Voyager Banff Sept 2024 Booklet-for email template

National Interstate VOYAGER ADVISORY BOARD MEETING

Fairmont Banff Springs Banff, Alberta, Canada September 26-28, 2024

Proprietary & Confidential – For Program Participants Only. Not to be distributed without the consent of National Interstate Insurance Company.

TABLE OF CONTENTS

MEETING AGENDA

MEETING ATTENDEES

VOYAGER MEMBERSHIP DIRECTORY

LEADERSHIP TEAM

SPEAKER BIO

LEGAL NOTICE

COPILOT

OFFICERS & COMMITTEE MEMBERS

FINANCE & INVESTMENT COMMITTEE AGENDA

FINANCIAL STATEMENT GLOSSARY

VOYAGER FINANCIAL STATEMENTS AS OF 06.30.24

VOYAGER FINANCIAL DASHBOARD

VOYAGER ASSESSMENT REPORT

VOYAGER INVESTMENT REPORT

RISK CONTROL COMMITTEE MEETING AGENDA

LOSS CONTROL MAP

RISK MANAGEMENT PRESENTATION

LAG TIME REPORT AS OF 06.30.24

FREQUENCY REPORT AS OF 06.30.24

RISK ASSESSMENT SCORING SYSTEM

RISK MANAGEMENT SOLUTIONS

AER KPIS

CLAIMS PHILOSOPHY

UNDERWRITING COMMITTEE AGENDA

VOYAGER MARKETING REPORT, JULY 2024

LOSS FUND LOSS RATIO - 06.30.24

LOSS FUND LOSS RATIO WITH IBNR - 06.30.24

VOYAGER MEETING ATTENDANCE

NEW MEMBER SPOTLIGHT

ADVISORY BOARD MEETING AGENDA

FUTURE MEETING SITES

MEETING MINUTES

NOTES

MEETING AGENDA

Thursday, September 26, 2024 6:00 PM-9:00 PM MT

BANFF GONE WILD – WELCOME RECEPTION & DINNER Alhambra Dining Room & Foyer All Attendees & Guests Welcome

Friday, September 27, 2024 9:00 AM - 9:30 AM MT REGISTRATION

Riverview Lounge l Mezzanine Two All Attendees & Guests Welcome

WELCOME & STATE OF THE PROGRAM Cascade Ballroom l Mezzanine Two Attendance Recommended for All Attendees

9:30 AM - 10:30 AM MT

IGNITE SUPERSONIC PERFORMANCE IN YOUR TEAMS: SUPERSONIC SUCCESS Cascade Ballroom l Mezzanine Two Attendance Recommended for All Attendees

10:30 AM - 12:00 PM MT

LUNCH New Brunswick Room l Mezzanine Two All Attendees & Guests Welcome

12:00 PM-1:00 PM MT

WC COST CONTAINMENT STRATEGIES Cascade Ballroom l Mezzanine Two Attendance Recommended for All Attendees

1:00 PM - 2:00 PM MT

FINANCE & INVESTMENT COMMITTEE Norquay Room l Mezzanine One Required for All Finance & Investment Committee Members

2:00 PM - 3:30 PM MT

LOSS CONTROL COMMITTEE Cascade Ballroom l Mezzanine Two Required for All Loss Control Committee Members & Any Prospective Members

2:00 PM - 3:30 PM MT

MEETING AGENDA

UNDERWRITING & MARKETING COMMITTEE Oak Room l Mezzanine Two Required for All Underwriting & Marketing Committee Members MOUNTVIEW “GREAT OUTDOORS” BBQ DINNER Offsite l Mountview Barbecue All Attendees & Guests Welcome

2:00 PM - 3:30 PM MT

6:00 PM-9:00 PM MT

Saturday, September 28, 2024 8:30 AM-9:30 AM MT BREAKFAST New Brunswick Room l Mezzanine Two All Attendees & Guests Welcome

VOYAGER ADVISORY BOARD MEETING Cascade Ballroom l Mezzanine Two Attendance Recommended for All Attendees ROUNDTABLE DISCUSSIONS Cascade Ballroom l Mezzanine Two Attendance Recommended for All Attendees CLOSING COMMENTS Cascade Ballroom l Mezzanine Two Attendance Recommended for All Attendees

9:30 AM - 10:30 AM MT

10:30 AM - 11:30 AM MT

11:30 AM - 11:45 AM MT

LUNCH New Brunswick Room l Mezzanine Two All Attendees & Guests Welcome

12:00 PM-1:00 PM MT

HIGHLIGHTS OF BANFF TOUR & MINNEWANKA BOAT CRUISE

1:30 PM-4:30 PM MT

MOUNTAIN TOP RECEPTION & DINNER Offsite l Banff Gondola & Sky Bistro All Attendees & Guests Welcome

6:00 PM-9:00 PM MT

MEETING ATTENDEES

VOYAGER MEMBERS Company Name Air Ground Xpress Air Ground Xpress AWL Transport, Inc. BJ Cecil Trucking

Name

Jimmy & Jamie Dailey Patrick & Tracy Hobbs Rodger & Cathy Nicholson Patrick & Ann Coover Donald & Maria Carney

Brothers Auto Transport LLC C & L Transport & Logistics

DeWitt Weldon

CAST Transportation

Suzanne & Ken Kutsch Casey & Ashley Driggers Kimber & Joey Jones

Custom Commodities, Inc. Custom Commodities, Inc. Federated Logistics Inc. Federated Logistics Inc.

Brad Phleeger

Nancy Wierzbicki

Fleet Transit, Inc.

