EPIX Liquidator's Fourth Status Report, Annual Accounting, and Fourth Report of Claims

STATE OF VERMONT
SUPERIOR COURT
WASHINGTON UNIT
)
COMMISSIONER OF THE )
DEPARTMENT OF FINANCIAL )
REGULATION )
PLAINTIFF, ) CIVIL DIVISION
) DOCKET NO. 21-cv-348 Wncv
v. )
)
EMERGENCY PHYSICIANS INSURANCE )
EXCHANGE RISK RETENTION GROUP )
RESPONDENT. )
)
LIQUIDATOR’S FOURTH STATUS REPORT, ANNUAL
ACCOUNTING, AND FOURTH REPORT OF CLAIMS
I, J. David Leslie, Special Deputy Liquidator, hereby submit this status report concerning the liquidation of Emergency Physicians Insurance Exchange Risk Retention Group (“EPIX” or the “Company”), an annual accounting as of December 31, 2025 (attached as Exhibit A), and the Liquidator’s Fourth Report of Claims (attached as Exhibit B).

1. EPIX was placed in rehabilitation by the Court’s Order for Rehabilitation of
   Emergency Physicians Insurance Exchange Risk Retention Group (“Rehabilitation Order”) entered on February 26, 2021. The Rehabilitation Order appointed the Commissioner of the Department of Financial Regulation (“Commissioner”) as Rehabilitator (“Rehabilitator”) and authorized him to implement a plan of rehabilitation (“Rehabilitation Plan”). The key to the Rehabilitation Plan was a partial reimbursement of policy-level claims, including claims for defense and indemnity. See 8 V.S.A. § 7081 (priority classes applicable in liquidation). The initial rate was set at 40% with the 60% balance being deferred. Rehabilitation Plan ¶ 8.
2. The Company remained in rehabilitation for three years because the flexibility
   afforded by the rehabilitation process, and ability to pay policy-level obligations promptly (at the FILED: 2/6/2026 11:39 AM Vermont Superior Court Washington Unit 21-CV-00348

40% initial distribution rate), facilitated run-off of its operations. Rehabilitation also minimized the disruption to policyholders and overall estate liabilities (maintaining stability in claim defense and adjustment likely reduced the total defense and indemnity costs). By early 2024, however, the benefits of continued rehabilitation had diminished (e.g. fewer open claims meant fewer creditors could benefit from the ability to make prompt payments) and the benefits of liquidation (e.g. the ability to secure recovery of reinsurance receivable and thus an increased distribution percentage) began to outweigh them such that the Commissioner recommended converting the proceeding from rehabilitation to liquidation.
3. On February 1, 2024, the Commissioner filed a Petition for Order of Liquidation.
On February 6, 2024, the Court entered its Order of Liquidation (“Liquidation Order”) that, among other things, appointed the Commissioner as Liquidator (“Liquidator”), authorized him to appoint a special deputy liquidator, approved the Plan of Liquidation, and ordered that the Liquidator provide creditors and others with notice of the Liquidation Order and a claim filing deadline. See Order of Liquidation ¶¶ 1, 5, 6, and 7. The Liquidator appointed me to serve as Special Deputy Liquidator.
4. The Plan of Liquidation required, among other things that “[i]n connection with the
first report of claim determinations” the Liquidator “will request authority to make an interim distribution on allowed priority class 3 claims.” Plan of Liquidation, ¶ 2d. Accordingly, when the Liquidator filed his First Status Report, Annual Accounting and First Report of Claims was submitted to the Court on October 16, 2024, he also submitted a Motion for Interim Distribution on Allowed Priority Class 3 Claims (“Interim Distribution Motion”). The Interim Distribution Motion sought authority to make an interim distribution on allowed priority class 3 claims of 55%. The Court granted the Interim Distribution Motion on October 17, 2024.

