43322.5(0.9)(2.3)75.831.9107.8 Median83817024.53422.63652.50.00.477.333.3105.7 High1,95870249.37803.47763.60.72.594.046.8126.0 EMC Insurance Group Inc.1,7015754.27621.96933.42.46.969.531.8101.3 Comparable Publicly Traded Companies

Selected Publicly Traded P&C Companies Trading Metrics Boenning reviewed publicly traded P&C insurance companies with less capitalization and selected the following 13 companies for its analysis. than $2B in market 30 Confidential Avg. Weekly Market Volume / Price / Price / Price / Price / Price / Price / Dividend Payout Cap Shares Out. % of 52 Float Book TBV LTM EPS 2018 EPS 2019 EPS 2020 EPS Yield Ratio Company ($M) (%) Week High (%) (%) (%) (x) (x) (x) (x) (%) (%) Horace Mann Educators Corporation 1,677 1.66% 85.4% 99.1 128.9 133.8 10.5 25.8 16.0 15.4 2.8 28.8 Employers Holdings, Inc. 1,542 1.86% 92.7% 97.1 155.6 162.8 10.6 12.8 17.5 19.1 1.7 17.0 State Auto Financial Corporation 1,462 0.42% 96.2% 38.9 167.6 NA NM NM 20.3 16.5 1.2 56.3 United Fire Group, Inc. 1,389 1.57% 82.1% 84.8 143.8 147.4 19.1 27.6 25.9 NA 2.2 103.2 AMERISAFE, Inc. 1,256 2.15% 95.0% 98.3 273.7 273.7 23.5 17.7 20.2 19.9 1.3 157.4 Global Indemnity Limited 652 0.83% 68.2% 33.8 71.8 74.9 NM NM NA NA 2.1 NM Donegal Group Inc. 379 0.65% 72.4% 45.2 92.4 93.9 NM NM NA NA 4.2 NM Protective Insurance Corporation 336 0.75% 88.9% 67.3 84.7 85.4 12.9 NM NA NA 4.9 236.2 Hallmark Financial Services, Inc. 196 0.72% 92.2% 71.8 76.5 96.6 NM 13.1 10.8 9.4 - - First Acceptance Corporation 47 0.42% 76.7% 36.9 65.0 129.2 NM NM NA NA - - Conifer Holdings, Inc. 49 0.34% 77.9% 46.1 97.7 99.6 NM 16.0 10.2 8.6 - NM National Security Group, Inc. 34 0.45% 69.8% 47.1 73.5 73.5 NM NM NA NA 1.5 48.8 Unico American Corporation 36 0.31% 70.1% 38.8 63.8 63.8 NM NM NA NA - NM All Companies (13): Low 34 0.31% 68.2% 33.8 63.8 63.8 10.5 12.8 10.2 8.6 - - Average 697 0.93% 82.1% 61.9 115.0 119.5 15.3 18.8 17.3 14.8 1.7 72.0 Median 379 0.72% 82.1% 47.1 92.4 98.1 12.9 16.9 17.5 15.9 1.5 48.8 High 1,677 2.15% 96.2% 99.1 273.7 273.7 23.5 27.6 25.9 19.9 4.9 236.2 Market Cap <$1B (8): Low 34 0.31% 68.2% 33.8 63.8 63.8 12.9 13.1 10.2 8.6 - - Average 216 0.56% 77.0% 48.4 78.2 89.6 12.9 14.5 10.5 9.0 1.6 71.2 Median 123 0.55% 74.6% 45.7 75.0 89.6 12.9 14.5 10.5 9.0 0.7 24.4 High 652 0.83% 92.2% 71.8 97.7 129.2 12.9 16.0 10.8 9.4 4.9 236.2 EMC Insurance Group Inc. 525 0.37% 76.3% 42.3 92.0 92.2 23.8 17.6 18.2 18.2 3.8 46.8 Pricing Ratios As of 11/09/18 Comparable Publicly Traded Companies

Summary of Selected Precedent Transactions Boenning reviewed P&C insurance whole company M&A Stat basis to derive transaction multiples (reflects control). transactions both on a GAAP and Deal Value/ Assets (%) Deal Value/ Book (%) Deal Value/ Revenue (x) Deal Value/ Net Income (x) Total Assets ($M) C&S / Total Equity ($M) LTM ROAE (%) Combined Ratio (%) Deal Value ($M) Subset A - Consists of whole P&C transactions nationwide in the last 10 years with 100% equity ownership acquired and disclosed data-GAAP Basis B - Consists of whole P&C transactions nationwide since 2015 with 100% equity ownership and disclosed data-statutory Basis Transactions without deal value have been excluded. * Combined Ratio is for 9 months ended 9/30/2018 32 Confidential EMCI - Statutory 1,652 549 5.5 105.2 * EMCI - GAAP 1,701 575 6.9 102.1 B - Whole Acquired Insurance Company Transactions - Stat Basis (79) Low 2 2 (72.4) 30.8 2 4.1 17.1 0.1 4.6 Average 957 365 1.9 95.4 648 72.4 136.4 3.2 21.7 Median 70 30 2.1 95.9 37 62.9 126.9 2.8 20.1 High 40,311 14,834 28.6 209.0 28,294 195.2 365.9 9.7 57.1 A - Whole Insurance Company Transactions - GAAP Basis (20) Low 245 92 (4.8) 83.7 105 15.2 54.6 0.7 4.6 Average 4,628 1,298 8.3 98.3 2,004 35.8 132.7 1.5 18.2 Median 987 278 7.6 97.6 272 32.6 107.2 1.1 13.8 High 50,726 15,918 24.2 116.2 28,294 84.1 288.3 4.1 48.1 Terms at Announcement (Median) Seller's Median Financial Performance

