Exhibit (c)(7)

Fairness Opinion Materials Prepared for the Special Committee of the Board of Directors Regarding: PROJECT ECHO Strictly Private & Confidential May 8, 2019

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Table of Contents I. Transaction Overview II. Overview of Target (ECHO) III. Overview of Acquirer (SIGNAL)

I. Transaction Overview

Transaction Overview • No termination fee (1) As calculated on page 5. Source: Draft Agreement and Plan of Merger dated May 7, 2019. 4 Transaction Structure: •Subsidiary of SIGNAL to merge with and into ECHO •ECHO shall be the surviving corporation in the merger and shall continue to operate as a wholly-owned subsidiary of SIGNAL Form of Consideration: •100% cash Transaction Value: •$36.00 per share of ECHO common stock •Approximately $371.2 million in aggregate transaction value(1) Treatment of Options and Other Dilutive Securities: •Outstanding and vested stock options and restricted stock awards to be cashed out: –Stock Options: 247,983 stock options exercisable at weighted average price of $14.79 •Unvested restricted stock awards and outstanding restricted stock units to be converted into a right to receive merger consideration subject to the existing vesting conditions –RSUs: 266,883 unvested restricted stock units –Restricted Stock Awards: 23,687 unvested restricted stock awards Conditions to Closing: •Approval of a majority of the minority of ECHO stockholders •Receipt of all required governmental and regulatory approvals •Other customary closing conditions Expected Closing: •Q3, 2019 Termination Provisions: •By either party if the Effective Time does not occur on or before Dec. 31, 2019

Implied Transaction ($ in millions, except per share data) Multiples (1) (2) (3) (4) (5) (6) (7) (8) Represents aggregate consideration for the 9.897 MM publicly-owned shares, less 0.021 MM shares issued and outstanding that are in an “unvested restricted stock account” owned by SIGNAL. 247,983 stock options exercisable at weighted average price of $14.79. 266,883 unvested restricted stock units. 23,687 unvested restricted stock awards. Calculation of implied multiples are based on deal price per share of $36.00. Preliminary 3/31/19 GAAP Shareholders Equity and Book Value Per Share (reported and excluding AOCI) provided by ECHO management. LTM EPS and LTM Operating EPS reflects sum of EPS figures for the previous four quarters as reported by ECHO. Projected Net Income and EPS estimates as provided by ECHO management. Excludes $4.6 MM of pre-tax transaction expenses in 2019P related to the proposed transaction as estimated by ECHO management and included in projections. Management projections also exclude pre-tax net realized investment gains/(losses) and change in unrealized gains/(losses) on equity investments aggregating $22.6 MM in Q1, 2019. (9) Represents closing prices immediately prior to receipt of minority buy-out proposal from SIGNAL. 5 Price Per Share: $36.00 Tra ns a cti on Va l ue by Securi ty Type: Common Sha res (1) Stock Opti ons (2) RSUs (3) Res tri cted Stock Awa rds (4) Aggrega te Tra ns a cti on Va l ue: $355.5 5.3 9.6 0.9 $371.2 ECHO Metric Implied Aggregate Per Share Multiples(5) 3/31/19 Prel i mi na ry Es ti ma ted GAAP Book Va l ue As Reported: $616.3 $28.44 (6) Excl udi ng AOCI: 594.2 27.42 (6) LTM 3/31/19 GAAP Es t. Net Income: $26.1 $1.21 (7) LTM 3/31/19 GAAP Es t. Net Opera ti ng Income: 34.9 1.61 (7) 2019P GAAP Net Opera ti ng Income (8): 34.7 1.60 2020P GAAP Net Opera ti ng Income (8): 31.7 1.45 1.27x 1.31 29.8x 22.3x 22.5x 24.9x ValueImplied Premium Pre-Propos a l La s t Cl os i ng Stock Pri ce (11/15/18) (9): $23.99 Pre-Propos a l 52-Week Hi gh Cl os i ng Pri ce (11/29/17) (9): 31.06 Pre-Propos a l 52-Week Low Cl os i ng Pri ce (10/23/18) (9): 23.26 Current Stock Pri ce (5/06/19): 32.93 50.1% 15.9% 54.8% 9.3%

