Exhibit (c)(vi)
STRICTLY PRIVATE & CONFIDENTIAL
![]() |
[***] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. | INVESTMENT |
Project Elk
Presentation to the Board of Directors
Goldman Sachs & Co. LLC
July 28, 2024
Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind.
STRICTLY PRIVATE & CONFIDENTIAL
![]() |
Disclaimer | INVESTMENT |
These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the Board of Directors and senior management of Elk (the "Company") in connection with their consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department.
Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interests or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs’ investment banking division maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company.
The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice.
Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast.
The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Board, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, is subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the one hand, and Goldman Sachs, on the other hand. The Confidential Information does not address, nor does Goldman Sachs express any view as to, the potential effects of volatility in the credit, financial and stock markets on the Company, any other party to any transaction or any transaction.
| 2 | | |
STRICTLY PRIVATE & CONFIDENTIAL
![]() |
Table of Contents | INVESTMENT BANKING |
| I. | Transaction Overview and Recent Trading | |
| II. | Financial Projections | |
| III. | Elk Financial Analysis | |
| Appendix A: Additional Materials |
| 3 | | |
STRICTLY PRIVATE & CONFIDENTIAL
![]() | INVESTMENT BANKING |
| I. | Transaction Overview and Recent Trading |
| 4 | | |
STRICTLY PRIVATE & CONFIDENTIAL
![]() |
Elk Transaction Multiples ($ in millions) | INVESTMENT BANKING |
| Aggregate Total Cash Consideration¹ | $ 5,137 | |||||||
| Total Cash Consideration | $ 338.00 | Reference Valuation | ||||||
| Peer Trading Comparables | ||||||||
| Traditional | ||||||||
| Total Cash | Bermuda | Other Bermuda | Precedent | |||||
| Metric | Value | Consideration | Reinsurers² | Reinsurers³ | Transactions | |||
| Implied Purchase Premiums | ||||||||
| Day Before Stork Letter (22-Mar-2024) | $ 292.50 | 15.6 % | ||||||
| Day Before Revised Elk Offer (08-Apr-2024) | 292.80 | 15.4 | ||||||
| Current Stock Price (26-Jul-2024) | 348.31 | (3.0) | ||||||
| Undisturbed Share Price (28-Jun-2024) | 305.70 | 10.6 | ||||||
| All-Time-High (30-May-2024)4 | 314.83 | 7.4 | ||||||
| 52-Week-High (30-May-2024)4 | 314.83 | 7.4 | ||||||
| 52-Week-Low (20-Oct-2023)4 | 232.05 | 45.7 | ||||||
| 30-Day VWAP4 | 307.32 | 10.0 | ||||||
| 60-Day VWAP4 | 302.24 | 11.8 | ||||||
| 90-Day VWAP4 | 301.26 | 12.2 | ||||||
| Standalone | ||||||||
| Implied Price / Book Value Multiples | Per Share6 | |||||||
| Q2 2024 Book Value (incl. AOCI) | $ 351 | $ 5,261 | 0.98 x | 1.09 x | ||||
| Q2 2024 Book Value (excl. AOCI) | 375 | 5,618 | 0.91 | 1.18 | ||||
| Q2 2024 Book Value (Management Adjusted)5 | 381 | 5,713 | 0.90 | - | ||||
| Q1 2024 Book Value (incl. AOCI) | 342 | 5,122 | 1.00 | 1.25 x | 0.90 x | |||
| Q1 2024 Book Value (excl. AOCI) | 366 | 5,486 | 0.94 | 1.17 | 0.90 | |||
| Q1 2024 Book Value (Management Adjusted)5 | 370 | 5,551 | 0.93 | - | - | |||
| Implied Price / Mangement Projected Earnings Multiples | ||||||||
| 2024E Earnings - Per Management | $ 659 | 7.8 x | 6.2 x | 7.1 x | - | |||
| 2025E Earnings - Per Management | 572 | 9.0 | 6.1 | 8.0 | - | |||
Source: Elk Management projections, FactSet, Company filings. Market data as of 26-Jul-2024 unless otherwise stated. Q2 2024 Elk figures as provided by Elk Management. ¹ Based on Elk computed diluted shares outstanding inclusive of ordinary shares, non-voting ordinary shares, RSUs, PSUs and JSOP shares as of 25-Jul-2024 as provided by Elk Management. 2 Traditional Bermuda Reinsurers include Everest Re, RenaissanceRe, Axis Capital, and Fidelis. 3 Other Bermuda Reinsurers include Hamilton, Greenlight Re and SiriusPoint. 4 Relative to Elk’s undisturbed date (28-Jun-2024). 5 Adjusted for net realized and unrealized gains / (losses) on fixed maturities available for sale, fixed maturities trading, and funds held, change in fair value of insurance contracts, and amortization of fair value adjustments. 6 BVPS metrics when applying fully diluted shares outstanding per total cash consideration inclusive of ordinary shares, non-voting ordinary shares, RSUs, PSUs and JSOP shares as of 25-Jul-2024 as provided by Elk Management result in Q2 BVPS incl. AOCI of $346, Q2 BVPS excl. AOCI of $370, and Q2 Management Adjusted BVPS of $376.
