Business
Westaim Announces US$350 Million Capital Contribution
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About this update from Westaim Corporation
[{"type":"text","content":"Westaim Announces US$350 Million Capital Contribution\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }\n \n\n\n\n\n NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.\n \n\n\n\n\n The Westaim Corporation (“\n \n Westaim\n \n ” or the “\n \n Company\n \n ”) (TSXV: WED) is pleased to announce that it has made a capital contribution in the amount of US$350 million (the “\n \n Capital Contribution\n \n ”)\n \n\n to Salem Group Partners, LP (the “\n \n Partnership\n \n ”)\n \n\n following receipt by the Company of a draw down notice for such amount pursuant to the terms of the limited partnership agreement of the Partnership. The proceeds from the Capital Contribution are intended to fund the operations of Ceres Life Insurance Company (“\n \n Ceres Life\n \n ”), an advantaged, cloud-native and scalable annuity platform.\n \n\n “This capital contribution to the insurance platform of our integrated business is a critical step in our preparation to launch Ceres Life insurance operations,” said Cameron MacDonald, President and Chief Executive Officer of Westaim. “We look forward to our continued support of Ceres as they prepare to launch operations and begin servicing the needs of their annuity policyholders.”\n \n\n\n About Westaim\n \n\n\n Westaim is an integrated insurance and alternative asset management company with two primary operating businesses: Ceres Life and Arena.\n \n\n Ceres Life is a cloud-native, highly scalable, de novo annuity insurance company. Inspired by the belief that technology can reinvent the way insurance providers meet the needs of investors, Ceres Life is building a nimble, highly efficient, and risk-conscious insurance company that provides simple-to-understand and easily accessible annuity products to create better outcomes for policyholders. Ceres Life is led by Deanna Mulligan, former CEO and Chair of Guardian Life Insurance. For more information, see\n \n www.ceresinsurance.com\n \n .\n \n\n Founded in 2015, Arena is a global institutional asset manager with deep expertise in credit and asset-oriented investments, includ...