Kevin McNeil Roger Bettis

Green Lines Transportation, Inc.

Handy Truck Line, Inc. Hilco Transport, Inc. Hilco Transport, Inc. Hilco Transport, Inc.

Bryce & Melissa Morgan Sean & Stacey Hawley Shawn & Kaylah Macauley Phil & Carol Myers Jim & Diana Prather Carl & Georgia Hummel Laura Karhoff & Lynn Gorman Paulette & Jerry Maringo Erin Mitchell & Vaughn Frye

Hilltrux Tank Lines

HOC Transport Company HOC Transport Company HOC Transport Company Kutzler YMX Logistics Lansberry Trucking, Inc. Lee Transport Systems LLC

Pat Kane

Fred Terpolilli

Mashburn Transportation Services, Inc. Mashburn Transportation Services, Inc. Mashburn Transportation Services, Inc. Mashburn Transportation Services, Inc.

Cody Mashburn & Sammi Lay Dwight & Taylor Mashburn Mike & Denise Mashburn Stephanie & Scott Salyers

Mid South Transport Mid South Transport Nagle Toledo, Inc. Nick Strimbu, Inc. Nick Strimbu, Inc.

Kent & Patti Long Bill & Joy Shinault Ed & Jane Nagle Bill & Vilene Strimbu

Harrison Strimbu & Breanna Griffin

Pavlich, Inc.

Jim & Toni Pavlich Dave & Sue Plumley Al & Candice Jones

Rapid Response, Inc. Redbone Trucking

MEETING ATTENDEES

VOYAGER MEMBERS Company Name

Name

Rollet Bros. Trucking Co., Inc. Rollet Bros. Trucking Co., Inc. Roy Miller Freight Lines LLC

David Rollet Matt Wengert Danny Miller

Speed Global Services Speed Global Services

Joe & Leann Berti

Anthony Berti

Stewart Transport Stewart Transport

Nick & Kim Patterson Collin & Laura Stewart

Tank Carrier Services

David Faoro & Johanne Seguin

Team Hardinger

Harold & Susan Bender Frank & Marilyn Harvey Rubi & Kevin Erwin Dennis & Lois Altnow Sean & Michele Dugan Scott & Amy Haack

Thompson & Harvey Thompson & Harvey

Tiger Lines, LLC

Updike Distribution Logistics, LLC Updike Distribution Logistics, LLC

Volpe Dedicated, Inc.

Dan & Kelly Volpe

Wavepoint Trucking Company LLC Wavepoint Trucking Company LLC White Mountain Trucking, Inc. Zip Xpress & Green Transportation

Ryan & Becky Brosius Nick & Sheryl Schrader David & Rebecca Arbizu

Vaughn Hayes

PROSPECTIVE INSUREDS Company Name

Name

ATLFreight.com

Matthew & Heather Johnson

AGENTS Company Name

Name

Acrisure LLC Acrisure LLC Acrisure LLC Acrisure LLC

John & Jodi Dillon

Shawn O’Neill & Brandee Goodnight

Tom & Katy Lucci Joe & Amy Lucci

AssuredPartners of Florida, LLC Haylor, Freyer & Coon, Inc.

Suman Patel

Scott Wichmann Brent Allred Susan Archey

Higginbotham Transportation Services Higginbotham Transportation Services

MEETING ATTENDEES

AGENTS Company Name HUB International HUB International HUB International

Name

Nate & Sarah Burtt Chuddy & Tina Carless

Jerry Gillikin

Transtar Insurance Brokers Transtar Insurance Brokers

Michael & Caroline Dailey

Kenny Palmer

NATIONAL INTERSTATE Name

Title

Leah Blazek Alecia Brace Tim Brewster Karolyn Cozart Austin Evans Olivia Gilbert Tracy Hicks Shawn Los Alexis Lowry Julie McGraw

AVP, Accounting

AVP, Workers’ Compensation Claims VP, Loss Control & Claims Operations

Underwriter

Associate Product Manager

Sr. Business Development Specialist

AVP, Truck Transportation

President & COO

Marketing Services Representative

SVP, CFO & CAO

Maureen Primosch George Skuggen

Senior Event Manager

SVP, Truck & National Accounts

Jeff Stewart

Product Manager

Steve & Kathleen Winborn

SVP, Claims & Risk Management

VOYAGER MEMBERSHIP DIRECTORY

VOYAGER V irtual Member Directory

Access Password: NATLVOY

LEADERSHIP TEAM

National Interstate Senior Leadership Team

TONY MERCURIO Chief Executive Officer

SHAWN LOS President & COO Shawn.Los@natl.com

GEORGE SKUGGEN SVP, Truck Transportation George.Skuggen@natl.com

Voyager Leadership Team

JEFF STEWART Product Manager Jeffrey.Stewart@natl.com

AUSTIN EVANS Associate Product Manager Austin.Evans@natl.com

TRACY HICKS AVP, Truck Transportation Tracy.Hicks@natl.com

Claims & Loss Control Senior Leadership Team

STEVE WINBORN SVP, Claims & Loss Control Steve.Winborn@natl.com

TIM BREWSTER VP, Loss Control & Claims Operations Timothy.Brewster@natl.com

ALECIA BRACE AVP, WC Claims Alecia.Brace@natl.com

BRYAN CURRIE AVP, Bodily Injury Claims Bryan.Currie@natl.com

KRISTIN TALIAFERRO AVP, Property Damage Claims Kristin.Taliaferro@natl.com

Classified as General

SPEAKER BIO

Jack Becker

Jack is a leadership, teamwork, human performance, process improvement and safety expert whose years of expertise inspired him to found Flight Level Solutions, Inc. Now Jack has successfully adapted the same peak human performance skills that made him successful flying combat missions in the F/A-18 Hornet, to training companies striving to perform at Top Gun levels. He served as a U.S. Navy aircraft carrier-based F/A-18 Super Hornet fighter pilot, instructor pilot, landing signal officer, quality assurance officer, and crew resource management instructor. Jack has over 2,500 hours flying supersonic fighter jets and has logged 10,000 hours guiding Naval aircraft safely back onto the carrier deck. Jack brings the same passion and excitement to each keynote speech he delivers. He is a decorated combat veteran having flown numerous high- profile missions in the Middle East.