| Transaction Overview and Recent Trading | 5 | | |
STRICTLY PRIVATE & CONFIDENTIAL
![]() |
Recent Elk Trading Activity | INVESTMENT BANKING |
| Elk Daily Trading Volume (Thousands of Shares) | |
![]() |
|
Source: Bloomberg; market data as of 26-Jul-2024 Note: Stork Letter received on 23-Mar-2024. |
| Transaction Overview and Recent Trading | 6 | | |
STRICTLY PRIVATE & CONFIDENTIAL
|
Elk’s Price to Book Value Multiple Over Time
|
INVESTMENT |
Source: Company filings, FactSet. Note: Multiples chart as of 26-Jul-2024 for reference. Tables depicted as of Elk undisturbed date (28-Jun-2024). 1 Adjusted for net realized and unrealized gains / (losses) on fixed maturities available for sale, fixed maturities trading, and funds held, change in fair value of insurance contracts, and amortization of fair value adjustments.
| Transaction Overview and Recent Trading | 7 | | |
STRICTLY PRIVATE & CONFIDENTIAL
|
|
INVESTMENT |
II. Financial Projections
STRICTLY PRIVATE & CONFIDENTIAL
|
Overview of Elk Management Projections
($ in millions, except per share data)
|
INVESTMENT BANKING |

| Financial Projections | 9 | | |
STRICTLY PRIVATE & CONFIDENTIAL
|
|
INVESTMENT |
III. Elk Financial Analysis
STRICTLY PRIVATE & CONFIDENTIAL
|
Summary of Financial Analyses
($ per share, unless otherwise indicated)
|
INVESTMENT BANKING |

Source: Elk Management projections, Company filings, FactSet. Market data as of 26-Jul-2024 unless otherwise stated. Note: Per share metrics based on Elk computed diluted shares outstanding inclusive of ordinary shares, non-voting ordinary shares, RSUs, PSUs and JSOP shares as of 25-Jul-2024 as provided by Elk Management; Q2 2024 Elk figures as provided by Elk Management. 1 Traditional Bermuda Reinsurers include RenaissanceRe, Everest Re, Axis Capital and Fidelis; Other Bermuda Reinsurers include Hamilton, Greenlight Re and SiriusPoint; RenaissanceRe data as of Q2 2024, all other peers as of Q1 2024 based on latest public filings. 2 As of Elk undisturbed date (28-Jun-2024).
| Elk Financial Analysis | 11 | | |
| STRICTLY PRIVATE & CONFIDENTIAL |
![]() |
![]() |
Summary Dividend Discount Model
($ in millions, unless otherwise noted)
|
INVESTMENT BANKING |
Summary of Book Value Generation and Cash Flow Distributions

| H1'24A | H2'24E | 2025E | 2026E | 2027E | 2028E | |
| BoP Book Value | $ 5,261 | $ 5,547 | $ 6,110 | $ 6,800 | $ 7,537 | |
| (+) Earnings | 414 | 572 | 708 | 818 | 1,010 | |
| (-) Share Repurchases | (250) | (100) | (100) | (100) | (100) | |
| (+) OCI Change | 122 | 92 | 82 | 18 | 14 | |
| EoP Book Value (incl. AOCI) | $ 5,261 | $ 5,547 | $ 6,110 | $ 6,800 | $ 7,537 | $ 8,461 |
| + / (-) AOCI | 357 | $ 223 | $ 131 | $ 49 | $ 31 | $ 17 |
| EoP Book Value (excl. AOCI) | $ 5,618 | $ 5,769 | $ 6,241 | $ 6,849 | $ 7,568 | $ 8,478 |
| EoP Book Value (incl. AOCI) | $ 5,261 | $ 5,547 | $ 6,110 | $ 6,800 | $ 7,537 | $ 8,461 |
| (+) Net URL / (G) on AFS/HFT/Funds Held Securities | 803 | 517 | 352 | 204 | 172 | 146 |
| (-) Fair Value of Insurance Contracts | (253) | (211) | (180) | (152) | (126) | (102) |
| (-) Fair Value Adjustment | (98) | (99) | (89) | (81) | (73) | (66) |
| Management Adj. Book Value | $ 5,713 | $ 5,754 | $ 6,192 | $ 6,771 | $ 7,509 | $ 8,439 |
| Distributable Cash Flows | $ 250 | $ 100 | $ 100 | $ 100 | $ 100 |
| Sensitivity Analysis | |||||||
| Elk Implied Share Price | |||||||
| Discount Rate | |||||||
| 7.50 % | 8.06 % | 8.63 % | 9.19 % | 9.75 % | |||
![]() |
0.70 x | $ 323 | $ 316 | $ 310 | $ 303 | $ 297 | |
| 0.75 x | 344 | 336 | 329 | 322 | 315 | ||
| 0.80 x | 364 | 356 | 349 | 341 | 334 | ||
| 0.85 x | 384 | 376 | 368 | 360 | 352 | ||
| 0.90 x | 405 | 396 | 387 | 379 | 371 | ||
Source: Elk Management projections, FactSet, Company filings. Note: Market Data as of 26-Jul-2024; Q2 2024 Elk figures as provided by Elk Management; Per share metrics based on Elk reported diluted shares outstanding inclusive of ordinary shares, non-voting ordinary shares, RSUs, PSUs and JSOP shares as of 30-Jun-2024 as provided by Elk Management. Adjusted Book Value adjusts for net realized and unrealized gains / (losses) on fixed maturities available for sale, fixed maturities trading, and funds held, change in fair value of insurance contracts, and amortization of fair value adjustments.
