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REGISTERED NUMBER: 10832036 (England and Wales)

FORTEGRA EUROPE LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 6 |

Report of the Independent Auditors | 8 |

Income Statement | 11 |

Other Comprehensive Income | 12 |

Balance Sheet | 13 |

Statement of Changes in Equity | 14 |

Cash Flow Statement | 15 |

Notes to the Cash Flow Statement | 16 |

Notes to the Financial Statements | 17 |

| FORTEGRA EUROPE LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| Directors: | Mr R S Kahlbaugh

| Mr S S Vara

| Mr M Vrban

| Mr E Pena

| Secretary: | Mr J Short

| Registered office: | Part 5th Floor

| 20 Fenchurch Street

| London

| EC3M 3BY

| Registered number: | 10832036 (England and Wales)

| Auditors: | Rock Tax & Accounting Ltd

| 69 High Street

| Southgate

| London

| N14 6LD

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors of Fortegra Europe Limited (''the Company'') present their strategic report and for the year ended 31 December 2024.

Review of business

The Company generated a profit before taxation for the year of $9,970,568 (2023: $1,166,510 loss) and a profit after tax of $9,687,043 (2023: $1,294,979 loss).

Key performance indicators

The Company's key performance indicators (''KPIs'') during the year were as follows:

| 2024 |  | 2023 |  |

Financial KPIs |  |

Turnover |  | 12,927,588 |  | 10,925,685 |  |

Administrative expenses |  | (12,326,660 | ) | (12,092,195 | ) |

Other operating income |  | 9,369,640 |  | - |  |

Result before tax |  | 9,970,568 |  | (1,166,510 | ) |

Non-financial KPIs |  |

Actual headcount at year end |  | 42 |  | 30 |  |

The financial KPI's are intended to give an indication of the volume of expenses being processed by the Company.

As the principal business of the Company is that of a service company, there are no other specific key performance indicators to report apart from the actual headcount at year end.

Principal risks and uncertainties

The Company is a service company within the Fortegra Group, therefore the Company's primary source of revenue comprises management charge income received from within the Fortegra Group. The Company's principal risks and uncertainties are integrated within and managed together with the principal risks of the Fortegra Group.

The largest proportion of the Company's management fee income is with Fortegra Europe Insurance Company SE "FEIC". The Company's performance is affected by FEIC continuing to require services from FEL. This risk is mitigated by the nature of FEIC's business, and its positive financial plans lower this risk.

Key strategic decisions in 2024

For each matter that comes before the Board, the Board considers the likely consequences of any decision in the long term, identifies stakeholders who may be affected, and carefully considers their interests and any potential impact as part of the decision-making process.

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Stakeholder engagement

The table below sets out the approach to stakeholder engagement during 2024.

Stakeholders |  | Why are they important to the Company? |  | What is the Board's approach to engaging with them? |

Customers |  | Understanding what is important to customers is essential to long-term success |  | The Company has continued to maintain strong levels of service for the Fortegra Group. The Company is committed to delivering fair treatment of customers by delivering the good customer outcome principles set out by the Financial Conduct Authority ('FCA''). |

Suppliers |  | The Company works with a wide range of suppliers to deliver services to customers |  | The success of the business depends on relationships with a network of experts beyond the Company. All activities are informed by appropriate engagement with stakeholders to gain an understanding of the operating environment and market. Long-term relationships with suppliers are based on professionalism, fairness, and integrity. |

Employees |  | Employee well-being is key to the Company's long-term success |  | The Fortegra Group runs a periodic survey to give all employees the opportunity to provide honest and anonymised feedback. The survey acts as a framework to build plans that address issues. The business took steps during the year to further encourage a positive culture, utilising insights gained through internal engagement surveys, culture surveys and listening sessions. |

| All employees have access to internal and external resources to help drive their own learning and development, as well as two formal opportunities each year to discuss development needs. |

| Follow up sessions are held with functions to explore results and gain further insights through qualitative feedback. Action plans are developed with Management and employee input, and progress is reviewed regularly to ensure meaningful change occurs. |

| Additionally, key management information is leveraged to understand key trends and employees' views and feedback. |

| The Fortegra Group's values and associated recognition scheme were revised to reflect the group wide culture. Alignment to the values remain a focus for the Executive Team as the business grows and will be key to continued employee engagement. |

| Employees receive regular updates on business plans and performance through Town Halls and appropriate communications such as emails, intranet articles, and team meetings. The financial results are presented quarterly to employees and the Executive Team are available to answer questions about strategy and performance. |