As one of the Navy’s most highly decorated Landing Signals Officers (LSO), Jack was instrumental in incorporating the process improvement model of CRM to help pilots improve quickly while landing supersonic fighter jets on nuclear-powered aircraft carriers. He was responsible for over 21,000 mishap-free carrier landings. Jack’s unique experience as both an LSO and as the Navy’s top CRM instructor, he saw an opportunity to relay the same skills of Brief-Execute-Debrief-Perfect to the American workplace. From healthcare groups to manufacturing, construction, sales teams, and insurance firms, Jack’s dynamic keynotes and workshops leave a lasting impression. Jack earned a BS in Political Science with an emphasis on organizational leadership from the U.S. Naval Academy in Annapolis, Maryland where he competed as both a varsity football and ice hockey player. Currently, he serves as CEO of Flight Level Solutions, Inc., a human performance and organizational execution consultancy. Jack also continues to model his ‘repeat your successes and eliminate mistakes’ mindset in the civilian sector as an international, wide-body airline Captain, and evaluator instructor pilot. He lives in Virginia Beach, Virginia with his wife, three young daughters, and dopey golden retriever.

LEGAL NOTICE

This presentation, including any information incorporated by reference, contains “forward-looking statements” (within the meaning of Private Securities Litigation Reform Act of 1995). All statements, trend analyses and other information contained in this presentation relative to markets for our products and trends in our operations or financial results, as well as other statements including words such as “may,” “target,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “project,” and other similar expressions, constitute forward-looking statements. We made these statements based on our plans and current analyses of our business and the insurance industry as a whole. We caution that these statements may and often do vary from actual results and the differences between these statements and actual results can be material. Factors that could contribute to these differences include, among other things: general economic conditions, any weaknesses in the financial markets and other factors, including prevailing interest rate levels and stock and credit market performance which may affect or continue to affect (among other things) our ability to sell our products and to collect amounts due to us, our ability to access capital resources and the costs associated with such access to capital and the market value of our investments; our ability to manage our growth strategy, customer response to new products and marketing initiatives; tax law and accounting changes; increasing competition in the sale of our insurance products and services and the retention of existing customers; changes in legal environment; regulatory changes or actions, including those relating to regulation of the sale, underwriting and pricing of insurance products and services and capital requirements; levels of natural catastrophes, terrorist events, incidents of war and other major losses; adequacy of insurance reserves; and availability of reinsurance and ability of reinsurers to pay their obligations. The forward-looking statements herein are made only as of the date of this presentation. The Company assumes no obligation to publicly update any forward-looking statements.

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OFFICERS & COMMITTEE MEMBERS

Advisory Board Officers Advisory Board Interim Chairperson

Kent Long, Mid South Transport

9/2022 - 9/2024

Underwriting Committee Chairperson

Kent Long, Mid South Transport

9/2023 - 9/2025

Finance & Investment Committee Chairperson

Kimber Jones, Custom Commodities

9/2023 - 9/2025

Risk Control Committee Chairperson

Joe Berti, Speed Global Services

9/2022 - 9/2024

Underwriting Committee Green Lines Transportation

Roy Miller Freight Lines Stewart Transport Brothers Auto Transport Team Hardinger

Rollet Bros. Trucking Mid South Transport Tiger Lines, Inc.

Finance & Investment Committee Handy Truck Line

Relco Systems / BBX, Inc. FMC Transport AWL Transport Nick Strimbu, Inc. Thompson & Harvey

Hilco Transport C & L Transport Pavlich, Inc. Custom Commodities

Risk Control Committee Air-Ground Xpress Ken Graham Trucking Air Capitol Delivery and Warehouse Kutzler YMX Logistics White Mountain Trucking Lee Transport Updike Distribution Logistics Bellavance Trucking LP Transportation California Materials, Inc. Mashburn Transportation Services CAST Transportation Cecil Trucking

Rapid Response CLAW Logistics

Redbone Trucking Federated Logistics Speed Global Services Fleet Transit

Sully Transport HOC Transport Wavepoint Trucking Company

Lansberry Trucking Hilltrux Tank Lines Volpe Dedicated, Inc.