A - Whole Insurance Company Transactions (reflects control) - GAAP Basis (20) P&C Deals nationwide since 2008 with 100% equity ownership acquired and disclosed data-GAAP Basis De al Value/ Ne t Income (x ) Deal Value/ Assets (%) De al Value/ Book (%) Deal Value/ Revenue (%) Total Asse ts ($) Total Equity ($) LTM ROAE (%) Combined Ratio (%) Dea l Value ($M) Announce Date Buyer Sta te Seller State 8/22/2018 Hartford Financ ial Services Group, Inc. CT Navigators Group, Inc . CT 5,488,945 1,234,084 5.0 NA 2,151.0 39.2 168.7 1.5 34.5 2/13/2018 Kemper Corporation IL Infinity Property and Casualty Corporation AL 2,473,411 720,281 6.4 95.18 1,324.1 53.5 183.7 NM 29.5 8/8/2017 Heritage Ins uranc e Holdings , Inc . FL NBIC Holdings , Inc . RI 493,234 104,174 NA NA 237.9 48.2 228.3 1.7 9.6 7/26/2017 Markel Corporation VA State National Companies, Inc. TX 2,975,957 307,250 17.6 NA 922.6 31.0 288.3 4.1 17.4 7/1/2015 ACE Limited - Chubb Corporation NJ 50,726,000 15,918,000 12.4 NA 28,293.8 55.8 177.0 NM 14.5 12/30/2014 Fosun International Holdings Ltd. - Meadowbrook Insurance Group, Inc. MI 2,739,433 448,104 2.1 NM 435.2 15.9 96.7 NM 48.1 10/16/2014 Global Indemnity plc - American Reliable Ins uranc e Company AZ 413,562 107,917 NA NM 113.7 27.5 105.4 NM 13.2 9/24/2013 ProAssurance Corporation AL Eastern Insurance Holdings, Inc. PA 407,270 140,801 9.0 NA 205.2 50.4 137.7 1.1 15.4 8/27/2012 Ens tar Group Limited - SeaBright Holdings , Inc . WA 1,101,425 353,618 3.0 NA 249.6 22.7 70.5 0.9 23.6 11/21/2011 Alleghany Corporation NY Transatlantic Holdings, Inc. NY 16,594,820 4,294,893 2.4 98.20 3,534.6 21.3 85.8 NM 39.6 9/8/2011 ACE Limited - Penn Millers Holding Corporation PA 244,523 91,722 (4.8) 113.80 105.0 42.9 101.1 NM NA 5/24/2011 Doctors Company, An Interinsurance Exchange CA FPIC Insurance Group, Inc. FL 961,117 258,572 10.3 86.80 360.6 37.5 135.6 1.8 13.8 11/30/2010 United Fire & Cas ualty Company IA Mercer Ins uranc e Group, Inc. NJ 613,424 180,618 8.9 97.60 191.5 34.3 109.0 1.4 12.3 10/28/2010 Fairfax Financial Holdings Limited - First Mercury Financial Corporation MI 1,210,910 297,362 11.1 94.90 294.3 24.3 98.5 0.9 8.7 7/15/2010 Investor group - NYMAGIC, INC. NY 1,011,987 222,941 24.2 98.70 231.8 22.9 98.1 1.0 4.6 7/8/2010 Doctors Company, An Interinsurance Exchange CA American Physicians Capital, Inc. MI 933,009 234,148 16.4 NA 396.4 42.5 170.2 2.8 11.2 6/10/2010 Old Republic International Corporation IL PMA Capital Corporation PA 2,409,711 418,130 5.4 116.24 228.3 15.2 54.6 0.7 10.9 4/26/2010 National Interstate Corporation OH Vanliner Group, Inc. MO 607,848 134,299 NA NA 138.0 22.7 102.7 0.8 11.0 4/16/2010 QBE Ins uranc e Group Limited - NAU Holding Company , LLC MN 693,000 361,000 NA 83.70 565.0 84.1 166.2 NA 6.1 6/22/2009 Tower Group, Inc. NY Specialty Underwriters' Alliance, Inc. IL 451,750 138,062 3.7 NA 109.1 24.2 77.0 0.7 22.4 34 Confidential Low (20) 244,523 91,722 (4.8) 83.70 105.0 15.2 54.6 0.7 4.6 Average (20) 4,627,567 1,298,299 8.3 98.35 2,004.4 35.8 132.7 1.5 18.2 Median (20) 986,552 277,967 7.6 97.60 272.0 32.6 107.2 1.1 13.8 High (20) 50,726,000 15,918,000 24.2 116.24 28,293.8 84.1 288.3 4.1 48.1 Terms at Announcement Selle r's Fina ncial Pe rforma nce

B - Whole Insurance Company Transactions (reflects control) - Stat Basis (79) P&C Deals nationwide since 2015 with 100% equity ownership acquired with disclosed data Deal Value/ Net Premiums Written (%) Deal Value/ Net Income (x) Deal Value/ Assets (%) Deal Value/ Book (%) Total Assets ($) Capital & Surplus ($) LTM ROAE (%) Combined Ratio (%) Deal Value ($M) Announce Date Buyer Seller 9/19/2018 Randall & Quilter Investment Holdings Ltd. Global Reinsurance Corporation of America 232,942 102,001 18.6 NA 80.5 34.6 78.9 NA 4.6 8/31/2018 Enstar Group Limited Maiden Reinsurance North America, Inc. 1,275,695 293,033 2.1 104.26 321.5 25.2 109.7 0.6 53.3 8/26/2018 Premia Holdings Ltd. Public Service Insurance Company 17,887 15,535 2.3 30.85 6.9 38.7 44.6 NM 19.8 8/22/2018 Hartford Financial Services Group, Inc. Navigators Group, Inc. 3,319,199 1,039,621 NA 98.53 2,151.0 