Noblr Surplus Note and Preferred Equity Issuance

Noblr, Inc. (“Noblr”) formed Noblr Reciprocal Exchange (“Noblr Exchange”)

• Noblr, Inc. is a telematics-specific, behavior-based personal insurance company
• Noblr Reciprocal Exchange is a reciprocal exchange building a community of responsible drivers
• Noblr Risk Management, the attorney-in-fact, manages Noblr Reciprocal Exchange’s operations

New kind of car insurance aimed at creating friendlier roads by providing real-time competitive rates

• Reciprocal exchange model, where customers are members who help drive the company’s direction
• Highly personalized pricing model helps incentivize better driving and provide real risk-based pricing
• Direct-to-consumer model provides a frictionless quote-to-claim experience

Noblr Reciprocal Exchange was initially capitalized with $20mm of surplus notes

• Proceeds utilized to capitalize Noblr Reciprocal Exchange’s initial surplus and support growth prospects
• At the time of the transaction, had recently launched in Colorado, with expansion plans for more states

Noblr is supported by a group of top-tier companies including:

• Hudson Structured Capital Management, White Mountains Insurance Group and Third Point Re(a)

Noblr’s management team is led by Co-founder and CEO Gary Tolman

• Built Esurance from start-up to premier direct-to-consumer insurer with over $1.6bn of DPW

TCMA acted as transaction advisor and placement agent to Noblr, Inc.

• Placement agent in connection with Noblr Exchange surplus notes and Noblr preferred equity issuance
• Offered pivotal transactional advice and process guidance throughout the transaction
• Key transaction steps led by TCMA included:
  • Managing the preparation of financial packages and presentations for potential investors
  • Marketing the transaction to potential investors and optimizing a highly competitive process
  • Offering insights around surplus note offering transaction terms and conditions
  • Advising and assisting in the negotiation of final transaction terms

(a) As of the time of the transaction.