FINANCE & INVESTMENT COMMITTEE AGENDA

MISSION The mission of the committee is to monitor and warrant the financial health of the program through the review of bi-annual financial statements. The committee is also responsible for monitoring the investment strategy for the program. It is also the charge of this committee to facilitate the closing (commutation) of the underwriting years so that returns can be distributed back to members. PRESIDING • Executive Committee Chairperson – Kimber Jones, Custom Commodities CALL TO ORDER & CHAIRPERSON’S ADDRESS COMMITTEE BUSINESS • Investment Overview & Discussion • Review and Approval of June 30, 2024 Program Financials • Review of Commutation Financial

FINANCIAL STATEMENT GLOSSARY

A ACCRUED INVESTMENT INCOME

CASH COLLATERAL BALANCE The amount of cash held on Hudson Indemnity’s books that are used to secure loss fund assessment payments due in the future. Also included in this balance is any interest earned on this amount. D DEFERRED ASSESSMENT RECEIVABLE The portion of assessments not yet billed or due from the policyholder(s) based on the program’s payment plan schedule. DUE TO/FROM BROKER An investment security obtained before the financial statement date but not paid for until after the financial statement date (Due to Broker), or an investment security sold before the financial statement date for which the remittance amount is not received until after the financial statement date (Due from Broker). DUE TO/FROM CEDENT The monthly net cash settlement of collateral and premium received less collateral and losses paid that are in transit to/from the program reinsurer (Hudson Indemnity) and the program investment accounts as of the financial statement date. E EQUITY SECURITIES An instrument that signifies ownership in a corporation and represents a claim on a portion of the corporation’s assets and earnings. Equity securities usually provide steady income as dividends but may fluctuate significantly in their market value with the ups and downs in the economic cycle and the financial position of the corporation. F FIXED MATURITIES A debt instrument that provides a return in the form of fixed periodic interest payments and the eventual return of principal at maturity.

Income earned from mutual funds or fixed maturity investments that is earned but not yet received.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Summation of unrealized gains and/or losses for invested assets that have not yet been purchased or sold as of the financial statement date. ASSESSMENT Additional premium due from policyholder(s) when losses paid and case reserves exceed earned premium within the loss fund layer. ASSESSMENT RECEIVABLE Assessment amounts billed and due from the policyholder(s) as of the financial statement date. ASSET An owned item of economic value that could be converted to cash. B BALANCE SHEET A listing of the program’s assets, liabilities and program equity as of a specific date. C CASE RESERVES An estimated liability for unpaid insurance claims or losses that have occurred as of the financial reporting date. CASH & CASH EQUIVALENTS Short-term, highly liquid investments with a maturity date of three months or less at the time of purchase. Examples include, but are not limited to, money market holdings, short-term government bonds or treasury bills, marketable securities and commercial paper.

FINANCIAL STATEMENT GLOSSARY

H HUDSON INDEMNITY, LTD.

LIABILITY A certain or probable future sacrifice of economic benefits arising from present obligations of a particular entity to transfer assets or to provide services to other entities in the future as a result of a past transaction(s) or event(s). LOSS ADJUSTMENT EXPENSES PAID Claim payments for the costs in connection with the adjustment and settlement of losses. LOSS FUND BALANCE Loss fund premiums and assessments received less loss fund losses paid for all open underwriting years. Also included in this balance is any interest earned for these open underwriting years. LOSS FUND PREMIUMS EARNED The portion of written loss fund premium that represents coverage already provided. LOSSES PAID Payments made to settle a portion or all of a defined group of claims. O OCCURRENCE An event that results in an insurable loss. In some lines of business, such as liability, an occurrence is distinguished from an accident in that the loss doesn’t have to be sudden and fortuitous and can result from continuous or repeated exposure which results in bodily injury or property damage, neither expected nor intended by the policy holder. P PAID-IN CAPITAL The sum of cash collateral and non-working deposits. PREMIUM RECEIVABLE Loss fund premiums for inforce policies that may be billed and due or may be due in the future based on the policy holder’s installment plan.

A Cayman Islands captive reinsurer and a consolidated subsidiary of National Interstate Corporation. Hudson is “rented” to program participants to facilitate the transfer of risk to the participants. I INCURRED BUT NOT REPORTED LOSSES (IBNR) Claims that have occurred, but the insurer has not been notified of them at the financial reporting date. Estimates are established to book these claims utilizing actuarial methods. In addition, IBNR may include losses that have been reported, but the loss ultimate value is unknown as all information regarding the claim situation is unknown. INCURRED LOSSES The total amount of paid claims and loss reserves associated with a particular time period. INSURANCE COMPANY The insuring company underwriting and pricing the risk, issuing the policies, and adjusting the claims of a captive program. These insurance companies include National Interstate Insurance Company, National Interstate Insurance Company of Hawaii, Triumphe Casualty Company, and Vanliner Insurance Company. INTEREST INCOME Interest earned on a captive program’s loss fund and cash collateral balances, calculated using a guaranteed annual interest rate. INVESTMENTS An asset or similar item that is purchased with the intention that it will generate income or appreciate in the future. L LETTER OF CREDIT (LOC) A financial instrument issued by a bank which guarantees the availability of funds upon request by the beneficiary.

FINANCIAL STATEMENT GLOSSARY

PROVISIONAL NET INCOME (LOSS) Estimated net income or loss for any calendar or policy period. R RETAINED EARNINGS (ACCUMULATED DEFICIT) The accumulation of provisional net income from all open underwriting years. RETURN OF PREMIUM The amount of loss fund premium and investment income from a commuted year that has been distributed during a specified period of time. RETURN OF PREMIUM PAYABLE The amount of loss fund premium and investment income from commuted years that have not been distributed as of the financial statement date. S STATEMENT OF CASH FLOW The amount of cash generated and used by the captive program during a given period. STATEMENT OF INCOME Measurement of a program’s financial performance over a specific accounting period, assessed by giving a summary of how the program incurs its revenues and expenses. STATEMENT OF PROGRAM EQUITY A summary of the activity in the components of equity, which includes paid-in capital, retained earnings and accumulated other comprehensive income from the prior year end to the current period reported. STOP LOSS A provision in a policy designed to limit a captive participant’s assessment at a given percentage of loss fund earned premium.