64.8 206.9 2.1 28.3 7/16/2018 Premier Holdings, LLC Mendota Insurance Company 135,356 29,054 NA 121.65 25.4 18.8 87.4 NM NA 5/31/2018 NI Holdings, Inc. Direct Auto Insurance Company 70,098 12,298 1.7 94.40 17.0 24.3 NM NM NA 5/22/2018 Canada Pension Plan Investment Board Greyhawk Insurance Company 16,119 15,288 NA NA 23.6 146.1 154.1 NM NA 5/1/2018 Auto Club Insurance Association Auto Club Insurance Holdings, LLC 390,280 170,353 (3.1) 108.02 124.0 63.5 36.4 1.2 NA 4/4/2018 Quest Group Holdings Limited United Americas Insurance Company 5,173 4,791 (1.4) NA 5.3 102.5 110.6 NM NA 2/23/2018 United Insurance Company Specialty Surplus Insurance Company 17,411 17,270 (1.1) NA 15.2 87.3 88.0 NM NA 2/13/2018 Kemper Corporation Infinity Property and Casualty Corporation 2,167,715 675,721 NA 101.58 1,324.1 61.1 196.0 NM 18.7 11/28/2017 Federated National Holding Company Monarch Delaware Holdings LLC 41,532 26,772 (11.6) 160.30 16.7 69.8 35.9 3.6 NA 11/2/2017 Gray Family American Healthcare Indemnity Company 21,485 21,449 0.6 NA 17.4 80.8 81.0 NA NA 10/27/2017 Allstate Corporation First Jersey Casualty Insurance Company Inc. 5,275 5,236 1.4 NA 10.3 195.2 196.7 NM NA 9/21/2017 Industrial Alliance Insurance and Financial Services Inc. Dealers Assurance Company/Southwest Reinsurance Inc. 111,424 64,366 9.6 37.39 135.0 121.2 209.7 9.7 22.9 9/13/2017 CopperPoint Mutual Insurance Company Pacific Compensation Insurance Company 389,204 113,978 1.7 102.20 150.0 38.5 131.6 NM NA 9/1/2017 Enstar Group Limited Great Lakes Casualty Insurance Company 17,877 17,664 2.0 NA 8.0 44.8 45.3 NM 22.7 8/15/2017 Employers Holdings, Inc. PartnerRe Insurance Company of New York 121,500 108,402 0.5 NA 45.8 37.7 NA NM NA 8/8/2017 Heritage Insurance Holdings, Inc. NBIC Holdings, Inc. 230,872 95,603 NA NA 237.9 103.0 248.8 NM 6.4 7/26/2017 Markel Corporation State National Companies, Inc. 567,252 314,652 NA 87.51 922.6 162.7 293.2 6.7 46.9 5/15/2017 American International Group, Inc. Hamilton U.S. Holdings, Inc. 117,132 56,739 NA 209.03 110.0 93.9 193.9 NM NA 4/19/2017 Cypress Point Holdings, LLC Coventry Insurance Company 1,865 1,865 7.3 NA 1.9 100.5 100.5 NA 14.4 4/7/2017 Enstar Group Limited Affirmative Insurance Company of Michigan 9,480 7,036 (6.3) NA 5.0 53.0 71.4 NA NA 3/31/2017 Gearson Partners Fund, L.P. Wilmington Holdings Corporation 5,349 3,456 12.8 43.05 4.8 88.8 137.5 4.6 11.5 2/1/2017 Markel Corporation SureTec Financial Corporation 230,035 91,376 NA 71.46 250.0 108.7 273.6 3.6 16.6 12/16/2016 Tiptree Inc. Blue Ridge Indemnity Company 6,790 6,735 5.4 NM 7.3 106.8 107.6 NM 20.4 11/25/2016 Standard Diversified Inc. Interboro Holdings, Inc. 60,594 6,754 (72.4) 125.91 2.5 4.1 37.0 0.1 NA 11/9/2016 State National Companies, Inc. Fireman's Fund Insurance Company of Ohio 53,260 50,458 1.8 NA 49.4 92.7 97.9 NA 54.2 11/4/2016 NORCAL Mutual Insurance Company PPM Services, Inc. 214,610 125,524 7.5 72.12 198.0 92.3 157.7 NM 21.6 10/28/2016 AmTrust Financial Services, Inc. AmeriHealth Casualty Insurance Company 293,625 62,882 15.5 92.57 89.5 30.5 142.3 0.8 10.3 10/26/2016 Federated Mutual Insurance Company Granite Re, Inc. 47,000 23,122 16.8 81.54 84.6 180.0 365.9 3.3 24.1 10/10/2016 National Fidelity Holdings, Inc. Ashmere Insurance Company 9,361 9,343 (1.0) NA 15.4 164.5 164.8 NA NA 9/26/2016 Delaware Life Insurance Company SeaBright Insurance Company 31,171 25,717 0.6 NA 31.0 99.5 120.5 NM NA 9/6/2016 FM Holdings Limited Affirmative Direct Insurance Company 5,202 5,057 (4.4) NA 5.7 109.6 112.7 NA NA 8/17/2016 United Insurance Holdings Corp. AmCo Holding Company 329,595 163,484 28.6 63.39 310.4 94.2 189.8 2.4 6.8 7/18/2016 Berkshire Hathaway Inc. Medical Liability Mutual Insurance Company 5,539,701 1,865,459 NA NA 2,502.0 45.2 134.1 NA 21.7 7/1/2016 BrickStreet Mutual Insurance Company HM Casualty Insurance Company 27,027 11,127 12.8 NA 14.1 52.3 127.0 NA 10.4 6/24/2016 National General Holdings Corporation Elara Holdings, Inc. 631,193 179,766 NA NM 165.0 26.1 91.8 NM 14.5 5/23/2016 W atford Re Ltd. Professionals Direct Insurance Company 22,941 22,913 2.0 NA 19.4 84.6 84.7 NA 42.5 35 Confidential Terms at Announcement Seller's Financial Performance