5. On March 7, 2025, The Liquidator’s Second Status Report, Annual Accounting,
   and Second Report of Claims (“Second Status Report”) was filed, which provided updates on the investigation and determination of claims. 1 The Liquidator’s Third Status Report and Third Report of Claims was submitted to the Court on August 21, 2025 (“Third Status Report”). That report provided updated information on claim determinations and described ongoing reinsurance collections efforts.
6. All of the filings described in ¶¶ 3, 4, and 5 above have been publicly posted on the
   liquidation website (www.dfr.vermont.gov/epix) along with other key liquidation materials. Status Report
7. The Claim Filing Deadline. The Liquidation Order and governing statutes require
   that the Liquidator set a claim filing deadline between six and eighteen months from entry of the Liquidation Order. See Liquidation Order, ¶ 6.B; 8 V.S.A. § 7061(b). In setting a claim filing deadline within those limits, the Liquidator sought to establish a balance between the interests of creditors with known claims (who may benefit from an earlier deadline, a shorter proceeding, and the opportunity to receive a distribution earlier) and those with unknown claims (who may benefit from a later deadline, a longer proceeding, and an increased opportunity to discover and file claims). Here, the Liquidator notes that EPIX entered voluntary run-off in September 2020 and all in-force policies were cancelled as of September 1, 2020. EPIX was placed into rehabilitation by the Court on February 26, 2021, and the Company had not had any in-force coverage for more than three years when the Liquidation Order entered. Further, since EPIX wrote claims made coverage with very little tail coverage, the universe of potential claims is reasonably well understood. The Liquidator therefore determined that a short claim filing period would be 1 The Liquidator filed a Corrected Second Claims Report on May 6, 2025, to correct certain scrivener’s errors. The Court approved these corrections in its Order Correcting Liquidator’s Second Report of Claims on May 30, 2025.

appropriate and established a claim filing deadline of August 30, 2024 – approximately six-and￾one-half months after entry of the Liquidation Order.
8. Receipt of Proofs of Claim. As of December 31, 2024, the Liquidator had received
and acknowledged a total of 39 completed proofs of claim (“POCs”). (Incomplete proofs of claim were returned to their senders with instructions for resubmission.) The Liquidator may consider any “claim filed late” if doing so “does not prejudice the orderly administration of the estate.” 8 V.S.A. § 7074(d). Subsequent to December 31, 2024, the Liquidator has received an additional 6 POCs. Because the proceeding remained at an early stage, the Liquidator deemed all 45 of the POCs to be timely filed. This proceeding is approaching conclusion, however, such that the opportunity to continue filing POCs is very limited and the Liquidator anticipates it will close before the next status report is filed in six months. 2
9. A POC may present a single claim (e.g. recovery for a loss resulting from a single
incident) or multiple claims (e.g. the POC form encloses a schedule listing separate incidents). Further, some claims include both current obligations (e.g. defense expenses incurred to date) as well as claims for future obligations (e.g. the possibility of indemnity and future defense expenses). Accordingly, the Liquidator has subdivided a number of POCs, assigning separate control numbers to each claim presented in a POC. For example, POC no. 3 has been subdivided into six subclaims assigned POC nos. 3.01 through 3.06. Counted in this manner, the Liquidator has received a total of 72 claims. 2 The posted reserves for priority class 3 claims (see, infra, ¶ 19.b) include amounts associated with claims filed with EPIX prior to insolvency, on which interim distributions were made in rehabilitation, but for which no POC has been filed. Those reserves set aside funds in anticipation that a POC may eventually be filed. Such funds cannot be held indefinitely, however, and the funds must eventually be distributed to creditors who filed a POC and who’s claims have been allowed by the Court.