STOP LOSS RECEIVABLE Represents the amount of claim activity that is receivable from the insurer for losses that are expected to exceed the stop loss amount. U UNDERWRITING YEAR SUMMARY Measurement of a program’s financial performance for all open underwriting years, inception-to-date, as of the financial statement date. Individual underwriting year summaries are displayed after this overall program summary to show financial performance of each captive participant in each underwriting year. UNEARNED PREMIUMS The portion of written loss fund premiums that are not yet earned as of the financial statement date, which is calculated on the basis of the balance of the policy period for which the coverage(s) is in effect. UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES See “Case Reserves.” UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES The net change in the fair value of the investment portfolio during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains and losses are realized. This gain (loss) is not reflected in provisional net income but as a component of equity.

FINANCIAL STATEMENTS

VOYAGER FINANCIAL STATEMENTS AS OF 06.30.24

VOYAGER CAPTIVE PROGRAM BALANCE SHEETS (Unaudited)

June 30,

November 30,

June 30,

12 month % Change

2024

2023

ASSETS

Loss fund balance Cash collateral balance Non working deposits Premium receivable Assessments receivable

37,374,819 24,726,275 4,130,157 12,542,810 351,152 2,818,757

34,070,203 23,415,029 3,898,186 4,328,706 797,651 1,942,221

40,666,295 -8.09% 24,983,433 -1.03%

3,974,207

3.92%

12,718,403 -1.38%

238,311 2,602,197

47.35% 8.32%

Deferred assessments receivable

Total assets

81,943,970

68,451,996

85,182,846 -3.80%

LIABILITIES AND PROGRAM EQUITY Liabilities Unpaid loss and loss adjustment expenses

11,548,623 9,927,424 13,212,370

11,300,624 9,700,414 5,212,315

11,963,241 -3.47%

Incurred but not reported losses

9,565,703

3.78%

Unearned premiums

13,940,889 -5.23%

Total liabilities

34,688,417

26,213,353

35,469,833 -2.20%

Program equity Paid-in capital

25,614,950 21,640,603

24,741,067 17,497,576

25,833,877 -0.85% 23,879,136 -9.37% 0.00% 49,713,013 -4.94%

Retained earnings (accumulated deficit)

Total program equity

47,255,553

42,238,643

Total liabilities and program equity

81,943,970

68,451,996

85,182,846 -3.80%

VOYAGER FINANCIAL STATEMENTS AS OF 06.30.24

VOYAGER CAPTIVE PROGRAM STATEMENTS OF INCOME (Unaudited)

Seven Months Ended

Year Ended November 30,

June 30,

2024

2023

REVENUE

Loss fund premiums earned Loss fund assessments

12,183,808 1,088,828 1,584,641 14,857,277

11,048,171 1,715,074 1,352,578 14,115,823

19,859,854 2,756,132 2,368,063 24,984,049

Interest income

Total revenues

EXPENSES

Loss and loss adjustment expenses paid

10,239,242

10,792,053

19,570,611

Change in case reserves

247,999 227,010

446,336 522,526

(216,281) 959,747

Change in incurred but not reported losses

Total expenses

10,714,251

11,760,915

20,314,077

Provisional net income (loss)

4,143,026

2,354,908

4,669,972

VOYAGER FINANCIAL STATEMENTS AS OF 06.30.24

VOYAGER CAPTIVE PROGRAM STATEMENTS OF PROGRAM EQUITY (Unaudited)

Retained Earnings

Paid-In Capital

(Accumulated

Deficit)

Total

Balance at December 1, 2022

25,634,737 $

21,524,228 $

47,158,965

Provisional net income (loss)

4,669,972

Return of premium

(8,696,624)

Paid-in capital

(893,670)

Balance at November 30, 2023

24,741,067

17,497,576

42,238,643

Provisional net income (loss)

4,143,026

Paid-in capital

917,814

Balance at June 30, 2024

25,658,881 $

21,640,602 $

47,299,483

VOYAGER FINANCIAL STATEMENTS AS OF 06.30.24

VOYAGER CAPTIVE PROGRAM STATEMENTS OF CASH FLOW (Unaudited)

June 30,

November 30,

2024

2023

Operating activities

Provisional net income (loss)

4,143,026 (3,304,616) (1,311,246) (275,902) (8,214,104) 446,499 (876,536) 247,999 227,010 8,000,056

4,669,972 5,285,031 1,033,103 (175,594) (202,223) (184,305) (216,281) 657,237 179,049 (1,468,811) 9,590,294 13,116

(Increase) decrease in loss fund balance (Increase) decrease in cash collateral balance (Increase) decrease in non working deposits (Increase) decrease in premium receivable

(Increase) decrease in assessment receivable (Increase) decrease in deferred assessment receivable Increase (decrease) in unpaid loss and loss adjustment expenses Increase (decrease) in incurred but not reported losses Increase (decrease) in unearned premiums Increase (decrease) in return of premium payable Net cash provided by (used in) operating activities

(917,814)

Financing activities

Increase (decrease) in paid-in capital Increase (decrease) in return of premium

917,814

(893,670) (8,696,624) (9,590,294)

Net cash provided by (used in) financing activities

917,814

Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

- - -

VOYAGER FINANCIAL STATEMENTS AS OF 06.30.24

VOYAGER CAPTIVE PROGRAM UNDERWRITING YEAR SUMMARY JUNE 30, 2024 (Unaudited)

