Trean Insurance Group Increases Surplus with $50 Million Surplus Notes Offering
August 24 2022 - 4:57PM
Trean Insurance Group (Nasdaq: TIG) (“Trean” or the “Company”), a
leading provider of products and services to the specialty
insurance market, today announced that it has increased the surplus
of its subsidiary Benchmark Insurance Company (“Benchmark”) by
completing a private offering of $50 million aggregate principal
amount of its 6.75% Surplus Notes due August 2042.
“We are pleased to further increase the
Benchmark surplus with this offering,” said Julie Baron, President
and Chief Executive Officer of Trean. “The addition of this $50
million is another important step towards Trean achieving our
long-term financial goals.”
The surplus notes are unsecured, subordinated
debt obligations of Benchmark and are planned to be treated as
additional surplus. All payments of interest on or principal
of the surplus notes, and any redemption payment, may be made only
with the prior approval of the Commissioner of Insurance of the
State of Kansas.
The surplus notes were offered and sold in a
private offering exempt from the registration requirements of the
Securities Act of 1933 (the “Securities Act”) solely to persons
reasonably believed to be qualified institutional buyers in
reliance on Rule 144A under the Securities Act. The surplus notes
have not been and will not be registered under the Securities Act
or the securities laws of any other jurisdiction and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state securities or blue sky laws and
foreign securities laws.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any surplus notes,
nor shall there be any sales of the surplus notes in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
About Trean Insurance Group,
Inc.Trean Insurance Group, Inc. (Nasdaq: TIG)
provides products and services to the specialty insurance
market. Trean underwrites specialty casualty insurance
products both through its program partners and its own managing
general agencies. Trean also provides its program
partners with a variety of services including issuing carrier
services, claims administration and reinsurance
brokerage. Trean is licensed to write business across 49
states and the District of Columbia. For more information,
please visit www.trean.com.
Contact
Investor Relationsinvestor.relations@trean.com(952) 974-2260
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