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  "documentTitle": "Houlihan Lokey | Investment Banking Pitch Book | 42 slides",
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  "notes": "The table compares valuation multiples across two dates for Workers' Comp Insurers, Specialty Insurers, and an aggregate group, with a specific 'Twins' comparison row.",
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      "text": "Note: No company used in this analysis for comparative purposes is identical to the Company. 1. Based on fully diluted shares outstanding. 2. Calculated as shareholders' equity, less book value of preferred stock and accumulated other comprehensive income, as per GAAP. 3. Calculated as shareholders' equity, less book value of preferred stock, accumulated other comprehensive income, and goodwill and other intangibles, as per GAAP. AOCI refers to Accumulated Other Comprehensive Income. MRQ refers to the most recently completed quarterly fiscal period for which financial information has been made public. Sources: Bloomberg, Capital IQ and public filings.",
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      "text": "Certain Market Changes",
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      "text": "Selected Companies – Equity Market Value to Book Value and Tangible Book Value",
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