2020-2021

2021-2022

2022-2023

2023-2024

2024-2025

Total

REVENUE

Loss fund premiums written Loss fund unearned premium

$ 18,673,017 $ 20,721,222 $ 20,311,748 $ 20,584,609 $ 20,159,607

$ 100,450,203

13,212,371 6,947,236 220,298 409,217 7,576,751

13,212,371 87,237,832 6,480,517 6,612,691 100,331,040

Loss fund premiums earned

18,673,017 1,309,476 1,503,645 21,486,138

20,721,222 2,951,766 1,704,538 25,377,526

20,311,748 1,220,483 1,515,542 23,047,773

20,584,609 778,494 1,479,749 22,842,852

Loss fund assessments

Interest income

Total revenues

EXPENSES

Loss and loss adjustment expenses

14,816,724

17,051,819 1,117,979

13,700,475 2,590,462 1,680,601 17,971,538

10,549,785 4,909,098 4,021,499 19,480,382

1,095,588 2,495,479 3,098,011 6,689,078

57,214,391 11,548,623 9,927,424 78,690,438

Case reserves

435,605 229,728

Incurred but not reported losses

897,585

Total expenses

15,482,057

19,067,383

Provisional net income (loss)

6,004,081 $

6,310,143 $

5,076,235 $

3,362,470

887,673

$ 21,640,602

LFLR

81.68%

87.69%

80.20%

75.10%

51.69%

78.82%

LFLR with IBNR

82.91%

92.02%

88.48%

94.64%

96.28%

90.20%

# Members

# Members in Assessment

% in assessment

31.58%

33.33%

22.73%

15.91%

27.14%

# Members in Risk Sharing

% in risk sharing

2.63%

4.76%

2.38%

4.55%

2.27%

3.33%

Risk Sharing $$

80,197

120,996

10,428

50,675

13,595

275,891

Earned GWP

$ 48,591,047 $ 55,268,106 $ 54,805,455 $ 56,673,315 $ 19,041,563

$ 234,379,486

Assessments as a % of GWP

2.69%

5.34%

2.23%

1.37%

1.16%

2.76%

Risk Sharing as a % of GWP

0.17%

0.22%

0.02%

0.09%

0.07%

0.12%

Assessment % LF

7.01%

14.25%

6.01%

3.78%

3.17%

7.43%

Risk Sharing % LF

0.43%

0.58%

0.05%

0.25%

0.20%

0.32%

Investment Income % GWP

3.09%

3.08%

2.77%

2.61%

2.15%

2.82%

Investment Income % of LF

8.05%

8.23%

7.46%

7.19%

5.89%

7.58%

Investment Income % of RS

1874.94% 1408.76% 14533.39% 2920.08% 3010.06% 2396.85%

VOYAGER FINANCIAL DASHBOARD

BALANCE SHEET ANALYSIS

Balance Sheet Analysis

$90

$80

$70

$60

$50

$40

$30

$20

$10

2020

2021

2022

2023

2024

Assets

Liabilites

Equity

GWP

Classified as General

LOSS FUND ANALYSIS

Loss Fund Analysis

50%

$24

$22

45%

$20

40%

$18

35%

$16

30%

$14

25%

$12

$10

20%

15%

10%

2020

2021

2022

2023

2024

%Return on Loss Funds

Earned Loss Fund

Loss Fund Balance

Classified as General

VOYAGER FINANCIAL DASHBOARD

Loss Development LOSS DEVELOPMENT

120%

96%

100%

95%

94%

92%

90%

88%

85%

84%

83%

77%

80%

70%

60%

40%

20%

6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2022 6/30/2023 6/30/2024 6/30/2023 6/30/2024 6/30/2024 2020-2021 2021-2022 2022-2023 2023-2024 2024-2025

Paid Reserve IBNR

Classified as General

LOSS FUND LOSS RATIO / MEMBER COUNT

Loss Fund Loss Ratio / Member Count

120%

100%

80%

60%

40%

20%

2020-2021

2021-2022

2022-2023

2023-2024

2024-2025

# of Members

LFLR LFLR with IBNR

Classified as General

VOYAGER FINANCIAL DASHBOARD

MEMBERS IN ASSESSMENT & RISK SHARING

Members in Assessment & Risk Sharing

2020-2021

2021-2022

2022-2023

2023-2024

2024-2025

# of Members

Classified as General # Members in Assessment

# Members in Risk Sharing

Investment Yield Versus Risk Sharing INVESTMENT YIELD VERSUS RISK SHARING

8.23%

8.05%

7.46%

7.19%

5.89%

2020-2021

2021-2022

2022-2023

2023-2024

2024-2025

Investment Income % LF

Risk Sharing % LF

Classified as General

VOYAGER FINANCIAL DASHBOARD

Policy Year Financial Performance Waterfall POLICY YEAR FINANCIAL PERFORMANCE WATERFALL

$30

$25

$20

$15

$10

$6.8

$5.9

$4.9

$3.0

$0.9

2020-2021

2021-2022

2022-2023

2023-2024

2024-2025

Classified as General

VOYAGER ASSESSMENT REPORT

Assessment Report Active Members

2020-2021 Program Year

2021-2022 Program Year

2022-2023 Program Year

2023-2024 Program Year

2024-2025 Program Year

Summary

Change From 11/30/23

Change From 11/30/22

Assessment

N/A

Assessment

89,721

8,647

182,191 173,307 83,198

(79,090) 108,814

49,382

334

- - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - -

321,628 173,307 158,342

(20,727) 108,814

V002007 V004026 V007033 V008041 V009043 V009045 V012056 V012059 V013061 V014065 V014066 V015069 V015071 V016074 V017075 V017076 V017078 V018080 V019082 V019084 V019085 V019086 V020088 V020089 V020090 V021091 V021092 V021094 V023097 V023100 V023103

