Premier Diversified Holdings, a Canada-based investment company, has completed a private placement, part of the proceeds of which will be used to make an investment in Sequant Reinsurance Holdings, the Bermuda-based Class 3 insurer.
The non-brokered offering of common shares will raise aggregate gross proceeds of up to $450,000. The first closing is expected to occur on or about August 24, 2017.
The net proceeds of the offering will be used to fund the acquisition of an interest in Sequant Reinsurance, to fund an acquisition of an interest in MyCare MedTech, an Alberta telemedicine company, and for general working capital.
9 January 2018 Bermuda-based Sequant Re Holdings, the collateralized reinsurance and insurance-linked securities (ILS) investments start-up, will be liquidated after the vehicle struggled to raise enough funds.
26 June 2017 Premier Diversified Holdings has announced that on June 22, 2017 it acquired 400,000 common shares of Sequant Re Holdings (SHRL) at $0.50 per common share for total consideration of $200,000.
11 April 2016 Plenum, a Zurich-based insurance-linked securities (ILS) asset manager, has launched a new high yielding ILS Fund that will invest in collateralised reinsurance transactions, to be sourced and underwritten by Bermuda’s boutique reinsurer Sequant Re.