B - Whole Insurance Company Transactions (reflects control) - Stat Basis (79) Deal Value/ Net Premiums Written (%) Deal Value/ Net Income (x) Deal Value/ Assets (%) Deal Value/ Book (%) Total Assets ($) Capital & Surplus ($) LTM ROAE (%) Combined Ratio (%) Deal Value ($M) Announce Date Buyer Seller 5/23/2016 Boston Omaha Corporation United Casualty and Surety Insurance Company 8,033 4,911 8.5 79.72 13.0 161.8 264.7 NM 31.2 5/18/2016 W . R. Berkley Corporation Intrepid Insurance Company 33,763 29,581 0.9 NA 15.5 45.9 52.4 NM 57.1 5/17/2016 Cypress Point Holdings, LLC Quanta Indemnity Company 39,723 19,698 6.4 NA 25.0 62.9 126.9 NM 20.4 5/13/2016 State National Companies, Inc. United National Specialty Insurance Company 54,675 19,971 4.3 82.60 18.7 34.2 93.6 NM 22.2 5/7/2016 Sirius International Insurance Corporation (publ) Mount Beacon Holdings, LLC 50,592 23,024 (19.1) 135.23 16.5 32.6 71.7 NM NA 4/13/2016 Assured Guaranty Ltd. CIFG Holding, Inc. 724,212 577,176 4.8 50.79 450.0 62.1 78.0 NM 15.2 3/16/2016 Hartford Financial Services Group, Inc. Northern Homelands Company 312,903 114,628 NA 95.52 160.0 51.1 139.6 NM 20.1 3/14/2016 Metromile Inc. Mosaic Insurance Company 16,438 15,084 (9.9) NA 22.0 133.8 145.9 NM NA 1/27/2016 National General Holdings Corporation Standard Mutual Insurance Company 58,950 21,965 (1.5) 103.60 27.6 46.8 125.7 NM NA 1/25/2016 National General Holdings Corporation Century-National Insurance Company / W estern General Agen 599,258 365,279 4.1 109.60 315.0 70.1 146.3 NM 20.2 11/4/2015 NORCAL Mutual Insurance Company Florida Doctors Holding Company, LLC 81,344 21,513 (1.9) 110.00 53.3 65.5 247.7 NM NA 10/14/2015 Church Mutual Insurance Company School Boards Insurance Company of Pennsylvania, Inc. / Sch 164,604 54,237 15.5 91.69 37.3 22.7 68.8 NM 5.1 9/28/2015 United Insurance Holdings Corp. Interboro Insurance Company 98,676 30,649 11.1 98.27 57.0 57.8 186.0 NM 16.5 7/18/2016 Berkshire Hathaway Inc. Medical Liability Mutual Insurance Company 5,539,701 1,865,459 NA NA 2,502.0 45.2 134.1 NA 21.7 7/1/2016 BrickStreet Mutual Insurance Company HM Casualty Insurance Company 27,027 11,127 12.8 NA 14.1 52.3 127.0 NA 10.4 6/24/2016 National General Holdings Corporation Elara Holdings, Inc. 631,193 179,766 NA NM 165.0 26.1 91.8 NM 14.5 5/23/2016 Watford Re Ltd. Professionals Direct Insurance Company 22,941 22,913 2.0 NA 19.4 84.6 84.7 NA 42.5 5/23/2016 Boston Omaha Corporation United Casualty and Surety Insurance Company 8,033 4,911 8.5 79.72 13.0 161.8 264.7 NM 31.2 5/18/2016 W. R. Berkley Corporation Intrepid Insurance Company 33,763 29,581 0.9 NA 15.5 45.9 52.4 NM 57.1 5/17/2016 Cypress Point Holdings, LLC Quanta Indemnity Company 39,723 19,698 6.4 NA 25.0 62.9 126.9 NM 20.4 5/13/2016 State National Companies, Inc. United National Specialty Insurance Company 54,675 19,971 4.3 82.60 18.7 34.2 93.6 NM 22.2 5/7/2016 Sirius International Insurance Corporation (publ) Mount Beacon Holdings, LLC 50,592 23,024 (19.1) 135.23 16.5 32.6 71.7 NM NA 4/13/2016 Assured Guaranty Ltd. CIFG Holding, Inc. 724,212 577,176 4.8 50.79 450.0 62.1 78.0 NM 15.2 3/16/2016 Hartford Financial Services Group, Inc. Northern Homelands Company 312,903 114,628 NA 95.52 160.0 51.1 139.6 NM 20.1 3/14/2016 Metromile Inc. Mosaic Insurance Company 16,438 15,084 (9.9) NA 22.0 133.8 145.9 NM NA 1/27/2016 National General Holdings Corporation Standard Mutual Insurance Company 58,950 21,965 (1.5) 103.60 27.6 46.8 125.7 NM NA 1/25/2016 National General Holdings Corporation Century-National Insurance Company / Western General Agen 599,258 365,279 4.1 109.60 315.0 70.1 146.3 NM 20.2 11/4/2015 NORCAL Mutual Insurance Company Florida Doctors Holding Company, LLC 81,344 21,513 (1.9) 110.00 53.3 65.5 247.7 NM NA 10/14/2015 Church Mutual Insurance Company School Boards Insurance