II. Overview of Target (ECHO)

Summary Historical GAAP ($ in thousands, except per share data) Financial Data Revenues Net Premiums Earned Net Investment Income Net Realized Investment Gains (2) Other Income (Loss) Total Revenues Losses and Expenses Losses and Settlement Expenses Dividends to Policyholders Other Underwriting Expenses Interest Expense Other Expenses Total Losses and Expenses Income before Income Tax Expense Income Tax Expense / (Benefit) Net Income Operating Income (3) Earnings per Share Op. Earnings per Share Weighted Average Shares Outstanding $ 570,266 45,582 6,153 $ 592,408 47,490 4,074 $ 607,158 45,479 6,556 $ 645,183 47,637 (41,252) $ 155,786 11,371 (5,393) $ 167,302 12,763 22,643 1,725 1,011 (348) 9,159 1,615 1,535 $ 623,726 $ 644,983 $ 658,845 $ 660,727 $ 163,379 $ 204,243 370,736 7,705 170,602 337 386,897 13,800 178,015 337 421,969 7,610 185,716 337 457,159 9,209 204,627 654 110,628 2,120 50,147 142 104,969 2,771 52,562 171 2,690 2,727 3,397 3,754 870 1,485 $ 552,070 $ 581,776 $ 619,029 $ 675,403 $ 163,907 $ 161,958 $ 71,656 21,494 $ 63,207 17,004 $ 39,816 578 $ (14,676) (7,208) $ (528) (452) $ 42,285 8,754 $ 50,162 $ 46,203 $ 39,238 $ (7,468) $ (76) $ 33,531 $ 46,163 $ 2.43 $ 2.24 20,622 $ 43,555 $ 2.20 $ 2.07 21,006 $ 25,920 $ 1.84 $ 1.22 21,326 $ 23,431 $ (0.35) $ 1.09 21,549 $ 4,184 $ (0.00) $ 0.19 21,502 $ 15,643 $ 1.55 $ 0.72 21,639 Net Premiums Earned Growth Loss & LAE Ratio Expense Ratio Dividend Ratio Combined Ratio Effective Tax Rate (Benefit) 5.5% 65.0% 29.9% 1.4% 3.9% 65.3% 30.0% 2.3% 2.5% 69.5% 30.6% 1.3% 6.3% 70.9% 31.7% 1.4% 7.8% 71.0% 32.2% 1.4% 7.4% 62.7% 31.4% 1.7% 96.3% 30.0% 97.7% 26.9% 101.3% 1.5% 104.0% NM 104.6% NM 95.8% 20.7% (1) Preliminary financial results for the quarter ended 3/31/2019 provided by ECHO management. (2) Beginning in January 1, 2018, ECHO began recognizing net unrealized gains/losses on common equity investments as revenue rather than other comprehensive income. (3) Operating income defined as net income excluding the after-tax impact of net realized investment gains/(losses) (and unrealized gains/(losses) on equity investments beginning in 2018). 2017 operating income also excludes the impact of a one-time $9.1 MM deferred income tax benefit resulting from the enactment of Tax Cuts and Jobs Act. (4) Reflects annualized operating return on average equity figures for quarters ended March 31, 2018 and 2019. Source: ECHO filings 7 Operating Return on Average Equity (4) 9.0% 8.1% 4.5% 4.0% 2.8% 10.6% Selected Financial Metrics Year Ended December 31, 2015A 2016A 2017A 2018A Quarter Ended March 31, 2018A 2019 (1)