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Stakeholder engagement

Stakeholders |  | Why are they important to the Company? |  | What is the Board's approach to engaging with them? |

Employees |  | Employee well-being is key to the Company's long-term success |  | All employees have access to internal and external resources to help drive their own learning and development, as well as two formal opportunities each year to discuss development needs. |

| Attracting and retaining talent is critical to Fortegra Group's success. The remuneration structure enables all employees, including executive managers, to share in the success of the Group. This is principally through our performance and reward programme, which includes an annual discretionary bonus plan, determined by company profit. |

| Applications for employment by disabled persons are always fully considered, in relation to the requirements of the role. Further, applicants are asked whether any adjustments can be made during the recruitment process, to support them to perform their best. In the event of employees becoming disabled, every effort is made to ensure their employment with the Company continues. It is the Company policy that we work with individuals to understand any adjustments they need, so that we can best support their development so that they have equitable opportunities. |

Communities and environment |  | The Company takes account of its impact on the community, environment, and wider social responsibilities |  | The Company's plan takes account of the impact of its operations on the community, environment and wider social responsibilities. The Board receives regular updates on corporate responsibility activities. The Company and employees undertake a variety of charity work and fundraising. |

| The Fortegra Group through its sustainability strategy is committed to developing plans and products that reduce our impact on the environment and which support the global transition to a lower carbon economy. We do this through the tools we have available, such as reducing our operational emissions, supporting our market to develop new insurance products, forming strategic partnerships and targeting our investments. |

Capital providers and shareholders |  | Shareholders are the owners of the Company |  | The Company plans were designed to have a long-term beneficial impact on the Company and to contribute to the success in delivering the business of the primary decision-making body, Fortegra Europe Insurance Company (''FEIC''), which is wholly owned by the Fortegra Group. The Company continues to operate its business within a structured control environment. The Fortegra Group values reiterate this longer-term perspective and the desire to build a business that lasts. |

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

No material developments in the Company's activities are expected.

On behalf of the board:

Mr M Vrban - Director

18 September 2025

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

Principal activity

The principal activity of the company in the year under review was that of providing administrative services.

Dividends

No dividends will be distributed for the year ended 31 December 2024.

Directors

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr R S Kahlbaugh

Mr S S Vara

Mr M Vrban

Other changes in directors holding office are as follows:

Mr M F Grasher - resigned 31 March 2024

Mr E Pena - appointed 20 May 2024

Going concern

The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

Statement as to disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

- so far as the Directors are aware, there is no relevant audit information of which the Company's auditors are unaware, and

- the Directors have taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year-end.

Auditors

The statutory auditors, Rock Tax and Accounting, were appointed on 28th October 2019. Rock Tax and Accounting have indicated their willingness to continue in office. A resolution to re-appoint Rock Tax and Accounting, will be proposed to the Board for approval at a future Board meeting in accordance with section 485 of the Companies Act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

Mr M Vrban - Director

18 September 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FORTEGRA EUROPE LIMITED

Opinion

We have audited the financial statements of FORTEGRA EUROPE LIMITED (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FORTEGRA EUROPE LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FORTEGRA EUROPE LIMITED

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company's industry and its control environment and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:

- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, and tax legislation; and

- do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- enquiring of management for any potential litigation and claims, and instances of non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Amit Prasanna (Senior Statutory Auditor)