Company of Pennsylvania, Inc. / Sch 164,604 54,237 15.5 91.69 37.3 22.7 68.8 NM 5.1 9/28/2015 United Insurance Holdings Corp. Interboro Insurance Company 98,676 30,649 11.1 98.27 57.0 57.8 186.0 NM 16.5 9/27/2015 AmTrust Financial Services, Inc. Republic Companies, Inc. 689,208 253,467 NA 103.40 233.2 33.8 92.0 NM 18.6 8/24/2015 Auto-Owners Insurance Company Strickland Insurance Group, Inc. 251,189 90,097 NA 96.21 168.4 67.0 186.9 NM 16.3 8/11/2015 XL Group plc Allied International Holdings, Inc. 197,110 65,265 12.2 91.29 105.6 53.6 161.8 NM 14.0 7/1/2015 ACE Limited Chubb Corporation 40,311,229 14,833,597 NA 86.46 28,293.8 70.2 190.7 NM 13.7 6/26/2015 Clear Blue Financial Holdings, LLC Maiden Specialty Insurance Company 66,917 52,089 8.9 NA 49.9 74.5 95.7 NM 11.3 6/10/2015 Tokio Marine Holdings, Inc. HCC Insurance Holdings, Inc. 6,304,626 2,825,141 NA NA 7,499.9 119.0 265.5 NM 20.2 6/1/2015 Clear Blue Financial Holdings, LLC RLI Indemnity Company 44,430 43,919 2.1 NA 7.5 16.9 17.1 NM 8.1 5/7/2015 AmTrust Financial Services, Inc. W arranty solutions business 151,512 51,635 6.0 98.99 152.0 100.3 294.4 NM 29.0 4/29/2015 Fairfax Financial Holdings Limited Mt. McKinley Insurance Company 21,511 20,179 (0.7) NA 20.0 93.0 99.1 NM NA 4/9/2015 Tokio Marine Holdings, Inc. SPARTA Specialty Insurance Company 90,367 36,100 (25.8) NA 37.1 41.0 102.7 NM NA 36 Confidential Low (79)1,8651,865(72.4)30.851.94.117.10.14.6 Average (79)957,285364,6591.995.37648.072.4136.43.221.7 Median (79)70,09829,5812.195.8637.362.9126.92.820.1 High (79)40,311,22914,833,59728.6209.0328,293.8195.2365.99.757.1 Terms at Announcement Seller's Financial Performance

Present Value Analysis Summary of Assumptions Boenningpreparedapresentvalueanalysisusingmanagement’sforecastedresultsof operations of EMCI for the years ending December 31, 2019 – 2023 Based on discussions with management, these projections were prepared with the goal market dynamics and the implementation of initiatives to alter recent historical EPS trends. of capturing current Reflects recently announced exit from personal lines business. ~4% annual growth in P&C premium earned and ~3.3% in EMC Re premium earned. Total revenue 2+% CAGR through 2023. Assumed an improvement in combined ratio from 101.6% in 2019 to 99.7% by 2023. EPS expected to grow ~4% over period; 8+% starting in 2020 after full effect of personal lines exit and implementation of initiatives to achieve consistent commercial lines underwriting profit. Assumed a $0.04 a year increase (with $0.08 a year in 2022 and 2023) in dividend per share from the current base of $0.89 annually. Utilized earnings and book value basis terminal value models; Selected earnings (11.6x) and book value (0.94x) multiples based on median of the selected peer group. Derived a 10.55% cost of equity as the discount factor. Sensitivity performed using the terminal multiple and EPS growth rate • Cost of Equity (CAPM) was derived from the Duff & Phelps data base; Risk Free Rate and Equity Risk Premium reflect Duff & Phelps recommendations. Size Premium reflects companies in a size between $299.4M - $656.8M. Beta reflects companies within SIC code of 63 (insurance) • • • Valuation Note: Boenning used operating earnings per share as an approximation for net income for all forward looking valuation applications (operating earnings excludes net realized investment gains/losses and, beginning in 2018, the change in net unrealized investment gains/losses on equity investments) 38 Confidential Cost of Equity (CAPM) Ke=Rf+(RPm*)+RPs Risk Free Rate 3.50% Equity Risk Premium 5.00% Beta 0.91x Size Premium 2.50% Cost of Equity 10.55%