| Elk Financial Analysis | 12 | | |
| STRICTLY PRIVATE & CONFIDENTIAL |
![]() |
![]() |
Present Value of Future Share Price Analysis |
INVESTMENT BANKING |
| Future Share Price (at Respective Year-Ends) | Present
Value of Future Share Price + Dividends (at Respective Year-Ends) Discounted at 8.63%2 |
Source: Elk Management projections, Company filings, FactSet. Note: Market data as of Elk undisturbed date (28-Jun-2024); per share metrics consistent with Elk Management projections, inclusive of any incremental annual dilution from share-based compensation effects 1 Adjusted for net realized and unrealized gains / (losses) on fixed maturities available for sale, fixed maturities trading, and funds held, change in fair value of insurance contracts, and amortization of fair value adjustments. 2 Represents midpoint of discount rate as shown on page 12.
| Elk Financial Analysis | 13 | | |
| STRICTLY PRIVATE & CONFIDENTIAL |
![]() |
![]() |
Selected Precedent P&C Reinsurance M&A Transactions ($ in millions) |
INVESTMENT BANKING |
| Ann. Date | Acquiror | Target | Equity Value | % Cash | P/BV incl. AOCI1 |
| Oct-21 | Covea | PartnerRe | 9,000 | 100 | 1.25 x |
| Oct-18 | RenaissanceRe | Tokio Millenium Re | 1,469 | 83 | 1.01 |
| Aug-15 | Exor | PartnerRe | 6,875 | 100 | 1.10 |
| Mar-15 | Endurance | Montpelier Re | 1,831 | 25 | 1.22 |
| Nov-14 | RenaissanceRe | Platinum | 1,925 | 60 | 1.13 |
| Dec-12 | Markel | Alterra | 3,130 | 32 | 1.07 |
| Aug-12 | Validus | Flagstone | 623 | 24 | 0.74 |
| Nov-11 | Alleghany | Transatlantic | 3,431 | 24 | 0.80 |
| Low | 0.74 x | ||||
| 25th Percentile | 0.96 | ||||
| Median | 1.09 | ||||
| 75th Percentile | 1.16 | ||||
| High | 1.25 | ||||
Source: Public filings and press releases, CapIQ, SNL, Thomson Reuters.
1 Based on reported aggregate purchase price and book value multiples (including AOCI) where available.
| Elk Financial Analysis | 14 | | |
| STRICTLY PRIVATE & CONFIDENTIAL |
![]() |
![]() |
Premia Paid in Precedent U.S. Public M&A All-Cash Acquisitions | Since 01-Jan-2014 between $1.0bn and $10.0bn % Premia to 1-day Prior to Announcement (Median) |
INVESTMENT BANKING |

| 1-Week Prior | 30.1 % | 24.4 % | 22.7 % | 18.6 % | 17.8 % | 20.5 % | 34.0 % | 21.3 % | 33.0 % | 30.5 % | 23.1 % | 23.8 % | 27.0 % |
| Number of Transactions | 43 | 60 | 70 | 57 | 69 | 53 | 40 | 75 | 58 | 49 | 55 | 607 (10Y Total) |
303 (5Y Total) |
Source: Dealogic, FactSet as of 26-Jul-2024.
| Elk Financial Analysis | 15 | | |
| STRICTLY PRIVATE & CONFIDENTIAL | For Reference Only |
![]() |
![]() |
Premia Paid in Precedent U.S. Public M&A All-Cash Acquisitions | Since 01-Jan-2014 between $1.0bn and $10.0bn % Premia to 52 Week High (Median) |
INVESTMENT BANKING |
| Number
of Transactions |
43 | 60 | 70 | 57 | 69 | 53 | 40 | 75 | 58 | 49 | 55 | 607 (10Y Total) |
303 (5Y Total) |
Source: Dealogic, FactSet as of 26-Jul-2024.
| Elk Financial Analysis | 16 | | |
| STRICTLY PRIVATE & CONFIDENTIAL | For Reference Only |
![]() | Selected Peer Common Stock Comparison
($ in millions, except per share amounts) | INVESTMENT |
| Closing | Equity | Calendarized | LTM | |||||||||
| Price | Market | % of 52 | P/E | P/B | P/B | P / TBV | P / TBV | ROE | Dividend | |||
| Company | 26-Jul-24 | Cap | Wk. High | 2024E | 2025E | (in. AOCI) | (ex. AOCI) | (in. AOCI) | (ex. AOCI) | 2024E | 2025E | Yield |
| Elk | $ 348.31 | $ 5,224 | 100.0 % | 9.4 x | 8.7 x | 1.02 x | 0.95 x | 1.03 x | 0.96 x | NA | NA | 0.0 % |
| Memo: Elk Undisturbed (28-Jun-2024) | 305.70 | 4,585 | 97.1 | 8.3 | 7.6 | 0.90 | 0.84 | 0.91 | 0.85 | NA | NA | 0.0 |
| Traditional Bermuda Reinsurers | ||||||||||||
| Everest Re | $ 382.93 | $ 16,838 | 92.4 % | 6.3 x | 5.7 x | 1.24 x | 1.14 x | 1.24 x | 1.14 x | 17.2 % | 16.4 % | 1.9 % |
| RenaissanceRe | 224.50 | 11,956 | 94.4 | 6.0 | 6.4 | 1.27 | 1.27 | 1.38 | 1.37 | 21.1 | 17.0 | 0.7 |
| Axis | 73.66 | 6,386 | 99.7 | 7.3 | 6.9 | 1.29 | 1.19 | 1.37 | 1.26 | 15.9 | 14.8 | 2.4 |
| Fidelis | 17.48 | 2,073 | 87.3 | 5.6 | 4.9 | 0.82 | 0.81 | 0.82 | 0.81 | 13.2 | 13.1 | 1.1 |
| Median - Traditional Bermuda Reinsurers | 93.4 % | 6.2 x | 6.1 x | 1.25 x | 1.17 x | 1.30 x | 1.20 x | 16.5 % | 15.6 % | 1.5 % | ||
| Other Bermuda Reinsurers | ||||||||||||
| SiriusPoint | $ 14.38 | $ 2,547 | 100.0 % | 9.0 x | 8.0 x | 1.06 x | 1.05 x | 1.13 x | 1.12 x | NA | NA | 0.0 % |
