Mergers & Acquisitions Return to Mergers & Acquisitions Deal Overview Buyer: Conifer Holdings, Inc. Actual Acquirer: White Pine Insurance Company Target: Non-standard automobile insurance operations in U.S. Deal Type: Insurance Company Insurance Sector Property & Casualty Agreement Date: 8/8/2013 Announcement Date: 8/8/2013 Announced Deal Value ($ M): 4.17 Announced Deal Value, As Reported ($ M) NA Status: Completed Announced Deal Value Per Share ($ ) NA Completion Date: 11/30/2013 Consideration Breakout Cash ($M) 4.2 Deal Pricing Ratios Announcement Completion Price / Earnings (x) NA NA Price / Book (%) NA NA Price / Statutory Net Income (x) NA NA Price / Earnings (x) NM NM Price / Capital & Surplus (%) NA NA Price / Operating Income (x) 53.1 62.4 Price / Net Premiums Written (x) 0.73 0.66 Deal Terms Description of Consideration Conifer Holdings Inc. paid approximately $4.17 million in cash to acquire the non-standard automobile insurance operations in United States from EGI Financial Holdings Inc. Target's statutory financials are for American Colonial Insurance Co. Inc. Percent Acquired (%) NA Accounting Method Acquisition Merger of Equals? No Estimated Cost Savings (%) NA Estimated Cost Savings ($ 000) NA Est. Restructuring Charges ($ 000) NA Deal Advisers Financial Advisers Party Advised Adviser Hired? Firm Name Buyer NA NA Seller Yes Philo Smith & Co. Legal Counsel Party Advised Adviser Hired? Firm Name Buyer NA NA Seller Yes McKenna Long & Aldridge LLP