Summary Historical GAAP ($ in thousands, except per share data) Financial Data (Cont’d) Stockholder's Equity Rollforward Beginning Stockholders' Equity Plus: Net Income Less: Dividends Paid to Stockholders Change in Other Comprehensive Income Other Ending Stockholders' Equity $ 502,886 50,162 (14,174) (23,229) $ 524,938 46,203 (16,196) (12,352) $ 553,342 39,238 (17,998) 25,530 $ 603,846 (7,468) (19,121) (15,530) 565,782 33,531 (4,979) 20,470 1,530 9,293 10,749 3,734 4,055 $ 524,938 $ 553,342 $ 603,846 $ 565,782 $ 616,334 Dividends per Share Dividend Payout Ratio Book Value per Share ($) Book Value per Share excl. AOCI ($) $ 0.69 28.3% $ 25.26 $ 22.45 $ 0.77 35.1% $ 26.07 $ 23.90 $ 0.84 45.9% $ 28.14 $ 24.26 $ 0.89 NM $ 26.18 $ 26.10 $ 0.23 14.8% $ 28.44 $ 27.42 (1) Preliminary financial results for the quarter ended 3/31/2019 provided by ECHO management. Source: ECHO filings 8 For the Year Ended December 31, YTD 2015A 2016A 2017A 2018A Mar-19 (1)

ECHO’s Five-Year Stock Price and Price/Book Value Comparisons 5-Year Relative Stock Performance 5-Year Price/Book Multiples 2 .00x 1 00.0% 89.6% 1 .80x 1.61x 1.59x 8 0.0% 1 .60x 1 .40x 6 0.0% 56.5% 49.6% 1.26x 1 .20x 1 .00x 4 0.0% 0 .80x 2 0.0% 0 .60x 0 .40x 0 .0% ECHO: 0.90x 0 .20x SNL P&C: 1.49x 0 .00x -20.0% Peers(1) Peers(1) ECHO SNL P&C ECHO SNL P&C (1) See peer group list on page 11. Note: Five-year period ended 5/6/2019. Peer Group stock performance and P/B multiples are average for the group listed on page 11; SNL P&C multiples are market capitalization weighted. Source: S&P Global Market Intelligence. 9 5-Year Average: ECHO:1.00x Peers:1.35x SNL P&C: 1.38x As of 11/15/2018: Peers:1.58x As of 11/15/2018: ECHO:9.0% Peers:78.0% SNL P&C:51.3%

ECHO Stock Price Performance Since Proposal Stock Market Performance 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% (10.0%) (20.0%) 11/15/2018 12/19/2018 1/22/2019 2/26/2019 4/1/2019 ECHO Peers (1) 5/6/2019 ECHO SNL U.S. Insurance P&C S&P 500 Note: Stock performance since pre-proposal closing date of 11/15/2018 and 5/6/2019. (1) See peer group list on page 11. Source: S&P Global Market Intelligence. 10 11/15/2018: ECHO received non-binding proposal Public Market Statistics ECHO: 37.3 % S&P 500: 7.4% ECHO Peers: 7.3% SNL U.S. Insurance P&C: 3.4% 5/6/19 Closing Price:$32.93 High/Low Closing Price since 11/15/2018:$33.00/$31.25 # of Shares Traded:3,600,484 % of Float Traded:44.8% ADTV:31,039 VWAP:$31.75