Implied Valuation Range – EPS Based Valuation Note: Boenning used operating earnings per share as an approximation for net income for all forward looking valuation applications (operating earnings excludes net realized investment gains/losses and, beginning in 2018, the change in net unrealized investment gains/losses on equity investments) 39 Confidential EPS Growth Change (%) Multiple Based On Peers P/E Present Value Based on EPS Terminal Multiple Fiscal Year 2018F2019P2020P2021P2022P2023P Earnings Per Share1.401.741.892.062.212.38 Earnings Per Share Year Over Year Growth24.3 %8.6 %9.0 %7.3 % 7.7 % Assumed P/E Multiple Applied to Earnings12.9 x Market Value Per Share $30.73 Cash Dividends Paid$0.93$0.97$1.01$1.09$1.17 Year Five Terminal Value $30.73 Total Cash Flow to Shareholders$0.93$0.97$1.01$1.09$31.90 Net Present Value Sensitivity to Earnings Growth and EPS Terminal Multiple: Terminal Price to Earnings Multiple -3.0 -1.5 0.0 1.5 3.0 10.9 x11.9 x12.9 x13.9 x14.9 x $18.63$19.95$21.27$22.60$23.92 19.6621.0822.4923.9125.32 20.7522.2625.2926.81 21.9023.5225.1426.7528.37 23.1124.8426.5728.3030.03 23.78 Net Present Value of Cash Flows$23.78

Implied Valuation Range – Book Value Based 40 Confidential EPS Growth Change(%) Multiple Based On Peers P/E Present Value Based on BV Multiple Fiscal Year 2018F2019P2020P2021P2022P2023P Earnings Per Share$1.40$1.74$1.89$2.06$2.21$2.38 Earnings Per Share Year Over Year Growth24.3 %8.6 %9.0 %7.3 %7.7 % Cash Dividends Per Share$0.93$0.97$1.01$1.09$1.17 Earnings Per Share Less Cash Dividends$0.81$0.92$1.05$1.12$1.21 Book Value Per Share$26.63$31.74 Assumed Tangible Book Multiple Applied to Book Value0.92 x Market Value Per Share $29.34 Cash Dividends Paid$0.93$0.97$1.01$1.09$1.17 Year Five Terminal Value $29.34 Total Cash Flow to Shareholders$0.93$0.97$1.01$1.09$30.51 Net Present Value Sensitivity to Earnings Growth and Terminal Book Multiple: Terminal Price to Book Value Multiple -3.0 -1.5 0.0 1.5 3.0 0.72 x0.82 x0.92 x1.02 x1.12 x $18.47$20.44$22.41$24.37$26.34 18.6620.6522.6424.6426.63 18.8520.8724.9126.93 19.0621.1023.1525.2027.25 19.2721.3423.4225.5027.57 22.89 Net Present Value of Cash Flows$22.89

Summary of Selected CGPTs Boenning reviewed all insurance company transactions and identified those that had a majority shareholder acquiring the minority shareholders through a CGPT. Deal Value/ Book (%) Deal Value/ Net Income (x) Total Assets ($M) Capital & Surplus ($M) LTM ROAE (%) Combined Ratio (%) Deal Value ($M) Subset Consists of all insurance only CGPTs. Transactions without deal value have been excluded. Insurance Only CGPTs EMCI Factor Median Average Median Average LTM 9/30/18 GAAP Earnings 9/30/18 GAAP Book Value Per Share (Basic) $1.88 $26.63 16.5x 1.47x 22.1x 1.58x $31.10 $39.06 $41.52 $42.09 Note: Value range is derived as the low and high of the various metrics calculated. 42 Confidential Value Range$31.10$42.09 EMCI - GAAP 1,701 575 6.9 101.3 Insurance Only CGPTs (13) Low 1,838 359 2.8 96.2 226 101.8 8.8 Average 22,243 2,831 9.7 102.9 1,608 158.1 22.1 Median 6,850 1,849 10.3 101.4 1,049 146.7 16.5 High 110,771 8,941 14.3 112.4 7,070 286.8 48.2 Terms at Announcement (Median) Seller's Median Financial Performance

Insurance Only CGPTs Deal Value/ Net Income (x) Equity Ownership Acquired (%) Deal Value/ Book (%) Total Assets ($000) Total Equity ($000) LTM ROAE (%) Combined Ratio (%) Deal Value ($M) Announce Date Buyer Seller 3/1/2018 Investor group AmTrust Financial Services, Inc. 25,701,000 3,932,400 7.9 112.41 45.0 1,390.1 101.8 14.8 7/25/2016 American Financial Group, Inc. National Interstate Corporation 1,935,882 358,897 5.8 102.44 49.0 314.7 182.6 30.5 4/21/2011 CNA Financial Corporation CNA Surety Corporation 1,837,734 1,068,733 13.5 NA 39.0 476.5 111.2 8.8 2/7/2011 Berkshire Hathaway Inc. Wesco Financial Corporation 3,550,270 2,589,374 2.8 96.15 19.9 547.6 105.9 37.8 9/18/2009 Fairfax Financial Holdings Limited Odyssey Re Holdings Corp. 10,150,029 3,138,352 12.6 100.40 27.4 1,049.4 125.3 11.3 6/29/2009 First American Corporation First Advantage Corporation NA NA NA NA 20.2 1,522.4 161.5 48.2 12/1/2008 Fairfax Financial Holdings Limited Northbridge Financial Corporation NA NA NA NA 24.6 1,860.4 134.5 39.8 8/6/2008 Nationwide Mutual Insurance Company Nationwide Financial Services, Inc. 110,771,200 5,370,700 6.3 NA 33.7 