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Insurance Technology Sector Summary Q2 2018 GCA INSURANCE TECHNOLOGY OVERVIEW Strong Sector and Product Expertise Across Insurtech

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Insurance Technology Sector Summary Q2 2018 GCA INSURANCE TECHNOLOGY OVERVIEW Strong Sector and Product Expertise Across Insurtech Insurance Technology Sector Summary Q2 2018 GCA INSURANCE TECHNOLOGY OVERVIEW Strong sector and product expertise across InsurTech REPRESENTATIVE FOCUS AREAS FINTECH TEAM DISTRIBUTION & Companies that focus on customer engagement, e.g., customer acquisition, sales and SEAN MINNIHAN marketing, mobile solutions and other direct-to-consumer insurance channels, or that CUSTOMER ENGAGEMENT offer solutions to improve distribution or facilitate contact with the end consumer. Managing Director Head of FinTech INNOVATIVE PRODUCTS, Companies that improve existing methodologies for pricing or underwriting risk, or [email protected] actual insurance companies that bring technology to traditionally low-tech areas by PRICING & UNDERWRITING using newer or superior core systems and/or online/mobile offerings. 212.999.7077 POLICY ADMINISTRATION, Insurance is behind the curve in enterprise-level core technology, and InsurTech companies help modernize these operating systems - in particular policy, claims, and CLAIMS & BACK OFFICE PAUL DINARDO billing software systems. Managing Director Head of Software Companies that provide analytic capabilities to insurance companies to help them DATA & ANALYTICS operate more efficiently and/or make better underwriting decisions. [email protected] 212.999.7097 RECENT INSURTECH TRANSACTIONS CHRIS GOUGH Managing Director Real Estate & Mortgage Tech [email protected] Sold Sold 415.318.3658 Sold majority stake to Tender Offer for Strategic Investment To To Asahi Fire & Marine KEGAN GREENE Insurance Co. Director We Advised Risk International We Advised BlackFin We Advised Asahi (close pending) We Advised RGI Shareholders We Advised ControlExpert InsurTech [email protected] 415.318.3686 Acquired by Preferred Stock Investment Acquired by Acquired by Acquisition of ROB FREIMAN from Director Payments [email protected] 212.999.7075 We Advised AWL Financial Advisor We Advised Finanzen.de We Advised INS Web We Advised INS Web 2 EXECUTIVE SUMMARY Q2 2018 InsurTech wrap-up • InsurTech continues to be a highly active category, with ~$621MM in financing volume and ~$500MM in M&A volume during Q2 ‘18 - 43 financings in Q2 ‘18 is ~14% less than the same period in ’17, but 100 financings YTD is on pace with 200+ total financings in ’17 - 15 M&A transactions in Q2 ‘18 is ~40% less than the same period in ’17, and 36 deals YTD is behind pace with 80+ total deals in ‘17 • Increase in larger financings as category leaders begin to differentiate themselves and investors look to back established players - Financing activity across multiple sub-verticals, led by SoftBank’s investment in Policybazaar, Warburg Pincus’ investment in BitSight and Everquote’s IPO • Private equity M&A continues to be active across InsurTech categories - Examples include BV’s acquisition of Risk International (GCA represented Risk International), Stone Point’s acquisition of Mitchell and AKKR’s acquisition of ITC • As the InsurTech landscape is evolving rapidly, insurers prefer to build nimble partnerships and monitor what will happen next vs. committing to technologies via M&A - Corporate venture deals abound, including Liberty Mutual’s investment in REIN and LeaseLock, XL Innovate’s investment in Cape Analytics and Zurich’s investment in Digital Insurance Group • Non-insurers like Softbank, Google Ventures, Salesforce and Amazon continue to invest in InsurTech - Amazon recently invested in Acko, a Mumbai-based start-up focused on auto and bike insurance - Google Ventures currently has 8 investments across InsurTech, including Collective Health, Gusto, Clover, Oscar, Lemonade and others Select Q2 Active Investors Select Q2 Active Buyers Notes: 3 Source: CB Insights. INSURANCE VALUE CHAIN: INNOVATION ACROSS THE Distribution & Innovative Policy Admin, Data & Customer Products, Pricing Claims & Analytics INSURANCE VALUE CHAIN Engagement & Underwriting Back Office `Online Distribution & Comparison `Sales, Marketing & Engagement Customer Origination Mobile Peer-to-Peer (P2P) Innovative & Specialty Insurance Health Insurance Carrier Affiliated ` ` ` ` Benefits Administration & Payroll Policy Management Tools & Software Claims Management Tools & Software ` ` ` Insurance Data & Analytics IoT & Telematics: Auto IoT & Telematics: Home ` ` ` IoT & Telematics: Health ` DISCLAIMER: This is a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future 4 publications, kindly shoot us a note at [email protected] and we would be happy to consider. INSURTECH DEAL DASHBOARD – FINANCING ACTIVITY Quarterly Financing Activity ($MM)(1) Select Q2 2018 Financing Transactions ($MM) LTM financing volume: Post- Segment / Ann. Selected Amt. $3.6Bn across 211 Deals Company Money Value Date Investor(s) Invested Valuation Chain 6/28 Public $84.4 $464 62 6/28 $60.0 $750 57 50 49 6/28 $7.3 NA 45 43 42 6/25 $200.0 $1,000 38 $1,581 6/21 $17.0 $77 6/12 $17.6 NA $942 $899 $731 $621 6/5 $30.0 NA $534 $472 $339 5/28 $12.0 NA 4/30 $10.0 $30 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Average Deal Size $24.8 $11.2 $7.5 $14.6 $8.6 $32.3 $15.8 $14.4 4/10 $10.0 $125 Insurance Segment Insurance Value Chain Notes: Source: CB Insights, Pitchbook. CapIq. GCA Deal Database. 