2009
2009
2009

2009

  • Westaim appoints the current management team to source investment opportunities to help create and enhance value for shareholders.
2010
2010
2010

2010

  • Westaim completes acquisition of Jevco, a Quebec-based, Canadian property and casualty insurer for C$261.4 million.
  • To facilitate the Jevco investment, Westaim completes a C$275 million private placement of common shares (at C$25.00 per share split adjusted).
2012
2012
2012

2012

  • Westaim sells Jevco in an all-cash transaction for C$530 million to Intact Financial Holdings Ltd., resulting in a very successful investment for Westaim shareholders, generating an gross unlevered internal rate of return (“IRR”) of 28.9% over its approximate 28 month holding period.
  • Westaim pays a cash distribution of C$37.50 per common share split adjusted (~C$520 million) by way of a return of capital to its shareholders.
2014
2014
2014

2014

  • Westaim invests US$75.7 million to acquire an interest in Houston International Insurance Group, Ltd. (renamed Skyward Specialty Insurance Group, Inc. (“Skyward Specialty”) in November 2020). Skyward Specialty is a specialty insurance company, delivering commercial property and casualty products and solutions on an admitted and non-admitted basis.
2015
2015
2015

2015

  • Skyward Specialty acquires Elite, a MGU specializing in medical stop loss insurance for small employers. Westaim supports this acquisition, with an additional equity investment of approximately US$50.6 million.
  • Westaim partners with Dan Zwirn to build Arena Investors Group Holdings, LLC (“AIGH” or “Arena”) and the Arena FINCOs. Arena Investors operates as an alternative investment manager offering third-party clients access to fundamentals-based, asset-oriented credit and other investments that aim to deliver attractive yields with low volatility.  Arena Investors provides investment services to third-party clients consisting of but not limited to institutional clients, insurance companies, private investment funds and other pooled investment vehicles.  The Arena FINCOs represent Westaim’s proprietary capital invested in Arena’s core investment strategy.  To support this transaction, Westaim completes an equity financing, raising approximately US$180 million through the issue of Westaim common shares to the public.
2018
2018
2018

2018

  • Arena committed AUM reaches US$1 billion.(1)
2020
2020
2020

2020

  • Skyward Specialty completes a US$100 million rights offering to support its growth; Westaim participates in the rights offering, subscribing for its pro-rata share of US$44.0 million.
  • The Board of Skyward Specialty appoints Andrew Robinson as the new CEO of the business to help drive its growth and profitability.
  • Arena AUM reaches US$2 billion.(1)
2021
2021
2021

2021

  • Arena AUM reaches US$3 billion.(1)
2022
2022
2022

2022

  • Arena establishes Arena Institutional Services (“AIS”). AIS leverages existing Arena capabilities to provide non-investment related advisory services for Arena borrowers/investments, as well as third party clients.
2023
2023
2023

2023

  • Westaim is recognized as Top Sector Performer with the TSX Venture 50 for the first time.
  • Skyward Specialty completes an initial public offering and lists is shares of common stock (“Skyward Specialty Shares”) on the Nasdaq Global Select Market under the ticker symbol “SKWD” at an offering price of $15 per Skyward Specialty Share.
  • In June 2023, Westaim sells 3,987,500 Skyward Specialty Shares in a secondary offering, generating net proceeds of approximately US$87.4 million.
  • In November 2023, Westaim completes another secondary offering, selling 3,600,000 Skyward Shares for net proceeds of approximately US$104.9 million.
2024
2024
2024

2024

  • In May 2024, Westaim sells 5,060,000 Skyward Shares for net proceeds of approximately US$177.3 million through a final secondary offering.
  • In September 2024, Westaim sells its remaining 1,919,639 Skyward Shares for net proceeds of approximately US$79.0 million. Westaim’s long term investment in Skyward Specialty generates strong, tax efficient returns, with total realized proceeds of US$$454.4 million (C$618.2 million) and a gross internal rate of return (“IRR”) of 12.8% (US$) and 14.8% (C$).
  • CC Capital and Westaim to create integrated insurance and asset management platform: CC Capital to invest US$250 million in Westaim at C$4.75 per common share bringing total investable capital base to approximately US$700 million.
  • Westaim changed its jurisdiction of incorporation from the Province of Alberta in Canada to the State of Delaware in the United States of America (the “Redomiciliation”)

For further information on Skyward Specialty, its people and products, please refer www.skywardinsurance.com.

From August 2015 to December 2023, Arena has been recognized with multiple awards for performance. For more information about Arena Investors, its people and products, visit Arena’s website www.arenaco.com.

(1) Assets under Management (“AUM”): AUM refers to the assets for which Arena Investors provides investment management, advisory or certain other investment-related services.  AUM is generally based on the net asset value of the funds managed by Arena Investors plus any unfunded commitments.  Arena Investors’ calculation of AUM may differ from the calculations of other asset managers, and as a result, may not be comparable to similar measures presented by other asset managers.  Arena Investors’ calculations of AUM are not based on any definition set forth in the governing documents of the investment funds and are not calculated pursuant to any regulatory definitions. Fee Paying Assets Under Management (“FP AUM”) refers to the AUM on which Arena earns management fees and/or incentive income.