10. Because the insurance statutes permit third parties to file claims directly against the
    estate and because multiple entities may have a financial interest in a claim, a single incident may give rise to numerous related claims that may seek overlapping recovery (e.g. a tort claimant asserting the insured’s liability, another insurer asserting rights of subrogation/contribution, a policyholder seeking indemnity and post-liquidation defense expenses, and defense counsel seeks payment of pre-liquidation defense expenses.) This means that raw POC and claim counts are not a reliable metric for evaluating estate exposure or the amount of work remaining to crystallize EPIX’s obligations and close the proceeding. The Liquidator has, therefore, attempted to group POCs by incident. As of December 31, 2025, this analysis showed 43 incidents for which at least one POC has been filed.
11. Retention of Program Manager. Prior to liquidation, EPIX engaged Kollath &
    Associates, CPA LLC (“Kollath”), to provide certain administrative services including accounting, reinsurance reporting, and the preparation of tax returns. The Rehabilitator concluded that it would be beneficial and cost-effective to continue this relationship. The Liquidator has made the same finding and Kollath has continued to provide these services to EPIX in liquidation.
12. Retention of Third-Party Administrator. In January of 2022, the Rehabilitator
    engaged VCM (Vertical Claims Management, a division of Cannon Cochrane Management Services, Inc.) to provide certain third-party administrative (“TPA”) services to EPIX. The transition to the VCM claims handling platform and process was completed in early 2022. VCM provided valuable assistance during the remainder of the rehabilitation and the Liquidator found that it would be beneficial to continue the relationship in liquidation. VCM was acquired by Intercare Insurance Services (“Intercare”) effective April 1, 2024, with no disruption to the services provided to the Company. EPIX claims continue to be administered by the same team

and the Liquidator continues to believe that maintenance of the TPA relationship increases administrative efficiency and is in the best interests of policyholders, creditors, and the EPIX estate generally. The Liquidator has extended the agreement with Intercare through 2026.
13. Loss Run, Coverage & Credentialing Requests. The EPIX estate provided former
members with historical loss runs and credentialling support from entry of the Order of Rehabilitation in February 2021 through the spring of 2025 when the Liquidator advised that -- after four years -- the expense of continuing to provide such services had begun to outweigh the benefits. The Liquidator’s Second Status Report provided notice that such services would be discontinued effective March 31, 2025. To provide a final opportunity to request loss runs and credentialling support, however, the Liquidator deferred termination of the associated vendor contract until June 30, 2025.
14. Coordination with Reinsurers. At the outset of this proceeding, reinsurance
recoveries were recognized as a material asset of the EPIX estate and the Rehabilitator therefore kept the Company’s reinsurers appraised of claim development (communicating primarily through the appointed intermediary). The Liquidator has continued that effort, including providing the intermediary with regular claims reports, working with the intermediary to conduct a “swing rate adjustment” (updating ceded premium and other calculations to reflect program performance), submitting claim invoices, and receiving loss payments.
15. The structure of the EPIX reinsurance program tends to result in circular payments
or “dollar trading”. 3
Reporting such fluctuations and circular flows in an insolvency context could 3 Ceded premium (paid by EPIX to the reinsurer) is initially set at a “provisional” level (X% of projected premium revenue) and paid in installments during the twelve-month policy year. The first adjustment occurs when actual premium revenue is known and can be used to replace the projection. “Swing” calculations are subsequently performed in which every dollar of ceded losses (i.e. losses the reinsurer would be obligated to pay) adds one dollar of ceded premium, subject to minimum and maximum limits. Prior to rehabilitation, these adjustments were typically conducted using paid losses only (i.e. ignoring reserves) such that the initial adjustments would be down towards the minimum with every dollar of ceded premium and ceded loss offsetting (i.e. no payment to/from the reinsurer) unless

create significant confusion, so the Liquidator sought to defer both loss payment and “swing rate adjustments” until they could occur simultaneously and the net result would be known. In any event, however, this has not proven to be possible, as receipts from the reinsurers in respect of losses ($1.8 million as of December 31, 2025) have outstripped the pace of “swing rate adjustment” calculations which currently appear likely to return somewhere between $300,000 and $1.29 million of those loss payments to the reinsurers. The net result, therefore, is a benefit to the EPIX estate of between $630,000 and $1.53 million (depending on how much of the receipts EPIX must eventually return) though the balance sheet at December 31, 2025, shows a current payable to the reinsurers ($1.29 million) set at the conservative end of the Liquidator’s projected range. See
Table 1, below.
Annual Accounting
16. The Liquidator is required to file an annual accounting with the Court reporting the
assets and liabilities of EPIX and all funds received or disbursed during the current period. See 8 V.S.A. § 7057(d); Liquidation Order ¶ 4. A report showing all EPIX funds received or disbursed in calendar year 2025 is attached as Exhibit A. 4
17. Balance Sheet. A simplified balance sheet reflecting EPIX’s financial condition as
of December 31, 2025, is presented in Table 1 on the following page. losses are sufficient to drive “swing” beyond the maximum level. With multiple policy years at different stages and with different experience, the result can be dollars passing back and forth in circular payments that net to a moderate payable or receivable. 4 The Second Status Report contains an accounting of all receipts and disbursements from entry of the Liquidation Order through December 31, 2024. To minimize repetition, Exhibit A reports receipts and disbursements from the current period only.

