Premier Diversified Holdings Inc. (PDH), a holding company with a liking for reinsurance and in particular a backer of collateralised reinsurance investments start-up Sequant Re, has announced the completion of a private placement offering to fund a new investment into Sequant.
PDH offered up to 3.2 million of its shares at $0.125 per share in a private non-brokered placement to investors and raised aggregate gross proceeds of $400,000.
Much of the $400k raised will now be used to invest into Sequant Reinsurance Holdings Ltd., buying additional shares in the holding company. PDH said it will buy $300,000 worth of Sequant Re shares at a price of $0.50 per share.
PDH already holds a significant holding of common shares in Sequant Re, which equates to almost 41% of the company on an undiluted basis.
PDH has steadily build up its share in Sequant Re, the start-up underwriter of fully collateralised reinsurance transactions that intends to capitalise them through the issuance of insurance-linked securities to third-party investors.
PDH’s latest investment in Sequant Re is expected to close in the coming days.