Surplus note

Mount Logan Capital Increases Surplus with Issuance of US$12,000,000 Surplus Note

Retrieved on: 
Wednesday, August 30, 2023

TORONTO, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (NEO: MLC) (the “Company” or “Mount Logan”) is pleased to announce that its wholly-owned subsidiary, Ability Insurance Company (“Ability”) has increased its surplus capital by raising proceeds of US$12 million through the issuance of a 10% surplus note due December 2032 (the “Surplus Note”).

Key Points: 
  • TORONTO, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (NEO: MLC) (the “Company” or “Mount Logan”) is pleased to announce that its wholly-owned subsidiary, Ability Insurance Company (“Ability”) has increased its surplus capital by raising proceeds of US$12 million through the issuance of a 10% surplus note due December 2032 (the “Surplus Note”).
  • “This is an important step for Ability as we drive growth and make progress towards our long-term vision for the Company,” said Annie Elliott, the President of Ability.
  • Ted Goldthorpe, CEO of Mount Logan, added, “This is a key milestone for Mount Logan, as it allows us to continue to grow our insurance asset management business and execute on our business plan.”
    The proceeds from the Surplus Note provide additional surplus funds to Ability and will be used for general working capital purposes.
  • The note pays a 10% coupon quarterly in arrears, and performance is guaranteed by an affiliate of Ability.

AM Best Assigns Issue Credit Rating to The Western and Southern Life Insurance Company’s New Surplus Notes

Retrieved on: 
Tuesday, April 27, 2021

b"AM Best has assigned a Long-Term Issue Credit Rating of \xe2\x80\x9ca+\xe2\x80\x9d to the $500 million, 3.75% surplus notes, due 2061, issued by The Western & Southern Life Insurance Company (Western & Southern) (Cincinnati, OH).

Key Points: 
  • b"AM Best has assigned a Long-Term Issue Credit Rating of \xe2\x80\x9ca+\xe2\x80\x9d to the $500 million, 3.75% surplus notes, due 2061, issued by The Western & Southern Life Insurance Company (Western & Southern) (Cincinnati, OH).
  • The existing ratings of Western & Southern and its subsidiaries remain unchanged.\nThe proceeds from the offering will be used for general corporate purposes.
  • The newly issued surplus notes will remain subordinated to policyowner liabilities and rank pari passu with the company's existing surplus notes.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best\xe2\x80\x99s Credit Ratings .

KBRA Assigns Ratings to Venerable Holdings, Inc. and its Key Operating Subsidiary

Retrieved on: 
Thursday, June 25, 2020

Kroll Bond Rating Agency (KBRA) assigns an insurance financial strength rating (IFSR) of A- to Venerable Holdings, Inc.s (VHI) primary subsidiary, Venerable Insurance and Annuity Company (VIAC), and a debt rating of BBB to four series of VIACs surplus notes.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns an insurance financial strength rating (IFSR) of A- to Venerable Holdings, Inc.s (VHI) primary subsidiary, Venerable Insurance and Annuity Company (VIAC), and a debt rating of BBB to four series of VIACs surplus notes.
  • Also supporting the ratings are the companys risk management and hedging programs, which have produced a strong track record over its two-year history.
  • Specifically, during the market stresses of 4Q2018 and 1Q2020, VIACs programs led to increases in excess capital.
  • Conservative capital management is focused on fulfilling obligations to policyholders, and financial performance is measured by growth in excess capital.