(1) Market Statistics for Publicly-Traded Peer (Financial data as of 3/31/2019 unless otherwise noted, market data as of 5/06/2019) Group Travelers Companies, Inc. TRV $ 143.43 $ 37,545 1.54x 1.87x 12.9x 12.0% 12.2% 2.29% Cincinnati Financial Corporation CINF 96.15 15,681 1.82x 1.82x 26.4x 7.3% 6.9% 2.33% W. R. Berkley Corporation WRB 61.52 11,710 1.95x 2.18x 23.2x 8.9% 8.7% 0.65% American Financial Group, Inc. AFG 104.22 9,284 1.64x 1.72x 12.0x 13.8% 13.3% 1.55% Hanover Insurance Group, Inc. THG 122.14 4,929 1.68x 1.79x 15.1x 11.4% 12.3% 1.98% Selective Insurance Group, Inc. SIGI 71.87 4,199 2.18x 2.19x 18.0x 12.4% 11.8% 1.13% State Auto Financial Corporation STFC 34.45 1,466 1.63x 1.76x 18.6x 8.6% 9.4% 1.18% Employers Holdings, Inc. EIG 42.92 1,369 1.29x 1.37x 14.8x 8.1% 6.9% 2.06% United Fire Group, Inc. (3) UFCS 44.22 1,099 1.23x 1.27x 44.2x 2.8% 3.6% 2.84% Donegal Group Inc. DGICA 14.21 387 1.00x 1.01x 16.2x 7.8% 6.9% 4.15% (1) Peer Group composed of publicly-traded U.S.-based P&C insurance companies primarily writing standard commercial lines products distributing through independent agency channel and publicly-traded downstream subsidiaries of mutual companies. 2019E and 2020E metrics are based on consensus analyst estimates. Based on reported financial data as of 12/31/2018. Preliminary ECHO 3/31/2019 GAAP Book Value Per Share (reported and excluding AOCI) provided by ECHO management. (2) (3) (4) Source: S&P Global Market Intelligence. 11 ECHO (Deal Price) - Based on 3/31/19 Financial Data (4) $ 36.00 $ 781 1.27x 1.27x ECHO (Deal Price) (3) $ 36.00 $ 781 1.38x 1.38x 25.7x ECHO (Pre-Proposal - 11/15/2018) (3) $ 23.99 $ 520 0.92x 0.92x 17.1x ECHO (3) $ 32.93 $ 714 1.26x 1.26x 23.5x 5.6% 6.1% 2.79% High 2.18x 2.19x 44.2x 13.8% 13.3% 4.15% Median 1.64x 1.78x 17.1x 8.7% 9.0% 2.02% Mean 1.60x 1.70x 20.2x 9.3% 9.2% 2.02% Low 1.00x 1.01x 12.0x 2.8% 3.6% 0.65% Trading Metrics Closing Market Stock Price as a Multiple of Current Stock Cap. Tangible 2019E Implied ROAE (2) Dividend Company Ticker Price ($M) BVPS BVPS EPS (2) 2019E 2020E Yield

(1) Historical Operating Performance of Publicly-Traded Peer Group Travelers Companies, Inc. Cincinnati Financial Corporation W. R. Berkley Corporation American Financial Group, Inc. Hanover Insurance Group, Inc. Selective Insurance Group, Inc. State Auto Financial Corporation Employers Holdings, Inc. United Fire Group, Inc. Donegal Group Inc. 4.0% 5.2% 3.2% 8.5% -0.7% 6.8% 2.6% 1.8% 6.3% 6.9% 3.4% 3.9% 4.5% 4.9% 3.5% 2.7% 3.2% 2.9% 2.7% 2.6% 61.7% 64.2% 61.6% 63.6% 63.3% 59.6% 69.8% 59.6% 68.1% 69.5% 31.1% 30.9% 33.1% 30.8% 33.7% 34.3% 34.5% 32.3% 31.5% 32.9% 92.8% 95.1% 94.8% 94.4% 96.9% 93.9% 104.3% 91.9% 99.6% 102.4% 4.4% 5.3% 6.3% 1.6% 3.3% 8.1% -0.4% 11.3% 2.8% -1.3% 7.3% 9.5% 9.6% 6.7% 7.2% 10.2% 1.6% 12.9% 7.0% 2.3% 12.0% 7.3% 9.0% 11.2% 8.2% 11.3% 2.9% 10.4% 5.7% 1.9% 27.7% 66.1% 31.4% 57.2% 44.6% 22.4% 66.5% 13.1% 110.6% 110.2% (1) Peer Group composed of publicly-traded P&C insurance companies primarily writing standard commercial lines products distributing through independent agency channel and publicly-traded downstream subsidiaries of mutual companies. Note: CAGRs and averages are calculated based on reported financial metrics as of FY2018. Source: S&P Global Market Intelligence. 12 ECHO 4.4% 3.0% 68.4% 32.2% 100.6% 2.8% 5.6% 6.2% 38.1% High 8.5% 4.9% 69.8% 34.5% 104.3% 11.3% 12.9% 12.0% 110.6% Median 4.6% 3.3% 63.4% 32.6% 94.9% 3.8% 7.2% 8.6% 50.9% Mean 4.5% 3.4% 64.1% 32.5% 96.6% 4.1% 7.4% 8.0% 55.0% Low -0.7% 2.6% 59.6% 30.8% 91.9% -1.3% 1.6% 1.9% 13.1% Income Statement Metrics Balance Sheet and Return Metrics Company 5-Year CAGR 5-Year Average 5-Year CAGR 5-Year Average NPW Net Invest. Loss Expense Combined BVPS incl. Op. Dividend Growth Yield Ratio Ratio Ratio BVPS Dividends ROAE Payout Ratio