| Hamilton | 17.13 | 1,998 | 97.0 | 5.0 | 4.8 | 0.90 | 0.90 | 0.94 | 0.94 | 14.7 | 13.2 | 0.0 |
| Greenlight Re | 13.52 | 501 | 100.0 | 7.1 | 8.4 | 0.80 | 0.80 | 0.80 | 0.80 | NA | NA | 0.0 |
| Median - Other Bermuda Reinsurers | 100.0 % | 7.1 x | 8.0 x | 0.90 x | 0.90 x | 0.94 x | 0.94 x | 14.7 % | 13.2 % | 0.0 % | ||
| Overall Low | 87.3 % | 5.0 x | 4.8 x | 0.80 x | 0.80 x | 0.80 x | 0.80 x | 13.2 % | 13.1 % | 0.0 % | ||
| Overall Median | 97.0 | 6.3 | 6.4 | 1.06 | 1.05 | 1.13 | 1.12 | 15.9 | 14.8 | 0.7 | ||
| Overall Mean | 95.8 | 6.6 | 6.5 | 1.05 | 1.02 | 1.10 | 1.06 | 16.4 | 14.9 | 0.9 | ||
| Overall High | 100.0 | 9.0 | 8.4 | 1.29 | 1.27 | 1.38 | 1.37 | 21.1 | 17.0 | 2.4 | ||
Source: Company filings, FactSet; market data as of 26-Jul-2024, excluding the Elk Undisturbed row (as of 28-Jun-2024). Note: Earnings projections used for computation of P/E multiples based on median of equity research analyst projections. RenaissanceRe data as of Q2 2024, all other peers as of Q1 2024 based on latest public filings.
| Elk Financial Analysis | 17 | | |
| STRICTLY PRIVATE & CONFIDENTIAL | For Reference Only |
![]() | Elk Historical Valuation Compared to Peers
P/BV (incl. AOCI) Multiples | Last 3 Years | INVESTMENT |
| Price / Book Value (incl. AOCI) |
Source: Public company filings, FactSet. Note: Multiples chart as of 26-Jul-2024 for reference. Tables depicted as of Elk undisturbed date (28-Jun-2024).
Note: RenaissanceRe data as of Q2 2024, all other peers as of Q1 2024 based on latest public filings.
¹ Traditional Bermuda Reinsurers include Renaissance Re, Everest Re, Axis Capital, and Fidelis (Since 03-Jul-2023 IPO, the earliest date for available data). ² Other Bermuda Reinsurers include Hamilton (Since 13-Nov-2023 IPO, the earliest date for available data), Greenlight Re and SiriusPoint.
| Elk Financial Analysis | 18 | | |
| STRICTLY PRIVATE & CONFIDENTIAL | For Reference Only |
![]() | Elk Historical Valuation Compared to Peers
P/BV (excl. AOCI) Multiples | Last 3 Years | INVESTMENT |
| Price / Book Value (excl. AOCI) |
Source: Public company filings, FactSet. Note: Multiples chart as of 26-Jul-2024 for reference. Tables depicted as of Elk undisturbed date (28-Jun-2024).
Note: RenaissanceRe data as of Q2 2024, all other peers as of Q1 2024 based on latest public filings.
¹ Traditional Bermuda Reinsurers include Renaissance Re, Everest Re, Axis Capital, and Fidelis (Since 03-Jul-2023 IPO, the earliest date for available data). ² Other Bermuda Reinsurers include Hamilton (Since 13-Nov-2023 IPO, the earliest date for available data), Greenlight Re and SiriusPoint.
| Elk Financial Analysis | 19 | | |
| STRICTLY PRIVATE & CONFIDENTIAL |
![]() |
| INVESTMENT |
| For Reference Only |
Appendix A: Additional Materials
| STRICTLY PRIVATE & CONFIDENTIAL |
![]() | Overview of Elk Management Projections (1/2) Income Statement | ($ in millions) | INVESTMENT |
| 2022A - 2028E | ||||||||
| 2022A | 2023A | 2024E | 2025E | 2026E | 2027E | 2028E | CAGR | |
| Technical Result | $ 373 | $ 157 | $ 213 | $ 159 | $ 169 | $ 160 | $ 210 | (9.1)% |
| Net Investment Income (Core Fixed Income Return) | (728) | 713 | 646 | 670 | 712 | 746 | 838 | NM |
| Risk Asset Return | (431) | 397 | 411 | 451 | 551 | 635 | 692 | NM |
| Other Income | 35 | 279 | 0 | 0 | 0 | 0 | 0 | NM |
| Total Revenue | $(751) | $ 1,546 | $ 1,271 | $ 1,280 | $ 1,432 | $ 1,541 | $ 1,740 | NM |
| G&A Expenses | (331) | (369) | (395) | (405) | (405) | (395) | (384) | 2.5 % |
| FVO / FVA / ULAE | 353 | (26) | 39 | 34 | 44 | 58 | 74 | (22.8) |
| Deferred Charge Amortization | (80) | (106) | (133) | (137) | (136) | (138) | (137) | 9.3 |
| Interest, Pref Dividends & FX | (110) | (126) | (131) | (134) | (137) | (140) | (143) | 4.4 |
| Income Tax Benefit / (Expense) | 12 | 250 | (4) | (92) | (115) | (133) | (166) | NM |
| Net Income Before Strategic Investments | $(907) | $ 1,169 | $ 648 | $ 547 | $ 683 | $ 793 | $ 985 | NM |
| Earnings from Disc. Ops and NCI | 75 | (100) | (0) | 0 | 0 | 0 | 0 | NM |
| Earnings from Strategic Investments | (74) | 13 | 12 | 25 | 25 | 25 | 25 | NM |
| Net Income | $(906) | $ 1,082 | $ 659 | $ 572 | $ 708 | $ 818 | $ 1,010 | NM |
Source: Elk Management projections
Note: Deferred Charge Amortization reflects amount by which estimated ultimate losses payable exceed consideration received at the inception of a retroactive reinsurance agreement.