2,470.7 146.7 20.9 11/4/2007 Alfa Mutual Group Alfa Corporation 2,653,668 872,282 12.9 NA 46.1 833.2 203.5 16.5 5/17/2007 American Financial Group, Inc. Great American Financial Resources, Inc. 13,582,700 1,109,100 10.0 NA 19.0 225.9 105.2 11.8 5/15/2007 American International Group, Inc. 21st Century Insurance Group 1,991,261 929,274 10.7 NA 38.1 746.2 208.1 20.2 5/18/2000 The Hartford Financial Services Group, Inc. Talcott Resolution Life, Inc. NA NA NA NA 18.5 7,070.0 286.8 13.8 3/22/2000 Citigroup Inc. Travelers Property Casualty Corp. 50,257,000 8,941,000 14.3 NA 15.0 2,396.6 181.7 12.8 Insurance deals nationwide since 2008 whereby majority shareholder has acquired all remaining outstanding shares 43 Confidential Low (13) 1,837,734 358,897 2.8 96.15 15.0 225.9 101.8 8.8 Average (13) 22,243,074 2,831,011 9.7 102.85 30.4 1,608.0 158.1 22.1 Median (13) 6,850,150 1,849,237 10.3 101.42 27.4 1,049.4 146.7 16.5 High (13) 110,771,200 8,941,000 14.3 112.41 49.0 7,070.0 286.8 48.2 Seller's Financial Performance Terms at Announcement

Insurance Transaction Premiums Paid Summary EMCI Metric Premium Per Share Value Median Average Median Average 1-Day 30-Day 3-Month 3-Month VWAP 1-Year 1-Year VWAP 52-Week High $24.57 $25.03 $25.64 $24.74 $29.73 $27.09 $31.06 30.7% 34.1% 25.5% 32.7% 36.6% 36.2% 9.0% 29.7% 32.2% 27.5% 31.6% 34.8% 30.2% 4.8% $32.11 $33.56 $32.17 $32.83 $40.61 $36.90 $33.85 $31.86 $33.08 $32.68 $32.56 $40.07 $35.27 $32.56 EMCI Metric Premium Per Share Value Median Average Median Average 1-Day 30-Day 3-Month 3-Month VWAP 1-Year 1-Year VWAP 52-Week High $24.57 $25.03 $25.64 $24.74 $29.73 $27.09 $31.06 4.6% 9.7% 15.5% 13.2% 22.5% 21.3% 2.5% 16.6% 19.7% 23.0% 21.3% 25.5% 22.9% 1.7% $25.70 $27.46 $29.60 $28.01 $36.42 $32.87 $31.83 $28.66 $29.95 $31.54 $30.00 $37.30 $33.29 $31.59 Note: Valuation metrics reflect a controlling interest. 45 Confidential Value Range$25.70$37.30 Premiums Analysis Summary - CGPT Only Transactions Value Range$31.86$40.61 Premiums Analysis Summary - Public Only Transactions

Premiums Analysis Summary - Public Only Transactions Announce Date 3-Month VWAP 1-Year VWAP 52-Week High Buyer Seller 1-Day 30-Day 3-Month 1-Year 7/26/2017 Mark el Corporation State National Companies , Inc . 6.8 19.9 41.2 18.8 89.5 48.5 6.8 12/30/2014 Fosun International Holdings Ltd. Meadowbrook Insurance Group, Inc. 24.1 42.0 47.9 37.4 25.5 39.8 20.3 1/6/2014 ACP Re Holdings , LLC Tower Group International, Ltd. 47.1 (4.6) (7.4) (26.0) (87.0) (68.5) (88.7) 9/24/2013 ProAssurance Corporation Eastern Insurance Holdings, Inc. 15.8 17.1 32.2 18.0 45.1 32.7 11.6 6/3/2013 Fairfax Financial Holdings Limited American Safety Ins urance Holdings , Ltd. 1.4 3.8 25.5 26.3 75.8 53.3 17.7 8/27/2012 Enstar Group Limited SeaBright Holdings, Inc. 35.2 29.2 29.6 33.4 87.4 46.6 19.2 7/13/2012 Athene Group Ltd. Presidential Life Corporation 38.1 56.8 24.4 50.3 23.9 39.4 15.7 9/8/2011 ACE Limited Penn Millers Holding Corporation 25.8 41.4 22.4 32.6 49.3 35.5 16.0 5/24/2011 Doc tors Company , An Interins uranc e Exchange FPIC Insuranc e Group, Inc . 30.8 17.9 15.0 20.2 53.7 23.5 6.6 11/30/2010 United Fire & Casualty Company Mercer Insurance Group, Inc. 50.9 54.0 67.8 53.4 64.4 62.5 45.8 10/28/2010 Fairfax Financial Holdings Limited First Mercury Financ ial Corporation 46.9 67.3 46.2 61.3 28.3 36.2 9.0 7/15/2010 Investor group NYMAGIC, INC. 23.5 16.7 16.3 26.6 51.6 45.4 7.4 7/8/2010 Doc tors Company , An Interins uranc e Exchange American Phy sicians Capital, Inc. 30.7 41.0 26.6 33.3 43.8 37.1 20.8 6/30/2008 Allied World Assurance Company Holdings, Ltd Darwin Professional Underwriters, Inc. 6.0 12.5 36.3 14.1 27.1 33.2 6.0 5/30/2008 Catalina Holdings (Bermuda) Ltd. Quanta Capital Holdings Ltd. 48.9 61.9 (4.4) 56.2 36.6 4.2 (17.9) 1/10/2008 Employers Holdings, Inc. AmCOMP Incorporated 11.7 21.5 8.4 28.8 26.3 26.2 2.5 1/3/2008 QBE Ins uranc e Group Limited North Pointe Holdings Corporation 50.2 48.8 45.5 51.1 52.4 46.2 27.0 10/15/2007 Doctors Company, An Interinsurance Exchange SCPIE Holdings Inc. 23.4 37.9 21.1 34.0 (0.5) 20.9 (3.1) 9/7/2007 Humana Inc . KMG America Corporation 69.4 55.8 16.8 58.2 (18.3) 14.5 (36.4) 6/11/2007 D. E. Shaw & Company, LP James River Group, Inc. (1.9) 0.4 18.9 3.3 34.0 17.1 (1.9) 3/1/2007 Zurich Financ ial Services AG Bristol W es t Holdings, Inc . 38.5 34.1 46.8 32.7 21.7 39.8 16.9 46 Confidential Low (21) (1.9) (4.6) (7.4) (26.0) (87.0) (68.5) (88.7) Average (21) 29.7 32.2 27.5 31.6 34.8 30.2 4.8 Median (21) 30.7 34.1 25.5 32.7 36.6 36.2 9.0 High (21) 69.4 67.3 67.8 61.3 89.5 62.5 45.8 Premiums Paid (%)

