Mount Logan Capital Inc. Completes Previously Announced Acquisition Of Ability Insurance Company And Transaction Related Issuance Of Shares
Mount Logan Capital Inc. Completes Previously Announced Acquisition Of Ability Insurance Company And Transaction Related Issuance Of Shares
11/01/21, 11:03 AM
Industry
lending and investments
financial services
Mount Logan Capital Inc. (NEO: MLC) (“Mount Logan,” “our,” “we,” or the “Company”) announces that it has completed its previously announced acquisition of 100% of the equity of Ability Insurance Company (“Ability”) for a purchase price of $20 million (the “Purchase Consideration”) comprised of the issuance of an unsecured promissory note in the amount of $15 million and $5 million of common shares (“Shares”) of Mount Logan (the “Transaction”). Mount Logan’s wholly-owned subsidiary, Mount Logan Management LLC (“ML Management”) has now been engaged as an investment adviser for a meaningful portion of Ability’s assets, increasing ML Management’s assets under management (“AUM”). The transaction has been approved by both the Nebraska Department of Insurance as well as the Neo Exchange Inc.
Company Info
Company info
Mount Logan Capital Inc. is an alternative asset management and insurance solutions company that is focused on public and private debt securities in the North American market and the reinsurance of annuity products. The Company actively sources, evaluates, underwrites, manages, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.