for and on behalf of Rock Tax & Accounting Ltd

69 High Street

Southgate

London

N14 6LD

24 September 2025

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 | 31.12.23 |

| Notes | $ | $

Turnover | 12,927,588 |  | 10,925,685 |  |

Administrative expenses | 12,326,660 |  | 12,092,195 |  |

Operating profit/(loss) | 6 | 600,928 |  | (1,166,510 | ) |

Income from shares in group undertakings | 9,369,640 |  | - |  |

Profit/(loss) before taxation | 9,970,568 |  | (1,166,510 | ) |

Tax on profit/(loss) | 8 | 283,525 |  | 128,469 |  |

Profit/(loss) for the financial year | 9,687,043 |  | (1,294,979 | ) |

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 | 31.12.23 |

| Notes | $ | $

Profit/(loss) for the year | 9,687,043 |  | (1,294,979 | ) |

Other comprehensive income | - |  | - |  |

Total comprehensive income for the year | 9,687,043 |  | (1,294,979 | ) |

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

BALANCE SHEET

31 DECEMBER 2024

31.12.24 | 31.12.23 |

| Notes | $ | $ | $ | $

Fixed assets

Tangible assets | 9 | 1,924,918 |  | 2,237,126 |  |

Investments | 10 | 51,396,413 |  | 51,521,420 |  |

53,321,331 |  | 53,758,546 |  |

Current assets

Debtors | 11 | 565,930 |  | 523,325 |  |

Cash at bank | 10,433,959 |  | 120,105 |  |

10,999,889 |  | 643,430 |  |

Creditors

Amounts falling due within one year | 12 | 2,746,672 |  | 2,072,738 |  |

Net current assets/(liabilities) | 8,253,217 |  | (1,429,308 | ) |

Total assets less current liabilities | 61,574,548 |  | 52,329,238 |  |

Creditors

Amounts falling due after more than one year | 13 | 52,682,150 |  | 53,123,883 |  |

Net assets/(liabilities) | 8,892,398 |  | (794,645 | ) |

Capital and reserves

Called up share capital | 15 | 1 |  | 1 |  |

Retained earnings | 16 | 8,892,397 |  | (794,646 | ) |

Shareholders' funds | 8,892,398 |  | (794,645 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

Mr M Vrban - Director

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

Called up |  |

share | Retained | Total |

capital | earnings | equity |

| $ | $ | $

Balance at 1 January 2023 | 1 |  | 500,333 |  | 500,334 |  |

Changes in equity

Total comprehensive income | - |  | (1,294,979 | ) | (1,294,979 | ) |

Balance at 31 December 2023 | 1 |  | (794,646 | ) | (794,645 | ) |

Changes in equity

Total comprehensive income | - |  | 9,687,043 |  | 9,687,043 |  |

Balance at 31 December 2024 | 1 |  | 8,892,397 |  | 8,892,398 |  |

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 | 31.12.23 |

| Notes | $ | $

Cash flows from operating activities

Cash generated from operations | 1 | 1,892,905 |  | 26,207,611 |  |

Tax paid | (321,782 | ) | (35,366 | ) |

Net cash from operating activities | 1,571,123 |  | 26,172,245 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (175,374 | ) | (519,402 | ) |

Purchase of fixed asset investments | - |  | (26,953,778 | ) |

Sale of fixed asset investments | 125,007 |  | - |  |

Dividends received | 9,369,640 |  | - |  |

Net cash from investing activities | 9,319,273 |  | (27,473,180 | ) |

Cash flows from financing activities

Capital repayments in year | (393,334 | ) | (34,674 | ) |

Amounts owed by group undertakings | (183,208 | ) | 1,391,282 |  |

Net cash from financing activities | (576,542 | ) | 1,356,608 |  |

Increase in cash and cash equivalents | 10,313,854 |  | 55,673 |  |

Cash and cash equivalents at beginning of year | 2 | 120,105 |  | 64,432 |  |

Cash and cash equivalents at end of year | 2 | 10,433,959 |  | 120,105 |  |

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | Reconciliation of profit/(loss) before taxation to cash generated from operations

31.12.24 | 31.12.23 |

| $ | $

| Profit/(loss) before taxation | 9,970,568 |  | (1,166,510 | ) |

| Depreciation charges | 487,582 |  | 396,566 |  |

| Finance income | (9,369,640 | ) | - |  |

1,088,510 |  | (769,944 | ) |

| Increase in trade and other debtors | (43,610 | ) | (38,884 | ) |

| Increase in trade and other creditors | 848,005 |  | 27,016,439 |  |

| Cash generated from operations | 1,892,905 |  | 26,207,611 |  |

2. | Cash and cash equivalents

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

| $ | $

| Cash and cash equivalents | 10,433,959 |  | 120,105 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