18. Assets. The Company’s cash, cash equivalents, and other liquid assets were
    marshalled and consolidated in a Vermont banking institution during the rehabilitation process and have since been invested in laddered U.S. Treasury bonds. (Because the duration on the remaining bonds is now less than twelve months, they all appear as “cash equivalents” rather than “invested assets”.) Despite interim distributions and the payment of administrative expenses, this figure has increased since June 30, 2025, due to the receipt of substantial reinsurance recoveries as discussed above. 5 See, supra, ¶ 14. The “Credit for Prior Distributions” figure reflects the total amount of interim distributions made under the Rehabilitation Plan or pursuant to the approved Interim 5 Reinsurance is an asset to the EPIX estate on a net basis (i.e. receipts will exceed payments). The Liquidator has therefore presented reinsurance as a net asset in the Company’s financial statements rather than presenting assets (receivables) and class 1 liabilities (ceded premium paid in liquidation to secure the asset) as separate figures in the asset and liability sections of the balance sheet. The reinsurance receivable asset now appears as a negative number only because the receivable has been converted to cash more quickly that the ceded premium has been paid.
    Table 1 – Simplified EPIX Balance Sheet as of December 31, 2025
    ASSETS
    Cash & Cash Equivalents $ 6,105,501
    Invested Assets --
    Accrued Income 49,782
    Reinsurance Recoverable/(Payable) (1,290,000)
    Credit for Prior Distributions
    Rehabilitation 4,508,587
    Liquidation 1,788,510
    Total Assets $ 11,162,380
    LIABILITIES
    Priority Class 1
    Administrative Expense Reserve $ 765,489
    Priority Class 3
    Allowed or Reported $ 10,922,530
    Determined but not yet Reported 33,022
    Reserved
    Claims with filed POCs 1,520,000
    Claims without filed POCs 1,130,000
    Subtotal (Class 3) $ 13,605,552
    Total Liabilities $ 14,371,041

Distribution Motion. These amounts (paid at either 40% or 55% of claim value) are reported as an asset because they may be credited against any future distributions that the Court may order at higher rates. Further, it is important to report these credits as assets to ensure that assets and liabilities are reported on a consistent basis in the balance sheet.
19. Liabilities. Vermont law requires that payments on claims be made in accordance
with the statutorily established priorities and that all claims in a class be paid in full (or adequate reserves established for such payment) before claims in subsequent classes receive any distribution. 8 V.S.A. § 7081. Accordingly, in Table 1 the Liquidator presents the Company’s estimated liabilities in terms of priority classification rather than the standard format applicable to an insurer operating as a going concern. a. Priority Class 1 (Administrative Expense) – In the Petition for Order of Rehabilitation, the Commissioner estimated (based on Company accruals and a factor for conservatism) that the administrative expense to complete the proceeding might total $1.9 million. The Rehabilitator and Liquidator have since drawn this reserve down on a dollar￾for-dollar basis as administrative expenses have been paid and it now stands at the $765,489 figure noted in Table 1. To this point in the proceeding, there have been no disputes with claimants or reinsurers that require the expense of litigation. If this remains the case, it should be possible to release a material portion of this reserve to pay claims falling in lower priority classes. b. Priority Class 3 (Claims Arising under Policies) -- The $13.6 million figure presented in Table 1 reflects the Liquidator’s “best estimate” of the amount in which policy-related claims may ultimately be valued if all known claims are filed. 6 The estimate 6 The “best estimate” for an individual claim reflects the Liquidator’s judgment as to the most likely point within the expected range of potential exposure for that claim. The “best estimate” for the estate as a whole is the sum of the

