Press Release January 28, 2020

Incline Insurance Group, LLC (Austin, TX) has acquired two insurance carriers – Worth Casualty Company and Danielson National Insurance Company. The carriers will be re-named Incline Casualty Co. and Incline National Ins Co. respectively and will operate in the US program sector. Incline expects to add value to its programs by actively managing its MGA partners and being economically aligned with its reinsurers in program risk.

Collectively, the carriers are admitted and licensed in 21 states with 12 state licenses pending. Incline expects to have both carriers licensed nationally by the end of 2020. Agricultural Workers Mutual Auto Insurance Company remains an equity owner through its $10 Million investment in Incline. Merfax Financial Group, LLC through its four investment partners, Andy Thomas, John Martin, Robert Alpert and Chris McClellan has added $57 Million in capital resulting in Incline having a combined $67 Million in policyholder surplus. Incline currently underwrites approximately $60 Million of annual program business and expects to add an E&S carrier in either Q4 2020 or Q1 2021.

A. M. Best has confirmed an A- (excellent), Size VII rating for the insurance group.

Incline currently has 25 employees and is led by industry veterans, Chris McClellan (President & CEO), Mike Toole (Chief Underwriting Officer) and Tony Urban (Chief Reinsurance Officer). Marcus Hill, Chairman of Ag Workers will serve as a Director of Incline. The Company is based in Austin, Texas with offices in Dallas, Texas and Greenwich, Connecticut.

Joining the Board of Directors as its independent member is noted risk management and insurance scholar, Dr. Patrick Brockett, the Gus Wortham Memorial Chair in Risk Management and Insurance, University of Texas McCombs School of Business.