| Additional Materials | 21 | | |
STRICTLY PRIVATE & CONFIDENTIAL
![]() | Overview of Elk Management Projections (2/2) Balance Sheet | ($ in millions) | INVESTMENT |
| 2022A - 2028E | ||||||||||||
| 2022A | 2023A | 2024E | 2025E | 2026E | 2027E | 2028E | CAGR | |||||
| Cash and Investments | $ 15,053 | $ 14,893 | $ 15,656 | $ 17,181 | $ 19,365 | $ 21,512 | $ 23,658 | 7.8 % | ||||
| Restricted Cash | 508 | 266 | 266 | 266 | 266 | 266 | 266 | (10.2) | ||||
| Equity Method Investments | 397 | 334 | 346 | 371 | 396 | 421 | 446 | 1.9 | ||||
| Funds Held by Reinsured Companies | 3,582 | 2,750 | 2,750 | 2,750 | 2,750 | 2,750 | 2,750 | (4.3) | ||||
| Other Assets | 1,483 | 1,712 | 1,760 | 1,734 | 1,728 | 1,716 | 1,708 | 2.4 | ||||
| Total Assets | $ 21,023 | $ 19,956 | $ 20,777 | $ 22,302 | $ 24,504 | $ 26,665 | $ 28,828 | 5.4 % | ||||
| Loss and LAE Reserves, Net | $ 11,876 | $ 11,402 | $ 11,786 | $ 12,821 | $ 14,414 | $ 15,932 | $ 17,277 | 6.4 % | ||||
| Life Insurance Reserves | 821 | - | - | - | - | - | - | NM | ||||
| Defendant A&E Liabilities, Net | 607 | 567 | 522 | 482 | 445 | 411 | 378 | (7.6) | ||||
| Debt | 1,829 | 1,831 | 1,831 | 1,831 | 1,831 | 1,831 | 1,831 | 0.0 | ||||
| Other Liabilities | 562 | 508 | 469 | 435 | 390 | 332 | 258 | (12.2) | ||||
| Total Liabilities | $ 15,695 | $ 14,308 | $ 14,607 | $ 15,568 | $ 17,081 | $ 18,506 | $ 19,744 | 3.9 % | ||||
| Preferred Equity | $ 510 | $ 510 | $ 510 | $ 510 | $ 510 | $ 510 | $ 510 | 0.0 % | ||||
| Common Equity | 4,464 | 5,025 | 5,547 | 6,110 | 6,800 | 7,537 | 8,461 | 11.2 | ||||
| Total Shareholders Equity (excl. NCI) | $ 4,974 | $ 5,535 | $ 6,057 | $ 6,620 | $ 7,310 | $ 8,047 | $ 8,971 | 10.3 % | ||||
| Memo: Management Adjusted Common Equity | $ 5,873 | $ 5,397 | $ 5,754 | $ 6,192 | $ 6,771 | $ 7,509 | $ 8,439 | 6.2 % | ||||
| Memo: (Redeemable) Non-Controlling Interest | $ 354 | $ 113 | $ 113 | $ 113 | $ 113 | $ 113 | $ 113 | (17.3)% | ||||
| Memo: URG / (L) from AFS Securities in AOCI | $(579) | $ 222 | $ 113 | $ 92 | $ 82 | $ 18 | $ 14 | NM | ||||
| Memo: URG / (L) from HFT Securities in P&L | $(1,181) | $ 66 | $ 91 | $ 73 | $ 66 | $ 15 | $ 11 | NM | ||||
| Source: Elk Management projections | ||||||||||||
| Note: Other Assets composed of Deferred Charge Assets, Insurance Recoverables and Other Assets. | ||||||||||||
| Additional Materials | 22 | | |
STRICTLY PRIVATE & CONFIDENTIAL
![]() | Elk Beta and Cost of Equity Analysis Comparison of Historical Peer Equity Betas | Last 10 Years | INVESTMENT |
Source: Axioma, Duff and Phelps; Beta data for Elk and peers as of Elk undisturbed date (28-Jun-2024); Risk Free Rate and Equity Risk Premium as of 26-Jul-2024.