may be broken out into three elements: the claims that have been finally determined and reported to the Court ($10.92 million); the claims for which the Liquidator has issued a notice of determination but for which the determination has not yet become final ($33,022); and the Liquidator’s projection of the amount in which additional policy-related claims might be allowed. This projection is presented in two parts (both on a “best estimate” basis) reflecting reserves for known claims for which a POC has been filed ($1.52 million) and “best estimate” figure ($1.13 million) for claims handled in rehabilitation but for which a POC has not yet been received.
c. Priority Classes 4-10. The Liquidator anticipates that it will not be possible
to make full payment on claims falling in priority class 3. Accordingly, no payment will be possible on claims falling in priority classes 4-10. See 8 V.S.A. § 7081 (“Every claim in each class shall be paid in full or adequate funds retained for such payment before the members of the next class receive any payment.”) The Liquidator has therefore deferred making determinations as to the amount, if any, in which claims in priority classes 4-10 might be allowed and will issue determinations solely as to priority. See Plan of Liquidation, ¶ 2.b. Because the value of such claims has not been investigated and does not affect distributions that might be made from the Company’s estate, the Liquidator makes no estimate or report regarding the possible value of claims falling in priority classes 4-10. “best estimates” for all known policy-related obligations. In addition to this “best estimate”, the Liquidator also prepares a “pessimistic scenario” valuation which reflects the upper end of the reasonably expected value range for these EPIX obligations. The “pessimistic scenario” for the estate as a whole is approximately $13.25 million. This
figure is within 4% of the “best estimate”, reflecting the advanced stage of this proceeding and the limited remaining
uncertainty as to ultimate claim values.
7 As discussed above in ¶ 19.b, the Liquidator has established a reserve for known claims for which a POC has not yet been filed. This proceeding is approaching a late stage, however, at which point available assets must be distributed and it will no longer be possible to preserve the opportunity for creditors to file additional POCs.

20. Interim Distribution on Allowed Priority Class 3 Claims. The Plan of Liquidation
    directs the Liquidator to “monitor EPIX’s financial condition, and as circumstances warrant, petition the Court for an increase in the interim distribution percentage on claims allowed in priority class 3.” Id., ¶ 2.d. In light of the Company’s financial condition as of December 31, 2025, the Liquidator has concluded that circumstances warrant an increase in the priority class 3 distribution percentage from 55% to 70%. The Liquidator’s Motion for an Order Increasing the Interim Distribution on Allowed Priority Class 3 Claims, filed herewith, therefore seeks the Court’s approval of such an increase and authorization to make the associated distributions. Liquidator’s Fourth Report of Claims
21. Investigation and Determination of Claims. Through the date of this report, the
    Liquidator has completed investigation and issued a notice of determination (“NOD”) respecting 56 claims. “Within 60 days from the mailing of notice [of determination] the claimant may file objections with the liquidator” and “[i]f no such filing is made, the claimant may not further object to the determination.” See 8 V.S.A. § 7078(a).
22. Liquidator’s Report of Claims. Since the Third Report of Claims was submitted,
    the 60-day objection period has run or been waived with regard to 10 of the determined claims. The 10 finally determined claims are reported in the Liquidator’s Fourth Report of Claims, attached as Exhibit B, together with the Liquidator’s recommendations. See 8 V.S.A. § 7082(a) (“As soon as practicable, the liquidator shall present to the Court a report of the claims against the insurer with recommendations.”) By his Motion for Order Approving Liquidator’s Fourth Report of Claims (filed herewith), the Liquidator requests that the Court enter an order approving the Fourth Report of Claims. See 8 V.S.A. § 7082(b) (“The court may approve, disapprove, or modify the report on claims [filed] by the liquidator.”).