| $ | $

| Cash and cash equivalents | 120,105 |  | 64,432 |  |

3. | Analysis of changes in net (debt)/funds

| At 1.1.24 | Cash flow | At 31.12.24

| $ | $ | $

| Net cash |

| Cash at bank | 120,105 |  | 10,313,854 |  | 10,433,959 |  |

120,105 |  | 10,313,854 |  | 10,433,959 |  |

| Debt

| Finance leases | (2,318,105 | ) | 393,334 |  | (1,924,771 | ) |

(2,318,105 | ) | 393,334 |  | (1,924,771 | ) |

| Total | (2,198,000 | ) | 10,707,188 |  | 8,509,188 |  |

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | General information

| Fortegra Europe Limited ("Fortegra" or "the Company") is a private company, limited by shares, registered in England and Wales.

| The Company is registered and incorporated in England and Wales. The registered office and principal place of business is 20 Fenchurch Street, 5th Floor, London, England, EC3M 3BY.

2. | Statement of compliance

| These financial statements have been prepared in compliance with financial reporting standard 102. The financial reporting standard applicable in the UK and Republic of Ireland (FRS 102) and the companies act 2006.

3. | Accounting policies

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| The presentational currency of the company is US Dollars ($) and the level of rounding is $1.

| Revenue recognition

| Turnover comprises the fair value of the consideration received or receivable for the sales of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

| The company recognises revenue when:

| The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the equity; and specific criteria have been met for each of the company's activities.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Long leasehold | - | at variable rates on reducing balance

| Plant and machinery | - | 20% on cost

| Fixtures and fittings | - | 20% on cost

| Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

| The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

| Investments in subsidiaries

| Investment in subsidiaries undertaking are recognised at cost less impairment.

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | Accounting policies - continued

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Leases

| Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | Accounting policies - continued

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivables are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Cash

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

| Creditors

| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Share capital

| Ordinary shares are classified as equity. The company is a private limited company.

4. | Critical accounting judgements and key sources of estimation uncertainty

| In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other relevant factors. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision and in future periods where applicable.

| The following are the critical judgements and key sources of estimation uncertainty that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

5. | Employees and directors

31.12.24 | 31.12.23 |

| $ | $

| Wages and salaries | 7,736,814 |  | 6,295,659 |  |

| Social security costs | 809,065 |  | 772,673 |  |

| Other pension costs | 235,988 |  | 210,263 |  |

8,781,867 |  | 7,278,595 |  |

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

5. | Employees and directors - continued

| The average number of employees during the year was as follows:

31.12.24 | 31.12.23 |

| Claims & Client Services | 2 |  | 1 |  |

| Compliance | 1 |  | 1 |  |

| Executive | 3 |  | 3 |  |

| Finance | 7 |  | 4 |  |

| Human Resources | 1 |  | 1 |  |

| IT | 2 |  | 2 |  |

| Legal | 1 |  | 1 |  |

| Marketing | 1 |  | 1 |  |

| Underwriting | 22 |  | 16 |  |

40 |  | 30 |  |

31.12.24 | 31.12.23 |

| $ | $

| Directors' remuneration | 787,926 |  | 750,897 |  |

| Information regarding the highest paid director is as follows:

31.12.24 | 31.12.23 |

| $ | $

| Emoluments etc | 787,926 |  | 750,897 |  |

6. | Operating profit/(loss)

| The operating profit (2023 - operating loss) is stated after charging:

31.12.24 | 31.12.23 |

| $ | $

| Other operating leases | 973,060 |  | 892,913 |  |

| Depreciation - owned assets | 487,582 |  | 396,566 |  |

7. | Auditors' remuneration

31.12.24 | 31.12.23 |

| $ | $

| Fees payable to the company's auditors for the audit of the company's financial statements | 21,125 |  | 16,900 |  |

