HIIG Partners with Westaim to Raise Capital for Growth

April 28, 2014 - Houston International Insurance Group (HIIG), in partnership with the Westaim Corp. and other investors, has issued shares for $60 million in new capital to keep pace with growth in its specialty operations. Closing is subject to regulatory approval.

 

This capital raise is in conjunction with a larger overall transaction led by Westaim in which its special purpose vehicle, Westaim HIIG Limited Partnership (Westaim HIIG), has agreed to purchase shares from various existing shareholders, following which Westaim HIIG will own approximately 40 percent of HIIG.

 

Westaim is a publicly traded (WED.V) Canadian-based investment company that invests directly and indirectly through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital appreciation and real wealth preservation. Westaim’s strategy is to pursue investment opportunities with a focus toward the financial services industry and grow shareholder value (as measured by book value per share) at above average rates over the long-term.

 

In addition to Westaim, investors in Westaim HIIG will include a management group led by HIIG’s founder and CEO, Stephen L. Way, and two leading global insurance groups. HIIG, an international insurance group based in Houston, Texas, was established in 2007 by Way, the former CEO and Founder of HCC Insurance Holdings.