¹ Traditional Bermuda Reinsurers include RenaissanceRe, Everest Re, Axis Capital, and Fidelis (Since 03-Jul-2023 IPO, the earliest date for available data). ² Other Bermuda Reinsurers include Hamilton (Since 13-Nov-2023 IPO, the earliest date for available data), Greenlight Re and SiriusPoint (Since 19-Aug-2014, the earliest date for available data). 3 As of Elk undisturbed date (28-Jun-2024).
| Additional Materials | 23 | | |
STRICTLY PRIVATE & CONFIDENTIAL
![]() | Detailed Equity Capitalization and Share Count Table | INVESTMENT |
| Per Elk Management | As Computed Based on | |||
| Security Type | (Q2 2024) | Total Cash Consideration | ||
| Voting Ordinary Shares1 | 14.665 | 14.664 | ||
| Restricted Stock Units1 | 0.169 | 0.171 | ||
| Performance Stock Units | 0.166 | 0.142 | ||
| Joint Share Ownership Plan (Treasury Stock Method) | 0.221 | |||
| Fully Diluted Shares Outstanding | 15.000 | 15.198 | ||
Source: Elk management as of 30-Jun-2024; Total cash consideration share count as of 25-Jul-2024.
Note: Total cash consideration figures based on Stork’s stated offer price of $338 per share. Total cash consideration assumes 30-Jun-2025 closing.
1 Delta in Voting Ordinary Shares between two columns based on presentation of Director Restricted Shares.
| Additional Materials | 24 | | |
STRICTLY PRIVATE & CONFIDENTIAL
![]() | Elk Shareholder Registry | INVESTMENT |
| Cost Basis & Returns | Most Recent | ||||||
| Refinitiv | AUM | ||||||
| Institution | Style | ($bn) | Last Report Date | Cost Basis¹ | Unrealized Gain² | % OS | Shares (mm) |
| Stone Point Capital LLC | Strategic | $ 1.0 | 31-Mar-2024 | $ 157.42 | 121.3 % | 9.5 % | 1.5 |
| Vanguard | Index | 6,040.8 | 31-Mar-2024 | 155.25 | 124.4 | 8.1 | 1.2 |
| BlackRock Institutional Trust Co. | Index | 3,555.3 | 31-Mar-2024 | 139.58 | 149.5 | 5.4 | 0.8 |
| Dimensional Fund Advisors | Quantitative | 540.9 | 31-Mar-2024 | 169.30 | 105.7 | 5.0 | 0.8 |
| Sixth Street Partners, LLC | Other | 0.9 | 31-Mar-2024 | 265.42 | 31.2 | 4.7 | 0.7 |
| Beck, Mack & Oliver | GARP | 4.9 | 31-Mar-2024 | 101.32 | 243.8 | 4.6 | 0.7 |
| Silvester (Dominic Francis Michael) | Strategic | 0.2 | 08-Apr-2024 | 137.09 | 154.1 | 4.3 | 0.7 |
| CPP Investment Board | Pension | 109.3 | 31-Mar-2024 | 151.16 | 130.4 | 4.3 | 0.6 |
| Fidelity Management & Research Company LLC | GARP | 1,633.4 | 31-Mar-2024 | 181.73 | 91.7 | 3.7 | 0.6 |
| Fuller & Thaler Asset Management Inc. | GARP | 22.0 | 31-Mar-2024 | 198.48 | 75.5 | 2.8 | 0.4 |
| Allspring Global Investments, LLC | Value | 72.0 | 31-Mar-2024 | 185.34 | 87.9 | 2.7 | 0.4 |
| Wellington | Value | 643.5 | 31-Mar-2024 | 156.94 | 121.9 | 2.4 | 0.4 |
| Hotchkis and Wiley Capital Management, LLC | Value | 29.5 | 31-Mar-2024 | 187.20 | 86.1 | 2.3 | 0.3 |
| State Street Global Advisors (US) | Index | 2,353.9 | 31-Mar-2024 | 153.91 | 126.3 | 2.2 | 0.3 |
| Geode Capital Management, L.L.C. | Index | 1,286.2 | 31-Mar-2024 | 187.39 | 85.9 | 1.9 | 0.3 |
| O'Shea (Paul James) | Strategic | 0.1 | 08-Apr-2024 | 122.18 | 185.1 | 1.6 | 0.2 |
| Harspring Capital Management, LLC | Hedge Fund | 0.4 | 31-Mar-2024 | 242.56 | 43.6 | 1.2 | 0.2 |
| Crow's Nest Holdings LP | Hedge Fund | 0.6 | 31-Mar-2024 | 269.50 | 29.2 | 1.1 | 0.2 |
| Campbell (Robert Johnson) | Strategic | 0.0 | 08-Apr-2024 | 100.10 | 248.0 | 1.1 | 0.2 |
| American Century IM | Growth | 189.1 | 31-Mar-2024 | 263.55 | 32.2 | 1.0 | 0.1 |
| Charles Schwab Investment Management, Inc. | Index | 527.3 | 31-Mar-2024 | 177.60 | 96.1 | 0.9 | 0.1 |
| Norges Bank Investment Management (NBIM) | Pension | 1,204.4 | 31-Dec-2023 | 169.16 | 105.9 | 0.9 | 0.1 |
| Barrow Hanley Global Investors | Income | 32.6 | 31-May-2024 | 240.09 | 45.1 | 0.9 | 0.1 |
| WCM Investment Management | Growth | 61.3 | 31-Mar-2024 | 189.22 | 84.1 | 0.8 | 0.1 |
| Diamond Hill Capital Management Inc. | Value | 23.8 | 31-Mar-2024 | 128.93 | 170.1 | 0.8 | 0.1 |
| Total | 74.1 % | 11.3 | |||||
| Median | $ 169.30 | 105.7 % | |||||
| Weighted Average³ | $ 168.20 | 118.7 % | |||||
Source: Public Investor Filings. 1 Calculated as the weighted average cost of current shares held based on quarterly VWAPs and all share purchases from Q1 '05 - Q3 ‘24. 2 Based on share price at market close on 26-Jul-2024 ($348.31). 3 Weighted by number of shares held in Q3 '24.
