Cohen & Company Announces Successful Launch of €375 Million PriDe III Funds
July 20 2020 - 8:00AM
Cohen & Company Inc. (NYSE American: COHN) (“Cohen &
Company”) today announced that, Cohen & Company Financial
(Europe) Limited (“CCFEL”), an investment advisory subsidiary of
Cohen & Company, successfully closed a series of closed-end
investment vehicles with total commitments in excess of €375
million (collectively referred to as “PriDe III Funds” or
“PriDe III”). PriDe III is the latest series of funds advised
by CCFEL (the “PriDe Program”) that focus on investing in Tier II
capital instruments issued by small and mid-size insurance
companies that have limited access to capital markets. The PriDe
Program enables insurers to enhance their regulatory capital
ratios, fund acquisitions or internal growth, reduce reinsurance
costs and/or lower their weighted average cost of capital.
Daniel Cohen, Chairman of Cohen & Company,
said, “We appreciate our investors’ confidence in Cohen &
Company’s long history of expertise in the insurance industry’s
regulatory capital environment. This capital raise continues our
active engagement with a wide variety of activities within the
global Insurance industry.”
Paul Vernhes, Managing Director of Cohen &
Company’s European Asset Management platform, added, “The
successful closing of PriDe III is strong evidence of our leading
position as a regulatory capital provider to small and mid-size
insurance companies in Europe, having achieved our largest fund
raise ever in this space, despite the challenging market
environment. This closing milestone demonstrates the robustness of
insurance subordinated debt, the appeal of our funding solution for
potential issuers, as well as investors’ confidence in Cohen &
Company’s expertise in the global insurance market.”
Cohen & Company has been a leading
investment specialist in the insurance market, having deployed,
through various funds managed or advised by its subsidiaries, over
$4.3 billion in more than 200 insurance companies worldwide. In
Europe alone, this represents €1.4 billion in 64 insurance
companies located in 18 different countries.
About Cohen & Company
Cohen & Company is a financial services
company specializing in fixed income markets. It was founded in
1999 as an investment firm focused on small-cap financial
institutions but has grown to provide an expanding range of capital
markets and asset management services. Cohen & Company’s
operating segments are Capital Markets, Asset Management, and
Principal Investing. The Capital Markets segment consists of fixed
income sales, trading, and matched book repo financing as well as
new issue placements in corporate and securitized products, and
advisory services, operating primarily through Cohen &
Company’s subsidiaries, J.V.B. Financial Group, LLC in the United
States and Cohen & Company Financial (Europe) Limited in
Europe. The Asset Management segment manages assets through
collateralized debt obligations, managed accounts, and investment
funds. As of March 31, 2020, the Company managed approximately $2.7
billion in fixed income assets in a variety of asset classes
including US and European trust preferred securities, subordinated
debt, and corporate loans. The Principal Investing segment is
comprised primarily of investments the Company has made for the
purpose of earning an investment return rather than investments
made to support its trading, matched book repo, or other capital
markets business activity. For more information, please visit
www.cohenandcompany.com.
Contact: |
|
Investors - Cohen & Company Inc.
Joseph W. Pooler, Jr. Executive Vice
President and Chief Financial Officer 215-701-8952
investorrelations@cohenandcompany.com |
Media - Joele Frank, Wilkinson Brimmer
KatcherJames Golden or Andrew Squire
212-355-4449jgolden@joelefrank.com or
asquire@joelefrank.com |
Cohen & (AMEX:COHN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Cohen & (AMEX:COHN)
Historical Stock Chart
From Sep 2023 to Sep 2024