Homeowners Insurance Market Opportunity

Enabling rapid margin expansion as we scale Projected Total Written Premium, $m 43% '21'25 CAGR $544 $796 $1,145 2021F 2022F 2023F $1,628 2024F $2,279 2025F Projected Adjusted Gross Profit, $m 92% '21'25 CAGR % of TEP1 $546 $340 28% $202 25% $106 21% $40² 16% 9% 2021F 2022F 2023F 2024F 2025F 1. Total Earned Premium; represents the earned portion of our Total Written Premium. Our insurance policies generally have a term of one year and premium is earned pro rata over the term of the policy 2. On a proforma basis; includes $4.1 million of Spinnaker deferred ceding commission income which was part of opening balance sheet adjustments as required under US GAAP Source: Company projections Proprietary and Confidential | 36

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