Summary Projected ($ in thousands, except per share data) GAAP Financial Data Net Premiums Earned Total Revenue $ 667,418 723,651 $ 668,379 728,453 $ 697,895 759,169 $ 729,301 791,575 $ 762,119 826,393 Opearting Income before Income Tax Expense Operating Income (After-tax) 41,724 34,726 37,977 31,678 44,251 36,575 49,355 39,893 53,618 43,288 Stockholders' Equity $ 580,563 $ 592,089 $ 608,412 $ 627,954 $ 650,791 Dividend Payout Ratio 57.4% 63.6% 55.4% 51.0% 47.2% Source: ECHO management projections. Note: Management projections do not include any net realized investment gains/(losses) and unrealized gains/(losses) on equity investments, including $22.6 MM in pre-tax net realized investment gains/(losses) and unrealized gains/(losses) on equity investments reported in Q1, 2019. (1) Excludes $4.6 MM of pre-tax transaction expenses in 2019P related to the proposed transaction as estimated by management and included in management’s projections. 13 Operating Return on Average Equity 5.9% 5.4% 6.1% 6.5% 6.8% Dividends per Share $ 0.92 $ 0.92 $ 0.92 $ 0.92 $ 0.92 Book Value per Share $ 26.70 $ 26.83 $ 27.71 $ 28.18 $ 29.35 Operating Earnings per Share $ 1.60 $ 1.45 $ 1.66 $ 1.80 $ 1.95 For the Year Ended December 31, 2019P (1) 2020P 2021P 2022P 2023P

Discounted Cash ($ in millions, except per share data) Flow Analysis Risk-Free Rate Equity Risk Premium Size Premium Industry Premium Cost of Equity 3.50% 5.50% 3.39% 0.27% Dividends per Share PV of Dividends (@ 12.66% Disc. Rate) $ 0.69 $ 0.92 $ 0.92 $ 0.92 $ 0.92 $ 0.63 $ 0.75 $ 0.66 $ 0.59 $ 0.52 For the Year Ended December 31, 2019P 2020P 2021P 2022P 2023P Ending Book Value per Share Operating Earnings per Share $ 26.70 $ 1.60 $ 26.83 $ 1.45 $ 27.71 $ 1.66 $ 28.18 $ 1.80 $ 29.35 $ 1.95 12.66% Net Present Value Calculation (as of March 31, 2019) and Sensitivity Analysis Discount Rate 2023P P/B Exit Multiple Discount Rate 2023P P/Op. EPS Exit Multiple Source: ECHO management projections. Note: Excludes $4.6 MM of pre-tax transaction expenses in 2019P related to the proposed transaction as estimated by ECHO management and included in management’s projections. 14 10.00%11.00%12.00%13.00%14.00% 15.0x 16.0x 17.0x 18.0x 19.0x 20.0x $ 21.93$ 21.07$ 20.25$ 19.47$ 18.73 $ 23.17$ 22.26$ 21.39$ 20.56$ 19.78 $ 24.41$ 23.44$ 22.53$ 21.65$ 20.82 $ 25.65$ 24.63$ 23.66$ 22.74$ 21.87 $ 26.89$ 25.82$ 24.80$ 23.83$ 22.91 $ 28.12$ 27.00$ 25.94$ 24.92$ 23.96 10.00%11.00%12.00%13.00%14.00% 1.00x 1.10x 1.20x 1.30x 1.40x 1.50x $ 22.02$ 21.16$ 20.33$ 19.55$ 18.81 $ 23.89$ 22.94$ 22.05$ 21.19$ 20.38 $ 25.75$ 24.73$ 23.76$ 22.84$ 21.96 $ 27.62$ 26.52$ 25.47$ 24.48$ 23.53 $ 29.49$ 28.31$ 27.19$ 26.12$ 25.11 $ 31.35$ 30.09$ 28.90$ 27.76$ 26.68 Cost of Equity Calculation Q2 to Q4 2019P For the Year Ended December 31, 2020P2021P2022P2023P