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

8. | Taxation

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

31.12.24 | 31.12.23 |

| $ | $

| Current tax:

| UK corporation tax | 282,520 |  | 110,231 |  |

| Deferred tax | 1,005 |  | 18,238 |  |

| Tax on profit/(loss) | 283,525 |  | 128,469 |  |

9. | Tangible fixed assets

Fixtures |

Long | Plant and | and |

leasehold | machinery | fittings | Totals |

| $ | $ | $ | $

| Cost

| At 1 January 2024 | 2,670,435 |  | 45,891 |  | 123,389 |  | 2,839,715 |  |

| Additions | - |  | 37,069 |  | 138,305 |  | 175,374 |  |

| At 31 December 2024 | 2,670,435 |  | 82,960 |  | 261,694 |  | 3,015,089 |  |

| Depreciation

| At 1 January 2024 | 479,115 |  | 23,655 |  | 99,819 |  | 602,589 |  |

| Charge for year | 457,346 |  | 25,063 |  | 5,173 |  | 487,582 |  |

| At 31 December 2024 | 936,461 |  | 48,718 |  | 104,992 |  | 1,090,171 |  |

| Net book value

| At 31 December 2024 | 1,733,974 |  | 34,242 |  | 156,702 |  | 1,924,918 |  |

| At 31 December 2023 | 2,191,320 |  | 22,236 |  | 23,570 |  | 2,237,126 |  |

10. | Fixed asset investments

Shares in |

group |

undertakings |

| $

| Cost

| At 1 January 2024 | 51,521,420 |  |

| Disposals | (125,007 | ) |

| At 31 December 2024 | 51,396,413 |  |

| Net book value

| At 31 December 2024 | 51,396,413 |  |

| At 31 December 2023 | 51,521,420 |  |

| Investments in subsidiaries are accounted for at cost less impairment in the financial statements.

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | Debtors: amounts falling due within one year |

31.12.24 | 31.12.23 |

| $ | $

| Other debtors | 323,988 |  | 369,897 |  |

| Deferred tax asset | 47,700 |  | 48,705 |  |

| Prepayments | 194,242 |  | 104,723 |  |

565,930 |  | 523,325 |  |

12. | Creditors: amounts falling due within one year |

31.12.24 | 31.12.23 |

| $ | $

| Finance leases (see note 14) | 395,711 |  | 347,309 |  |

| Trade creditors | 878,226 |  | 47,611 |  |

| Amounts owed to group undertakings | 543,049 |  | 726,257 |  |

| Corporation tax | 296,601 |  | 335,863 |  |

| Social security and other taxes | 194,510 |  | 90,157 |  |

| Other creditors | 364,450 |  | 364,450 |  |

| Accrued expenses | 74,125 |  | 161,091 |  |

2,746,672 |  | 2,072,738 |  |

13. | Creditors: amounts falling due after more than one year |

31.12.24 | 31.12.23 |

| $ | $

| Finance leases (see note 14) | 1,529,060 |  | 1,970,796 |  |

| Other creditors | 51,153,090 |  | 51,153,087 |  |

52,682,150 |  | 53,123,883 |  |

14. | Leasing agreements

| Minimum lease payments under finance leases fall due as follows:

| Finance leases |

31.12.24 | 31.12.23 |

| $ | $

| Net obligations repayable:

| Within one year | 395,711 |  | 347,309 |  |

| Between one and five years | 935,314 |  | 1,127,385 |  |

| In more than five years | 593,746 |  | 843,411 |  |

1,924,771 |  | 2,318,105 |  |

15. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |

value: |  | $ | $

| 100 | Ordinary share | $0.01 | 1 |  | 1 |  |

| FORTEGRA EUROPE LIMITED (REGISTERED NUMBER: 10832036) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

16. | Reserves

Retained |

earnings |

| $

| At 1 January 2024 | (794,646 | ) |

| Profit for the year | 9,687,043 |  |

| At 31 December 2024 | 8,892,397 |  |

17. | Pension commitments

| The company is contributing to a defined contribution scheme. During the year the company contributed £104,446 (2023: £90,157)

18. | Related party disclosures

| Directors' remuneration for the year totalled $787,926 (2023- $750,897).

| Summary of transactions with parent

| Included in other creditors at the year end is $51,153,090 (2023- $51,153,087) owed to a group company. The amount has been provided interest free and no repayment date agreed.

| During the year, the company made sales totalling $12,927,588 (2023- $10,925,685) to a group company.

19. | Parent and ultimate parent undertaking

| The company's immediate parent is LOTS Intermediate Co., incorporated in the United States of America.

| The ultimate parent is Tiptree Inc, incorporated in the United States of America.

| The most senior parent entity producing publicly available financial statements is Tiptree Inc. These financial statements are available upon request from 299 Park Avenue, 13th Floor, New York. NY 10171.