EXHIBIT A
EPIX Liquidation
Accounting of Receipts and Disbursements – January 1, 2025 December 31, 2025 Date Counterparty Description Receipts Disbursements 01/10/25 HCutt, LLC IT Services/Licenses 807.50 01/10/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 756.61 01/22/25 Guy Carpenter & Company, LLC Reinsurance Recovery 141,598.01 01/28/25 Guy Carpenter & Company, LLC Reinsurance Recovery 179,161.76 01/28/25 Verrill & Dana LLP Administrative Expense 9,418.50 01/29/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 850.38 01/31/25 M&T Bank Interest Received 596.89 02/06/25 HCutt, LLC IT Services/Licenses 807.50 02/10/25 M&T Bank Bank Fees 0.17 02/11/25 Guy Carpenter & Company, LLC Reinsurance Recovery 305,539.18 02/11/25 M&T Bank Bank Fees 1.00 02/12/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 1,477.80 02/19/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 425.19 02/24/25 Guy Carpenter & Company, LLC Reinsurance Recovery 61,107.84 02/24/25 Davis, Malm & D'Agostine, PC Administrative Expense 2,145.00 02/24/25 McGrath Assoc. Claims & Risk Serv. Administrative Expense 737.50 02/27/25 M&T Bank Bank Fees 0.17 02/28/25 M&T Bank Interest Received 540.03 03/03/25 Guy Carpenter & Company, LLC Reinsurance Recovery 37,500.00 03/03/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 425.19 03/06/25 HCutt, LLC IT Services/Licenses 807.50 03/06/25 McGrath Assoc. Claims & Risk Serv. Administrative Expense 275.00 03/06/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 781.00 03/10/25 M&T Bank Bank Fees 0.30 03/11/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 425.19 03/24/25 Davis, Malm & D'Agostine, PC Administrative Expense 6,963.00 03/24/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 425.19 03/28/25 Guy Carpenter & Company, LLC Reinsurance Recovery 200,000.00 03/31/25 M&T Bank Interest Received 591.80 04/03/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 783.67 04/11/25 HCutt, LLC IT Services/Licenses 807.50 04/11/25 Intercare Claims Escrow Class 3 Claims 192,147.24 04/11/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 425.19 04/21/25 Intercare Holdings Ins. Serv. TPA Fees 49,565.19 04/29/25 Guy Carpenter & Company, LLC Reinsurance Recovery 30,000.00

Date Counterparty Description Receipts Disbursements 04/29/25 Davis, Malm & D'Agostine, PC Administrative Expense 16,039.66 04/30/25 M&T Bank Interest Received 566.37 05/06/25 HCutt, LLC IT Services/Licenses 807.50 05/06/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 1,309.16 05/08/25 M&T Bank Bank Fees 0.30 05/09/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 425.19 05/15/25 Davis, Malm & D'Agostine, PC Administrative Expense 16,996.65 05/19/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 425.19 05/23/25 Guy Carpenter & Company, LLC Reinsurance Recovery 25,000.00 05/30/25 M&T Bank Interest Received 586.23 05/30/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 425.19 06/06/25 Intercare Claims Escrow Class 3 Claims 359,998.79 06/06/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 782.86 06/10/25 Guy Carpenter & Company, LLC Reinsurance Recovery 3,437.31 06/18/25 Davis, Malm & D'Agostine, PC Administrative Expense 12,589.50 06/23/25 HCutt, LLC IT Services/Licenses 807.50 06/27/25 McGrath Assoc. Claims & Risk Serv. Administrative Expense 700.00 06/30/25 M&T Bank Interest Received 568.26 07/01/25 Guy Carpenter & Company, LLC Reinsurance Recovery 191,160.66 07/09/25 M&T Bank Bank Fees 0.30 07/09/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 1,616.63 07/10/25 Davis, Malm & D'Agostine, PC Administrative Expense 6,026.00 07/11/25 Guy Carpenter & Company, LLC Reinsurance Recovery 75,000.00 07/14/25 HCutt, LLC IT Services/Licenses 807.50 07/14/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 714.46 07/22/25 Guy Carpenter & Company, LLC Reinsurance Recovery 19,148.56 07/25/25 Guy Carpenter & Company, LLC Reinsurance Recovery 104,050.27 07/29/25 Guy Carpenter & Company, LLC Reinsurance Recovery 16,120.84 07/31/25 M&T Bank Interest Received 588.19 08/01/25 Guy Carpenter & Company, LLC Reinsurance Recovery 48,008.12 08/05/25 Guy Carpenter & Company, LLC Reinsurance Recovery 4,364.37 08/07/25 HCutt, LLC IT Services/Licenses 807.50 08/15/25 Davis, Malm & D'Agostine, PC Administrative Expense 7,628.00 08/18/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 766.47 08/29/25 M&T Bank Interest Received 589.19 09/10/25 HCutt, LLC IT Services/Licenses 807.50 09/22/25 Davis, Malm & D'Agostine, PC Administrative Expense 5,610.00 09/22/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 572.36 09/29/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 897.00 09/30/25 M&T Bank Interest Received 533.99