(1) M&A Transactions Involving Publicly-Traded ($ in millions, except per share data) P&C Companies 08/28/18 Apollo Globa l Ma na gement As pen Ins ura nce Holdings $ 42.75 $ 2,602.6 100% / 0% 1.11x 1.12x NM 12.3x 17.1% 6.6% -9.9% 08/22/18 Ha rtford Fina ncia l Services Na viga tors Group 70.00 2,151.0 100% / 0% 1.69 1.73 34.5x 20.6 8.9% 18.8% 6.8% 03/19/18 Fidelity Na tiona l Fina ncia l Stewa rt Informa tion Services 50.20 1,207.4 50% / 50% 1.77 2.76 24.4 13.5 31.6% 30.9% 5.2% 03/05/18 AXA XL Group 57.60 15,388.0 100% / 0% 1.50 1.93 NM 14.4 33.0% 52.9% 23.4% 02/13/18 Kemper Corpora tion Infinity Property a nd Ca s ua lty 121.01 1,324.1 43% / 57% 1.84 2.05 29.5 19.1 26.0% 15.2% 11.2% 01/22/18 AIG Va lidus Holdings 68.00 5,536.1 100% / 0% 1.54 1.74 NM 15.3 45.5% 45.0% 15.9% 07/26/17 Ma rkel Corpora tion Sta te Na tiona l Compa nies 21.00 922.6 100% / 0% 2.76 2.89 16.4 14.5 36.5% 43.5% 30.6% 05/02/17 Inta ct Fina ncia l Corpora tion OneBea con Ins ura nce Group 18.10 1,731.5 100% / 0% 1.66 1.65 18.3 25.5 13.9% 13.1% 8.0% 10/05/16 Sompo Holdings Inc. Endura nce Specia lty Holdings Ltd. 93.00 6,303.8 100% / 0% 1.35 1.50 18.9 14.3 43.2% 40.2% 35.1% 07/25/16 America n Fina ncia l Group, Inc. Na tiona l Inters ta te Corpora tion 32.50 314.7 100% / 0% 1.83 1.87 30.5 19.7 43.7% 39.5% 12.1% 08/03/15 Exor SpA Pa rtnerRe Ltd. 140.50 6,091.5 100% / 0% 1.06 1.17 7.4 15.0 17.9% 24.2% 15.8% 07/01/15 ACE Limited Chubb Corpora tion 124.13 28,293.8 51% / 49% 1.77 1.82 14.5 16.1 30.5% 27.3% 18.2% 06/10/15 Tokio Ma rine Holdings , Inc. HCC Ins ura nce Holdings , Inc. 78.00 7,499.9 100% / 0% 1.90 2.55 16.6 18.7 37.6% 34.8% 33.7% 03/31/15 Endura nce Specia lty Holdings Ltd. Montpelier Re Holdings Ltd. 40.24 1,380.6 0% / 100% 1.20 1.20 8.1 14.2 19.4% 22.9% 15.5% (1) (2) (3) Includes acquisitions of publicly-traded U.S. and Bermuda P&C insurance and reinsurance companies announced between 1/1/2015 and 5/6/2019. BVPS, TBVPS, and LTM EPS multiples are based on preliminary 3/31/19 GAAP financial results provided by ECHO management. NTM EPS multiple is based on consensus analyst estimates. Calculated based on unaffected closing stock price. Note: Deal value multiples based on GAAP metrics. Source: S&P Global Market Intelligence. 15 SIGNAL ECHO $36.00 $371.2 100% / 0% 1.27x 1.27x 29.8x 25.7x 50.1% 51.2% 15.9% High 2.76x 2.89x 34.5x 25.5x 45.5% 52.9% 35.1% Mean 1.64 1.86 19.9 16.7 28.9% 29.7% 15.8% Median 1.67 1.78 18.3 15.2 31.0% 29.1% 15.6% Low 1.06 1.12 7.4 12.3 8.9% 6.6% -9.9% AnnounceDeal Value AggregateMix of Deal Value per Share as a Multiple of (2 ) Date Acquirer Target Per Share Equity Value Cash/Stock BVPS TBVPS LTM EPS NTM EPS Premium Paid (%) (3 ) 1-Day 30-Day 52-Wk. High

