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 [...]
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 [...]
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.
Arena AUM reaches US$3 billion.(1)
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)
Arena committed AUM reaches US$1 billion.(1)
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 [...]
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.
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 [...]
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).