Mount Logan Capital Increases Surplus with Issuance of US$12,000,000 Surplus Note
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”).
- 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.