Date Counterparty Description Receipts Disbursements 10/14/25 HCutt, LLC IT Services/Licenses 807.50 10/14/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 957.62 10/15/25 Davis, Malm & D'Agostine, PC Administrative Expense 4,323.00 10/30/25 Guy Carpenter & Company, LLC Reinsurance Recovery 346,862.13 10/31/25 M&T Bank Interest Received 497.60 11/10/25 HCutt, LLC IT Services/Licenses 807.50 11/10/25 M&T Bank Bank Fees 10.60 11/20/25 Davis, Malm & D'Agostine, PC Administrative Expense 12,685.50 11/28/25 M&T Bank Interest Received 415.21 12/05/25 HCutt, LLC IT Services/Licenses 807.50 12/08/25 M&T Bank Bank Fees 5.60 12/10/25 Kollath & Associates CPA LLC Accounting & Mgmt. Services 1,530.00 12/16/25 Guy Carpenter & Company, LLC Reinsurance Recovery 8,728.75 12/19/25 Davis, Malm & D'Agostine, PC Administrative Expense 9,504.00 12/31/25 M&T Bank Interest Received 399.46 2025 Subtotal 1,803,261.02 1,087,120.64 Prior Accounting 34,033.92 1,102,816.73 Liquidation Total 1,837,294.94 2,189,937.37

1374806.7
EXHIBIT B
Liquidator’s Fourth Report of Claims for EPIX
February 5, 2026
Claims Recommended for Allowance in Priority Class 3 POC No. Claimant Name Claimant Address Priority Class Amount Allowed Distribution in Rehabilitation 10 Northern Nevada Emer. Phys. P.O. Box 11276, Reno, NV 89510 3 $ 1,421.34 $ 568.54
44.02 1 Merrimack Valley Emer. Assoc. 905B South Main Street, Unit 104, Mansfield, MA 02048 3 37,377.55 14,012.02
45.01 Merrimack Valley Emer. Assoc. 905B South Main Street, Unit 104, Mansfield, MA 02048 3 58,513.17 23,405.27
45.02 Merrimack Valley Emer. Assoc. 905B South Main Street, Unit 104, Mansfield, MA 02048 3 256,720.00 102,688.00
45.03 Merrimack Valley Emer. Assoc. 905B South Main Street, Unit 104, Mansfield, MA 02048 3 3,575.50 1,430.20
45.04 Merrimack Valley Emer. Assoc. 905B South Main Street, Unit 104, Mansfield, MA 02048 3 36,189.20 14,475.68
45.05 Merrimack Valley Emer. Assoc. 905B South Main Street, Unit 104, Mansfield, MA 02048 3 167,039.50 66,748.20
45.06 Merrimack Valley Emer. Assoc. 905B South Main Street, Unit 104, Mansfield, MA 02048 3 208,386.00 83,354.40
45.07 Merrimack Valley Emer. Assoc. 905B South Main Street, Unit 104, Mansfield, MA 02048 3 100,836.46 40,334.58
Recommended for Allowance in Fourth Report of Claims $ 870,058.72 $ 347,016.89 Recommended for Allowance in Previous Reports 10,052,471.42 3,679,660.84 Total $ 10,922,530.14 $ 4,026,677.73 Claims Recommended for Allowance in Priority Class 6 POC No. Claimant Name Claimant Address Priority Class Amount Allowed Distribution in Rehabilitation 5 Nevada Division of Insurance 1818 E. College Pkwy, Ste. 103, Carson City, NV 89706 6 $ 1,575.00 $ 0.00 Withdrawn Claims: POC 1.02 (submitted and withdrawn by Olympia Emergency Services PLLC) POC 2 (submitted and withdrawn by McGrath Associes Claims & Risk Services) 1 The same claim was also submitted as POC 45.08. The Liquidator recommends allowance of the claim as POC 44.02 and has classified POC 45.08 as void.