5 Market data as of 6/30/18. P&C Life Health Distribution & Customer Products, Pricing & Policy Admin, Claims Data & Analytics (1) Includes private company equity financings, and Everquote IPO in Q2 2018. Engagement Underwriting & Back Office SELECTED RECENT INSURTECH FINANCINGS Founded Headquarters Total Funds Raised ($MM) 2016 Berlin $40 Aims to redesign and extend the insurance value chain, offering scalable protection at the point of need with an AI risk Raised $30MM in guardian and simple, transparent and personalized insurance coverage. Series A funding on 6/5/2018 Selected Investors Founded Headquarters Total Funds Raised ($MM) 2016 Paris $42 Provides software that enables employees to more easily personalize their employer health coverage. Raised $28MM in Series A funding on 4/10/2018 Selected Investors Founded Headquarters Total Funds Raised ($MM) 2014 Marina del Rey $11 Provides an online platform designed to offer rent payment insurance programs. Raised $10MM in Series A funding on 4/29/2018 Selected Investors Notes: Source: PitchBook. 6 INSURTECH HISTORICAL FINANCING ACTIVITY Financing activity is on par with ‘17 levels on an annualized basis Selected Major InsurTech Financings Annualized = Number of Transactions 206 200 = Financing Volume ($USD MM) 163 127 100 88 55 $3,185 42 $2,773 $2,694 $1,520 $603 $702 $351 2012 2013 2014 2015 2016 2017 YTD 2018 $100MM $52MM $60MM $500MM $103MM $130MM $110MM $50MM $65MM $931MM $400MM $160MM $165MM $110MM* $38MM $160MM $120MM $200MM $38MM $50MM Notes: Source: CB Insights, Pitchbook. CapIq. GCA Deal Database. 7 Market data as of 6/30/18. *Oscar raised two rounds in 2014 – one worth $30MM and the other worth $80MM. INSURTECH LEADERS IN PRIVATE FUNDING Top 10 Company Headquarters Founded Amt. Raised ($MM) Company Description New York, NY 2012 $904 Provider of an online health insurance network Provider of cloud-based SaaS for HR and benefits San Francisco, CA 2012 $598 management Operator of PPO using data analysis and preventive San Francisco, CA 2012 $425 care to improve health insurance Provider of an online life insurance and general Haryana, India 2008 $355 insurance comparison portal San Francisco, CA 2013 $259 Provider of cloud-based self-insurance platform Provider of a web-based service platform to Zurich, Switzerland 2014 $254 handle insurance contracts Partners with health systems and care partners to Minneapolis, MN 2015 $242 provide health plans London, UK 2016 $230 Tech-based provider of life insurance in the UK Provider of a personalized health and benefits Plymouth Meeting, PA 2007 $220 platform San Francisco, CA 2011 $207 Provider of pay-per-mile car insurance Notes: Source: Pitchbook. Round of financing in Q2 2018 8 INSURTECH COMPANY PROFILE Oscar Health Insurance Founded Headquarters Total Funds Raised ($MM) 2012 NYC $904 Oscar is a health insurance company that employs technology and data to humanize health care. $3,200 Cumulative Funds Raised ($MM) $2,700 $904 Post Money Valuation ($MM) $1,750 $739 $1,500 $339 $800 $306 $340 $162 $121 $340m$82 $52 Jul-13 Apr-14 Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Seed - II: $30 Series B: $145 Series D: $165 Series C: $400 Seed: $52 Series A: $80 Series B - II: $33 Notes: 9 Source: PitchBook. SELECTED ACTIVE INSURTECH INVESTORS Most Active Insurance Technology Investors Accelerators / Seed Venture Capital / Private Equity Corporate Investors Ventures Alternative Investors Notes: 10 Source: CB Insights, Pitchbook. MOST ACTIVE INSURTECH INVESTORS – CORPORATE VENTURE CAPITAL Company Headquarters Number of Investments Investments Paris, France 8 Springfield, MA 8 Mountain View, CA 8 Menlo Park, CA 7 Munich, Germany 6 Madison, WI 6 San Francisco, CA 6 Munich, Germany 5 San Francisco, CA 5 Columbus, OH 5 New York, NY 4 Notes: 11 Source: CapIq, Pitchbook. INSURTECH DEAL DASHBOARD – M&A ACTIVITY Quarterly M&A Activity ($MM) Select Q2 2018 M&A Transactions ($MM) LTM M&A volume: Segment / Value $4.1Bn across 75 deals Buyer Target Transaction Value Chain NA NA 29 25 NA 24 20 21 19 15 NA 12 $2,967 NA Insurwave NA $1,705 $1,381 NA $784 NA $426 $500 $235 $225 NA Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Average Deal Size $19.6 $58.8 $32.7 $55.3 $21.3 $156.2 $10.7 $33.3 NA Insurance Segment Insurance Value Chain Notes: Source: CB Insights,
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