- - -

- - - -

75,144

21,891

27,945

49,836

- - -

- -

209,404

57,630

209,404 101,432 462,439 207,321 230,339

57,630

101,432

7,139

147,617 207,321

- -

165,065

22,229

149,757

13,667

35,911

(30,100)

- - - -

43,382

3,771

35,163

19,014

151,794

3,403

26,188

- - - - -

333,774 38,109

67,720 11,933

112,342

446,116 38,109 315,843 217,929 106,158

180,062

124,750

6,651

191,093 64,668

16,053 31,123

22,704 159,952

- - - - - -

128,829

24,432

- - -

- - - -

106,158

- - - -

569

39,588

(12,160)

39,588 54,576 58,181 890,649 39,825

(12,160) 54,576 24,495 136,301

54,576

- -

24,495 230,562

24,495 76,837

33,686

188,845

68,511

403,937

26,340

67,305

(35,387)

628

- -

- - -

- - - - - - -

6,049

- - - -

- - - - - - - -

33,148

- -

- - -

25,021 302,804

25,021

- - - - - -

302,804

- - -

3,041

(11,315)

1,653

4,694

(11,315)

15,033 46,595

13,079

- -

15,033 46,595 58,273 51,897 42,188 29,768

- - -

2,850

2,822

- -

55,423

2,822

51,897

(20,145)

42,188 29,768 319,545

- -

859,047

100,636

1,848,389

360,799

1,152,892

410,869

567,402

56,439

4,326,400

789,865

Risk Sharing Report All Members

2020-2021 Program Year

2021-2022 Program Year

2022-2023 Program Year

2023-2024 Program Year

2024-2025 Program Year

Summary

Change From 11/30/23

Change From 11/30/22

Risk Sharing

N/A

Risk Sharing

V004026 V012056 V013061 V015069 V016074 V019085 V020089

- - - - - - - -

(53,011)

- - - -

- - - - - -

- - - - -

- - - - - - - -

(53,011)

- - - - - -

10,428

32,852

5,640

43,280

16,068

- - - - -

- -

- - - -

1,155

13,595

13,595 119,841 177,871

119,841 120,996

(2,249) (2,249)

(2,249) (39,192)

(53,011)

10,428

32,852

5,640

13,595

VOYAGER INVESTMENT REPORT

Voyager 6/30/2024 Investment Report

6.00%

FED FUND RATE

VOYAGER 5 YR IG CORP

5.00%

5 YR TREASURY

4.00%

3.00%

2.00%

1.00%

0.00%

12/31/19

12/31/20

12/31/21

12/31/22

12/31/23

3/31/24

6/30/24

VOYAGER

5 YR IG CORP

5 YR TREASURY

FED FUND RATE

BOOK YIELD OF PROGRAM

VOYAGER

BENCHMARKS: 5 YR INVESTMENT GRADE CORPORATE INDEX

YIELD CURVE CONSISTING OF US COMPANY CORPORATE BONDS RATED BBB OR ABOVE

5 YEAR TREASURY FED FUND RATE

YIELD CURVE OF 5 YEAR US TREASURY

INTEREST RATE AT WHICH DEPOSITORY INSTITUTIONS LEND TO OTHER DEPOSITORY INSTITUTIONS

Investment Summary:

12 MONTHS ENDED 12/31/2020

12 MONTHS ENDED 12/31/2021

12 MONTHS ENDED 12/31/2022

12 MONTHS ENDED 12/31/2023

6 MONTHS ENDED 6/30/2024

ANNUALIZED PORTFOLIO YIELD AVERAGE INVESTMENT BALANCE

$42,841,820

$46,591,890

$57,320,109

$59,345,200

$58,996,800

3.65%

3.20%

2.75%

3.75%

4.75%

INVESTMENT INCOME

$1,700,604

$1,726,358

$1,576,303

$2,225,445

$1,401,174

# Classified as Confidential

RISK CONTROL

RISK CONTROL COMMITTEE MEETING AGENDA

MISSION The mission of the Risk Control Committee is to evaluate and monitor the safety fitness of each participant and recommend specific loss prevention strategies and best practices. The committee is charged with ensuring each participant maintains satisfactory safety and claims management practices. Additionally, the committee reports to the board on the overall status of the program’s participants from a risk control standpoint as well as any recommendations for revisions to the RASS scoring system. PRESIDING • Risk Management Chair – Joe Berti, Speed Global Services CALL TO ORDER • Welcome to New Members and Prospects • Mission Statement & Risk Control Meeting Overview COMMITTEE BUSINESS • Risk Management Presentation o Claims Activity Report o Top 5 Group Claims Review o Frequency and Lag Time Review

o Learning Management System Review o Support List Criteria & Summary Review o Nomination of Risk Control Committee Chairperson

LOSS CONTROL MAP

Loss Control Territory Map

Classified as General

RISK MANAGEMENT PRESENTATION

MISSION STATEMENT The mission of the Risk Control Committee is to evaluate and monitor the safety fitness of each participant and recommend specific loss prevention strategies and best practices. The committee is charged with ensuring each participant maintains satisfactory safety and claims management practices. Additionally, the committee reports to the board on the overall status of the program’s participants from a risk control standpoint as well as any recommendations for revisions to the RASS scoring system. RISK CONTROL COMMITTEE

Classified as General

Loss Control

Loss Control Purpose Assist customers in developing and implementing loss prevention strategies.

Regional Structure Allows for consistent consultations during each policy period.

