Trean Insurance Group has increased the surplus of its subsidiary Benchmark Insurance Company by completing a private offering of $50 million aggregate principal amount of its 6.75% Surplus Notes due August 2042.
The company stated that surplus notes are unsecured, subordinated debt obligations of Benchmark and are planned to be treated as additional surplus.
Moreover, all payments of interest on or principal of the surplus notes, and any redemption payment, may be made only with the prior approval of the Commissioner of Insurance of the State of Kansas.
“We are pleased to further increase the Benchmark surplus with this offering,” said Julie Baron, President and Chief Executive Officer of Trean. “
“The addition of this $50 million is another important step towards Trean achieving our long-term financial goals.”
Meanwhile, it was recently announced that Trean and Beat Capital Partners Americas had partnered up in the surplus lines insurance market.