Precedent Insurance Minority ($ in millions, except per share data) Buy-In Transactions 08/31/16 Independence Hol di ng Compa ny Ameri ca n Independence Corp. 91.4% 100.0% $24.74 $24.74 $17.2 1 0.92x 0.0% 10.0% 11.8% 8.6% 07/25/16 Ameri ca n Fi na nci a l Group Na ti ona l Inters ta te 51.0% 100.0% 30.00 32.50 314.7 5 1.80 8.3% 43.7% 38.9% 12.1% 04/21/11 CNA Fi na nci a l CNA Surety 61.0% 100.0% 22.00 26.55 476.5 8 1.11 20.7% 37.9% 49.5% 36.1% 02/07/11 Berks hi re Ha tha wa y Wes co Fi na nci a l 81.1% 100.0% 352.66 385.00 554.0 2 1.06 9.2% 18.6% 12.7% (5.4%) 09/18/09 Fa i rfa x Fi na nci a l Hol di ngs Odys s ey Re 72.6% 100.0% 58.00 65.00 1,060.3 5 1.25 12.1% 29.7% 39.6% 19.7% 01/13/08 Fa i rfa x Fi na nci a l Hol di ngs Northbri dge Fi na nci a l Corp. 63.1% 100.0% 36.00 39.00 668.0 3 1.31 8.3% 28.9% 37.0% 5.4% 08/06/08 Na ti onwi de Mutua l Na ti onwi de Fi na nci a l Servi ces 66.5% 100.0% 47.20 52.25 2,478.9 8 1.47 10.7% 38.0% 18.9% (19.1%) 11/04/07 Al fa Mutua l Al fa Corp 54.1% 100.0% 17.60 22.00 856.4 9 2.04 25.0% 44.7% 29.8% 10.8% 05/17/07 Ameri ca n Fi na nci a l Group Inc Grea t Ameri ca n Fi na nci a l 81.0% 100.0% 23.50 24.50 235.6 3 1.05 4.3% 13.2% 11.8% 2.3% 05/15/07 AIG 21s t Century Ins ura nce Co 60.7% 100.0% 19.75 22.00 811.1 6 2.08 11.4% 32.6% 24.9% 22.6% Note: Includes U.S. insurance minority buy-in transactions since January 1, 2007; transaction consideration consisted of 100% cash in all transactions. (1) Calculated based on unaffected closing stock price. (2) Based on preliminary 3/31/19 GAAP Shareholders Equity and Book Value Per Share provided by ECHO management. Source: S&P Global Market Intelligence, company filings. 16 SIGNALECHO54.3%100.0% $30.00$36.00$371.271.27x (2)20.0%50.1%51.2%15.9% High92.08x25.0%44.7%49.5%36.1% Mean51.4111.0%29.7%27.5%9.3% Median51.289.9%31.2%27.4%9.7% Low10.920.0%10.0%11.8%(19.1%) Total # of Annouce% OwnershipInitialFinalDealProposalsDeal Value / % Chg. From% Premium to Stock Price (1) DateAcquirerTargetPre-Deal Post-DealPricePriceValueand Counters Book Value Initial Offer1-Day30-Day 52-Wk. High