| Additional Materials | 25 | | |
STRICTLY PRIVATE & CONFIDENTIAL
![]() | Elk Trading Activity Over The Last 3 Years | INVESTMENT |
|
Period Post-Elk Disturbance Date (6/28) |
Source: Bloomberg; market data as of 26-Jul-2024. 1 1M average daily trading volume shown as of 28-Jun-2024 (undisturbed date) for dates post-28-Jun-2024. 2 Reflects an S&P index rebalancing date. 3 Reflects a Russell Reconstitution date.
| Additional Materials | 26 | | |
STRICTLY PRIVATE & CONFIDENTIAL
![]() |
Elk Daily Trading Volume Relative to Peers (1/2) (Shares in 000s) | INVESTMENT |
| ADTV | % of Float | |||||||||
| 01-Jul to | 01-Jul to | |||||||||
| 1M | 3M | 6M | 26-Jul | Free Float1 | 1M | 3M | 6M | 26-Jul | ||
| Elk | 60.3 | 51.0 | 51.8 | 105.2 | 12,670.7 | 0.48 % | 0.40 % | 0.41 % | 0.83 % | |
| Traditional Bermuda Reinsurers | ||||||||||
| Everest Re | 226.2 | 270.6 | 327.1 | 318.8 | 42,798.6 | 0.53 % | 0.63 % | 0.76 % | 0.74 % | |
| RenaissanceRe | 287.0 | 303.9 | 338.5 | 363.5 | 50,314.5 | 0.57 % | 0.60 % | 0.67 % | 0.72 % | |
| Axis | 497.2 | 599.7 | 611.9 | 549.2 | 77,477.0 | 0.64 % | 0.77 % | 0.79 % | 0.71 % | |
| Fidelis | 653.6 | 682.0 | 643.9 | 465.0 | 37,358.7 | 1.75 % | 1.83 % | 1.72 % | 1.24 % | |
| Other Bermuda Reinsurers | ||||||||||
| Hamilton Re | 388.8 | 341.5 | 297.7 | 404.6 | 47,047.7 | 0.83 % | 0.73 % | 0.63 % | 0.86 % | |
| SiriusPoint | 848.0 | 672.3 | 648.8 | 457.1 | 93,079.1 | 0.91 % | 0.72 % | 0.70 % | 0.49 % | |
| Greenlight Capital Re | 72.7 | 67.6 | 74.1 | 79.9 | 25,851.2 | 0.28 % | 0.26 % | 0.29 % | 0.31 % | |
| Median - Traditional Bermuda Reinsurers | 392.1 | 451.8 | 475.2 | 414.3 | 46,556.6 | 0.61 % | 0.70 % | 0.78 % | 0.73 % | |
| Median - Other Bermuda Reinsurers | 388.8 | 341.5 | 297.7 | 404.6 | 47,047.7 | 0.83 % | 0.72 % | 0.63 % | 0.49 % | |
Source: Bloomberg, FactSet
1 Free float as of 26-Jul-2024, defined as shares of Elk that can be publicly traded and are not restricted.
| Additional Materials | 27 | | |
STRICTLY PRIVATE & CONFIDENTIAL
![]() |
Elk Daily Trading Volume Relative to Peers (2/2) (Shares in 000s) | INVESTMENT |
| Daily Trading Volume | % of Float | ||||||||||||||||||||||||||||
| 15-Jul - | 15-Jul - | ||||||||||||||||||||||||||||
| 1M | 26-Jul | 1M | 26-Jul | ||||||||||||||||||||||||||
| ADTV | 28-Jun | 01-Jul | 02-Jul | 03-Jul | 05-Jul | 08-Jul | 09-Jul | 10-Jul | 11-Jul | 12-Jul | ADTV | ADTV | 28-Jun | 01-Jul | 02-Jul | 03-Jul | 05-Jul | 08-Jul | 09-Jul | 10-Jul | 11-Jul | 12-Jul | ADTV | ||||||
| Elk | 60.3 | 209.9 | 197.3 | 179.8 | 102.4 | 174.2 | 166.8 | 112.7 | 73.9 | 83.3 | 104.1 | 80.4 | 0.48 % | 1.66 % | 1.56 % | 1.42 % | 0.81 % | 1.37 % | 1.32 % | 0.89 % | 0.58 % | 0.66 % | 0.82 % | 0.63 % | |||||
| Memo: % of 1M ADTV | 348.2 % | 327.3 % | 298.3 % | 169.8 % | 288.9 % | 276.7 % | 187.0 % | 122.7 % | 138.1 % | 172.7 % | 133.4 % | ||||||||||||||||||
| Traditional Bermuda Reinsurers | |||||||||||||||||||||||||||||
| Everest Re | 226.2 | 511.2 | 250.0 | 318.0 | 262.6 | 495.2 | 274.7 | 268.9 | 231.7 | 185.0 | 176.1 | 359.6 | 0.53 % | 1.19 % | 0.58 % | 0.74 % | 0.61 % | 1.16 % | 0.64 % | 0.63 % | 0.54 % | 0.43 % | 0.41 % | 0.84 % | |||||
| RenaissanceRe | 287.0 | 819.9 | 252.1 | 540.6 | 309.5 | 731.5 | 386.6 | 241.2 | 223.5 | 320.5 | 241.3 | 366.0 | 0.57 % | 1.63 % | 0.50 % | 1.07 % | 0.62 % | 1.45 % | 0.77 % | 0.48 % | 0.44 % | 0.64 % | 0.48 % | 0.73 % | |||||
| Axis | 497.2 | 796.1 | 526.8 | 947.2 | 255.4 | 746.3 | 584.1 | 438.8 | 310.6 | 323.3 | 303.4 | 599.9 | 0.64 % | 1.03 % | 0.68 % | 1.22 % | 0.33 % | 0.96 % | 0.75 % | 0.57 % | 0.40 % | 0.42 % | 0.39 % | 0.77 % | |||||