Specialized Services Specialize in providing transportation safety consultations and products/services that deliver value add solutions.

Number indicates team members in each state.

Unique Product & Service Offerings

Classified as General

RISK MANAGEMENT PRESENTATION

Loss Control Team

FIELD REPRESENTATIVES

LEADERSHIP

Connor Boyd NC, SC, VA

Tim Boston CO, NE. UT, IA, SD, ND, WY

Chuck Gohring AR, IA, KS, MO, NE

Dave Bengston CT, MA, MD, NJ, NY, PA, RI, VA

Steve Winborn SVP Loss Control & Claims

Tim Brewster VP, Loss Control & Claims

Joe LeCara CT, MA, ME, NH, NY, RI, VT

Gwen McMillion CA, NV

Lisa Kekeisen IA, IL, IN, MN, MO, NE, WI

Ray Fribley IN, NY, OH, PA, WV

Kent Miller Loss Control Manager

Alex Gesicki Loss Control Manger

Nicole Schneider AZ, ID, MT, OR, WA

Brian Parker AL, FL, GA

Jeff Petrunak PA, NY, VA,MD,DE, NJ

Dan Riley IL, IN, MI, WI

Chloé Dial Strategic Sourcing Program Supervisor

DeWayne Storie Loss Control Manager

Sheri Stuart AR, KS, LA, NM, OK, TX

Jeremy Stiehl IN, KY, MS, TN

Andrew Scott KY, NY, OH, PA

PRODUCTS & SERVICES

Chris Steinbauer MI, OH

Merideth Crabtree Senior Strategic Sourcing Program Analyst

Nathan Winters CA

Gary Vorce CA, NV

Classified as General

LAG TIME REPORT 12/31/2023 to 6/30/2024

TOTALS 158

101

3.3

3.8

81% 74% 78% 81% 75% 78%

Combined % from Last Meeting

RISK MANAGEMENT PRESENTATION

FREQUENCY REPORT AS OF DATE 6/30/2024

TOTALS

1.17

1.03

1.13

0.80

1.49

0.96

1.19 0.96

0.91 0.94

3 Yr Avg. Last Meeting

FREQUENCY REPORT AS OF DATE 6/30/2024

TOTALS

1.17

1.03

1.13

0.80

1.49

0.96

1.19 0.96

0.91 0.94

3 Yr Avg. Last Meeting

Frequency has improved – ask yourself, Why? What changes have we made to enhance the frequency performance?

RISK MANAGEMENT PRESENTATION

CLAIM LAG TIME- REPORTED WITHIN 48 HRS

3% Above 3YR Captive Average

84%

83%

82%

81%

80%

79%

3% Above 3YR Captive Baseline

22/23

23/24

24/25

3 Yr. Avg.

VOYAGER CAPTIVE AVG CAPTIVE BASELINE (80%)

Classified as General

AUTO LIABILITY LOSS TRENDS

TOP CLAIMS BY TYPE AS A PERCENTAGE OF TOTAL CLAIMS – 3 YR. SUMMARY

Insured Collided Backing Up 268 Total Claims

25%

196 Total Claims

15%

Insured Collided Changing Lanes

11%

10%

Insured Rearended C l a i m a n t 87 Total Claims

INSURED COLLIDED BACKING UP

INSURED COLLIDED CHANGING LANES

INSURED REARENDED CLMT

INSURED HIT PARKED VEHICLE

INSURED HIT STATIONARY OBJECT

Voyager

National Interstate Truck Insureds

Classified as General

RISK MANAGEMENT PRESENTATION

AUTO LIABILITY LOSS TRENDS 9 Total Claims Pedestrian Struck By Vehicle

LEADING LOSSES BY SEVERITY (AVG. CLAIM COST) – 3 YR. SUMMARY

$292,058

$84,843

$71,487

$65,291

$52,575

15 Total Claims Not Applicable/ Misc.

PEDESTRIAN STRUCK BY VEHICLE

NOT APPLICABLE/MISC INSURED CROSSED CENTER LINE

INSURED LOST CONTROL

INSURED REARENDED CLMT

AVERAGE SEVERITY BY POLICY YR.

$39,067

5 Total Claims

$29,104

$22,584

Insured Crossed Center Line

22/23 Policy Yr

23/24 Policy Yr

24/25 Policy Yr

Classified as General

Speeding Violation Data

Collision up to 4 w e e k s 8.47 19,280,453 Monitored Minutes

No Collision 12 m o n t h s 7.6 4,669,025,683 Monitored M i n u t e s

10.83%

Classified as General

RISK MANAGEMENT PRESENTATION

Distracted Driving Data

Collision up to 4 w e e k s 3.31 19,280,453 Monitored Minutes

No Collision 12 m o n t h s 2.41 4,669,025,683 Monitored M i n u t e s

31.5%

Classified as General

Sign Violation Data

Collision up to 4 w e e k s 3.24 19,280,453 Monitored Minutes

No Collision 12 m o n t h s 1.98 4,669,025,683 Monitored M i n u t e s

48.3%

Classified as General

RISK MANAGEMENT PRESENTATION

Coaching per capita Data

Collision up to 4 weeks

No Collision 12 mon t hs

108.3%

.55

1.85

19,280,453 Monitored Minutes

4,669,025,683 Monitored Minutes

Classified as General

Learning Management System

Efficiently & effectively deliver orientation, recurrent & remedial training

20+ core learning offerings • Microlearning (7-12 minutes) • Competency based (80% or greater)

Tracking capabilities within the system

Ability to upload custom content

Mobile application for learners

Part of your insurance experience (No cost)

Classified as General

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