Summary of Premiums to Market Number of Applicable Transactions Closing Price 1-Day Prior Mean 75th Percentile 50th Percentile 626 35 20 35.5% 48.5% 25.1% 11.3% 39.3% 43.0% 31.6% 13.9% 26.3% 40.5% 31.0% 12.7% 25th Percentile Closing Price 1-Week Prior Mean 75th Percentile 50th Percentile 35.8% 47.9% 25.9% 12.6% 38.1% 40.9% 30.3% 20.0% 23.9% 34.8% 29.1% 9.2% 25th Percentile Closing Price 1-Month Prior Mean 75th Percentile 50th Percentile 25th Percentile 37.4% 50.3% 29.5% 14.1% 39.2% 45.0% 32.1% 16.0% 25.9% 41.4% 28.6% 13.7% (1) Financial services transactions include Asset Managers, Banks, Broker-Dealers, Financial Technology, Insurance Brokers, Insurance Underwriters, Investment Companies, Real Estate, Savings Banks/Thrifts/Mutuals and Specialty Lenders transactions involving targets headquartered in the US or Bermuda. (2) Insurance transactions adjusted to reflect premium to price one day prior to initial rumor of potential transaction involving target, where applicable. Note: Includes publicly reported transactions with premium data available from 1/1/2012 to 4/29/2019 involving targets headquartered in the United States and Bermuda. Source: S&P Global Market Intelligence, FactSet. 17 ECHO (10/16/2018)51.2%51.2%51.2% ECHO (11/08/2018)42.9%42.9%42.9% ECHO (11/15/2018)50.1%50.1%50.1% FinancialInsuranceProperty ServicesUnderwriter& Casualty TransactionsTransactionsTransactions Since 1/1/12 (1) Since 1/1/12 (2) Since 1/1/12 (2)

III. Overview of Acquirer (SIGNAL)

SIGNAL ($ in millions) Statutory Financial Summary Direct Premiums Written Net Reins ura nce Premiums Net Premiums Written Cha nge in Unea rned Premiums Net Premiums Earned Net Los s a nd LAE Net Underwriting Expens es Net Underwriting Ga in (Los s ) Net Inves tment Income Net Rea lized Ca pita l Ga ins (Los s es ) Other Income Pre-ta x Income Income Ta x Net Income $1,027.4 (125.2) $1,086.3 (140.3) $1,134.8 (11.8) $1,225.4 (52.5) $1,270.2 (49.3) 5.4% NM 7.9% 10.8% 7.8% 6.4% 9.7% NM 13.7% NM 10.6% 11.9% NM 9.4% $902.2 23.4 $946.0 15.0 $1,123.0 59.1 $1,172.9 41.4 $1,220.9 35.2 $878.8 614.7 270.4 $930.9 611.3 295.2 $1,063.8 693.5 341.8 $1,131.5 788.9 365.8 $1,185.8 788.9 391.0 ($6.3) 50.2 15.3 (16.4) $24.4 53.4 10.6 (19.6) $28.5 52.8 20.0 (21.5) ($23.2) 72.3 23.0 (24.5) $5.8 83.7 1.9 (24.5) $42.7 (2.7) $68.8 7.4 $79.8 13.8 $47.6 (11.7) $67.0 1.8 $45.4 $61.4 $65.9 $59.3 $65.2 Pre-ta x Opera ting Income Net Operating Income $27.4 $30.2 $58.2 $50.8 $59.8 $46.0 $24.6 $36.3 $65.1 $63.2 24.1% 20.3% Ca lenda r Yea r Los s a nd LAE Ra tio Expens e Ra tio Combined Ra tio 69.9% 30.0% 65.7% 31.2% 65.2% 30.4% 69.7% 31.2% 66.5% 32.0% 67.4% 31.0% 99.9% 96.9% 95.6% 100.9% 98.6% 98.4% Statutory Balance Sheet Data Tota l Ca s h & Inves tments Tota l As s ets Tota l Los s & LAE Res erves Tota l Lia bilities Ca pita l & Surplus $2,118.1 2,721.4 943.7 1,506.4 1,215.0 $2,202.7 2,890.6 989.7 1,614.3 1,276.3 $2,488.1 3,198.0 1,123.2 1,819.4 1,378.6 $2,644.5 3,404.4 1,192.2 1,967.8 1,436.6 $2,666.2 3,456.8 1,230.7 2,023.1 1,433.7 5.9% 6.2% 6.9% 7.7% 4.2% Sources: S&P Global Market Intelligence. 19 A.M. BEST FINANCIAL STRENGTH RATING:“A” (Excellent) - Outlook Stable At and For the Years '14-'18 Ended December 31, CAGR/ 2014 2015 2016 2017 2018 Avg.