VANCOUVER, BRITISH COLUMBIA–Premier Diversified Holdings Inc. (“Premier” or the “Company”) (CSE:PDH)(CSE:PDH.CN) announces that it intends to acquire common shares of Sequant Re Holdings Limited (“SRHL”), the parent company of a reinsurance company registered in Bermuda, Sequant Reinsurance Company Limited. The acquisition will be made through Premier’s wholly-owned Bermuda subsidiary, Premier Diversified Holdings (Bermuda) Ltd (“Premier Bermuda”). The purchase price of the common shares is USD$0.50 per common share. Premier Bermuda intends to acquire up to USD$200,000 worth of shares. The purchase price will be paid in cash, via a loan from Premier to Premier Bermuda. Premier currently holds approximately 43.65% (undiluted) of the issued and outstanding common shares of SRHL.
The reinsurance company underwrites various reinsurance transactions and collateralizes its obligations through the issuance of insurance-linked securities (“ILSs”). The ILSs are offered to third party investors, and the capital from the sale of the ILSs is used to fund the reinsurance business.
Source: Premier Diversified Holdings Inc.