Mount Logan Capital Inc. announces that it has completed its previously announced acquisition of 100% of the equity of Ability Insurance Company for a purchase price of $20 million comprised of the issuance of an unsecured promissory note in the amount of $15 million and $5 million of common shares of Mount Logan. The transaction has been approved by both the.
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TORONTO, May 19, 2021 (GLOBE NEWSWIRE) Mount Logan Capital Inc. (NEO: MLC) ( Mount Logan, our, we, or the Company ) announces that it has entered into a non-binding agreement (the Purchase Agreement ) for the acquisition of 100% of the equity of Ability Insurance Company ( Ability ) for a purchase price of $20 million (the Purchase Consideration ) to be satisfied through the issuance of an unsecured promissory note in the amount of $15 million and $5 million of common shares of Mount Logan (the Transaction ). Mount Logan s wholly-owned subsidiary, Mount Logan Management LLC ( ML Management ) is proposed to manage a meaningful portion of Ability s assets, significantly increasing ML Management s assets under management ( AUM ).