| Fidelis | 653.6 | 1,911.7 | 377.1 | 786.3 | 407.3 | 491.3 | 550.1 | 528.8 | 563.3 | 569.1 | 411.2 | 415.1 | 1.75 % | 5.12 % | 1.01 % | 2.10 % | 1.09 % | 1.32 % | 1.47 % | 1.42 % | 1.51 % | 1.52 % | 1.10 % | 1.11 % | |||||
| Other Bermuda Reinsurers | |||||||||||||||||||||||||||||
| Hamilton Re | 388.8 | 2,114.6 | 343.4 | 302.2 | 71.0 | 278.1 | 201.5 | 346.6 | 477.4 | 273.8 | 197.2 | 519.6 | 0.83 % | 4.49 % | 0.73 % | 0.64 % | 0.15 % | 0.59 % | 0.43 % | 0.74 % | 1.01 % | 0.58 % | 0.42 % | 1.10 % | |||||
| SiriusPoint | 848.0 | 5,850.1 | 559.3 | 347.0 | 214.2 | 339.4 | 396.2 | 287.6 | 246.9 | 386.8 | 378.8 | 552.9 | 0.91 % | 6.29 % | 0.60 % | 0.37 % | 0.23 % | 0.36 % | 0.43 % | 0.31 % | 0.27 % | 0.42 % | 0.41 % | 0.59 % | |||||
| Greenlight Capital Re | 72.7 | 582.5 | 89.6 | 30.1 | 45.9 | 9.0 | 83.5 | 47.5 | 52.8 | 148.6 | 88.4 | 84.0 | 0.28 % | 2.25 % | 0.35 % | 0.12 % | 0.18 % | 0.03 % | 0.32 % | 0.18 % | 0.20 % | 0.57 % | 0.34 % | 0.32 % | |||||
| Median - Traditional Bermuda Reinsurers | 392.1 | 808.0 | 314.6 | 663.4 | 286.1 | 613.4 | 468.4 | 353.8 | 271.2 | 321.9 | 272.3 | 390.5 | 0.61 % | 1.41 % | 0.63 % | 1.15 % | 0.61 % | 1.24 % | 0.76 % | 0.60 % | 0.49 % | 0.53 % | 0.45 % | 0.81 % | |||||
| Memo: % of 1M ADTV | 255.9 % | 96.9 % | 164.5 % | 85.1 % | 184.5 % | 119.5 % | 86.2 % | 82.0 % | 84.4 % | 70.4 % | 124.1 % | ||||||||||||||||||
| Median - Other Bermuda Reinsurers | 388.8 | 2,114.6 | 343.4 | 302.2 | 71.0 | 278.1 | 201.5 | 287.6 | 246.9 | 273.8 | 197.2 | 519.6 | 0.83 % | 4.49 % | 0.60 % | 0.37 % | 0.18 % | 0.36 % | 0.43 % | 0.31 % | 0.27 % | 0.57 % | 0.41 % | 0.59 % | |||||
| Memo: % of 1M ADTV | 689.8 % | 88.3 % | 41.4 % | 25.3 % | 40.0 % | 51.8 % | 65.4 % | 72.7 % | 70.4 % | 50.7 % | 115.5 % | ||||||||||||||||||
Source: Bloomberg, FactSet
Note: 1M ADTV relative to undisturbed pricing date (28-Jun-2024).
1 Free float as of 26-Jul-2024, defined as shares of Elk that can be publicly traded and are not restricted.
| Additional Materials | 28 | | |
STRICTLY PRIVATE & CONFIDENTIAL
![]() |
Potential Go-Shop Outreach Candidates | INVESTMENT |

| Additional Materials | 29 | | |
STRICTLY PRIVATE & CONFIDENTIAL
![]() |
Glossary of Key Terms | INVESTMENT |
| Key Terms | Definitions | |
| Adjusted Book Value | ■ Elk ordinary shareholders' equity, less fair value changes on fixed maturities and funds held-directly managed, fair value of insurance contracts for which Elk has elected the fair value option, fair value adjustments, and net assets of held for sale or disposed subsidiaries classified as discontinued operations (if any) | |
| Adjusted Operating Income | ■ Net income (loss) attributable to Elk ordinary shareholders, adjusted for fair value changes and net realized (gains) losses on fixed maturities and funds held directly managed, change in fair value of insurance contracts for which Elk has elected the fair value option, amortization of fair value adjustments, net gain / loss on purchase and sales of subsidiaries (if any), net income from discontinued operations (if any), tax effects of adjustments and adjustments attributable to noncontrolling interests | |
| Adjusted Return on Equity | ■ Adjusted Operating Income attributable to Elk ordinary shareholders divided by Elk Adjusted Book Value | |
| Undisturbed Date | ■ Defined as 28-June-2024, based on observed disturbances in daily trading volume of Elk’s stock relative to historical activity and peer activity | |
Source: Elk Management |
| Additional Materials | 30 | | |