Southfield, Mich.-based alternative-risk property/casualty insurer Inc. announced that the company has raised about $12 million at the holding company level, as part of a pooled transaction.
The securities, which are classified as long-term debt, have a floating rate equal to the three month LIBOR, plus 420 basis points and mature in 30 years. The securities can be called by the issuer after five years from the date of issuance.
The funds will be used to support future premium growth through contributions to insurance carrier subsidiaries’ surplus and other general corporate purposes.
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