Premiums Analysis Summary - CGPT Only Transactions Announce Date 3-Month VWAP 1-Year VWAP 52-Week High Buyer Seller 1-Day 30-Day 3-Month 1-Year 3/1/2018 Investor group AmTrus t Financ ial Services , Inc . 4.6 11.7 15.4 14.7 9.2 1.5 (36.3) 7/25/2016 American Financial Group, Inc. National Interstate Corporation 3.4 4.9 4.2 4.9 27.4 12.4 2.5 4/21/2011 CNA Financ ial Corporation CNA Surety Corporation 2.8 5.2 11.0 28.3 50.3 27.2 15.9 2/7/2011 Berkshire Hathaway Inc. Wesco Financial Corporation 1.1 4.3 3.6 2.9 8.5 7.5 (5.4) 9/18/2009 Fairfax Financial Holdings Limited Odyssey Re Holdings Corp. 4.0 41.9 61.6 13.3 74.7 46.9 3.2 6/29/2009 First American Corporation First Advantage Corporation 47.9 39.9 62.8 48.0 24.7 41.4 3.1 12/1/2008 Fairfax Financial Holdings Limited Northbridge Financ ial Corporation 21.0 30.3 18.0 31.8 6.6 23.1 5.4 8/6/2008 Nationwide Mutual Insurance Company Nationwide Financial Services, Inc. 9.5 9.7 2.1 12.0 (4.9) 9.6 (5.1) 11/4/2007 Alfa Mutual Group Alfa Corporation 25.6 19.8 24.4 21.0 21.6 22.6 10.8 5/17/2007 American Financial Group, Inc. Great American Financial Resources, Inc. (1.3) (2.6) 15.5 (0.7) 22.5 7.1 (3.5) 5/15/2007 American International Group, Inc . 21s t Century Ins uranc e Group 4.8 5.0 3.0 4.8 39.9 21.3 0.9 5/18/2000 The Hartford Financial Services Group, Inc. Talcott Resolution Life, Inc. 2.1 6.0 16.7 3.9 1.1 12.4 (7.4) 3/22/2000 Citigroup Inc. Travelers Property Cas ualty Corp. 91.0 79.2 60.8 91.5 49.5 64.6 38.1 47 Confidential Low (13) (1.3) (2.6) 2.1 (0.7) (4.9) 1.5 (36.3) Average (13) 16.6 19.7 23.0 21.3 25.5 22.9 1.7 Median (13) 4.6 9.7 15.5 13.3 22.5 21.3 2.5 High (13) 91.0 79.2 62.8 91.5 74.7 64.6 38.1 Premiums Paid (%)

Management Projections Management provided below. Boenning with 5-year projections for EMCI which are summarized Premiums earned Investment income, net Other income $ 643,000,000 52,200,000 8,212,492 $ 647,000,000 52,500,000 8,212,492 $ 673,000,000 54,700,000 8,212,492 $ 700,000,000 56,100,000 8,212,492 $ 726,000,000 59,000,000 8,212,492 Losses and settlement expense Dividends to policyholders Other underwriting expense Interest expense Other expense 432,925,000 10,416,000 210,185,227 682,500 3,530,000 430,132,000 10,374,000 212,700,227 682,500 3,530,000 446,169,000 10,815,000 219,464,227 682,500 3,530,000 463,744,000 11,277,000 224,979,227 682,500 3,530,000 481,183,000 11,140,000 231,443,227 682,500 3,530,000 Operating income before income tax 45,673,765 50,293,765 55,251,765 60,099,765 65,233,765 7,916,354 8,991,554 10,013,465 11,173,295 12,361,685 Income tax Operating earnings per share $ 1.74 $ 1.89 $ 2.06 $ 2.21 $ 2.38 Average Shares outstanding 21,736,316 21,897,884 22,005,596 22,113,684 22,221,467 101.6% 101.0% 100.5% 100.0% 99.7% Combined Ratio Note: Per share values above are operating earnings per share in that they exclude net realized investment gains/losses and, beginning in 2018, the change in net unrealized investment gains/losses on equity investments. For purposes of this valuation, Boenning used operating earnings per share as an approximation for net income per share for all forward looking valuation applications. 50 Confidential Operating income$37,757,411$41,302,211$45,238,300$48,926,470$52,872,080 Total losses & expenses657,738,727657,418,727680,660,727704,212,727727,978,727 Total revenue703,412,492707,712,492735,912,492764,312,492793,212,492 20192020202120222023