Contract analysis

I. EXECUTIVE SUMMARY Calderwood & Harkness LLP ("C&H") has been engaged by the Audit Committee (the "Committee") of the Board of Directors of Quorum Insurance Holdings Corp. ("QIH" or the "Company") to scope and, if warranted, conduct an independent internal investigation arising from an anonymous whistleblower complaint received on February 14, 2026, through the Company's third-party compliance hotline administered

II. BACKGROUND A. Quorum Insurance Holdings Corp. Quorum Insurance Holdings Corp. is a Delaware corporation that is publicly traded on the Nasdaq Global Select Market under the ticker symbol QIHC. The Company's principal offices are located at 400 Atlantic Street, Suite 3200, Stamford, Connecticut 06901. QIH operates as an insurance holding company with subsidiaries spanning specialty commercial lines, personal lines

III. SUMMARY OF THE WHISTLEBLOWER ALLEGATIONS A. Overview of the Complaint The whistleblower complaint comprises a four-page written narrative accompanied by two sample binder-confirmation PDFs. The PDFs have been redacted of personal metadata, which limits the ability to trace them to a particular individual or workstation based on the documents themselves. The complaint was submitted anonymously, and the identity o

1. Veltrano Risk Advisors — The complainant asserts that this entity lacks a valid surplus-lines license in any state and that its listed business address is a virtual-office facility.

2. Halloran & Pratt Insurance Associates — The complainant similarly asserts that this entity lacks valid licensure and operates from a virtual-office address.

3. CrestPoint Brokerage LLC — The complainant alleges that this entity is a shell company with no genuine insurance brokerage operations and no identifiable employees. The complaint references approximately 147 binder confirmations across the ten-quarter scheme period that are allegedly associated with these three counterparties. The two sample binder-confirmation PDFs attached to the complaint reflect policies with

IV. PROPOSED INVESTIGATION SCOPE A. Overarching Objectives The proposed investigation is designed to accomplish six principal objectives, which will guide the scoping phase and, if a full investigation is warranted, the full investigation:

1. Determine the authenticity of policy placements. Determine whether BSU personnel fabricated or materially inflated binder confirmations and recognized commission income on fictitious or inflated commercial property policy placements, including but not limited to placements attributed to Veltrano Risk Advisors, Halloran & Pratt Insurance Associates, and CrestPoint Brokerage LLC.

2. Assess the propriety of reserve releases. Determine whether IBNR loss reserves were prematurely or improperly released, including whether any such releases departed from actuarial recommendations or lacked adequate governance approval.

3. Identify responsible individuals. Identify the individuals responsible for any misconduct, determine the scope of their involvement, and assess whether any individuals beyond the three named subject individuals participated in, facilitated, or were aware of the alleged scheme.

4. Quantify financial impact. Quantify the financial impact of any confirmed misconduct on BSU's subsidiary-level financial statements and on QIH's consolidated financial statements, including the identification of specific reporting periods affected and the magnitude of the misstatement in each period.

5. Evaluate internal controls. Assess the adequacy of QIH's and BSU's internal controls over financial reporting ("ICFRR") in the areas relevant to the allegations, including broker onboarding, binder-confirmation generation, commission-income recognition, and IBNR reserve governance.

6. Inform regulatory and disclosure assessments. Provide the Audit Committee with the factual foundation necessary to assess the Company's potential regulatory, disclosure, and litigation obligations, including the need for restatement of previously filed financial statements, the filing of a current report on Form 8-K, voluntary disclosure to regulators, and the adequacy of the Company's D&O insurance coverage. B. P

V. PROPOSED CUSTODIANS FOR INITIAL DOCUMENT HOLD AND COLLECTION A. Custodian List Based on the allegations contained in the whistleblower complaint and the organizational structure of BSU and QIH, we have identified approximately eight to twelve custodians for the initial document-preservation hold and ESI collection. The final custodian list will be refined during the first week of the scoping phase as additional in

VI. THIRD-PARTY COORDINATION A. Claridge Forensic Advisory LLC We propose to engage Claridge Forensic Advisory LLC for forensic accounting analysis and electronic discovery support. Daniel J. Petrov, Managing Director, would serve as the lead Claridge consultant on this engagement. Claridge's offices are located at 101 Park Avenue, 26th Floor, New York, New York 10178. Claridge has significant experience in insurance

VII. REGULATORY, DISCLOSURE, AND LEGAL CONSIDERATIONS (SUMMARY) The following is a summary of the principal regulatory, disclosure, and legal considerations arising from the whistleblower allegations. A separate Preliminary Legal Issue Analysis memorandum addresses these considerations in greater detail. The discussion below is intended to inform the Audit Committee's understanding of the legal landscape and to highl

VIII. PROPOSED TIMELINE — SCOPING PHASE The following week-by-week schedule sets forth the proposed timeline for the four-to-six-week scoping phase. The timeline is designed to be aggressive but realistic, reflecting the seriousness of the allegations and the need for prompt assessment while maintaining the thoroughness and rigor required for a credible investigation. The timeline may be adjusted as circumstances war