Strategy receives $100 million in new capital

By Canadian Underwriter | January 18, 2006 | Last updated on October 2, 2024
1 min read

Strategy International Insurance Group, Inc. (OTCBB:SGYI) and Nexxus One Holding, Ltd. recently signed a binding letter of intent, which states that Nexxus One will provide $100 million in new capital for Strategy by January 31, 2006.Under the terms of the letter Nexxus One will increase the underwriting capacity of Strategy by delivering $100 million in the form of an investment grade NAIC equity admissible bond in exchange for 103,000,000 million of Strategy’s common stock. Securing this offer is an asset represented by a five year 5.5% Global Note of a diversified portfolio of AA/AAA rated municipal bonds. Brokering this transaction is RS Group of Companies, Inc. (OTCBB:RSGC), a provider of pass-through risk specialty insurance and reinsurance products, which recently announced it would merge into Strategy.”Today’s announcement will provide Strategy with additional underwriting capital necessary for the Company to pursue its business plan for 2006,” Stephen Stonhill, president and CEO of Strategy International Insurance Group, Inc., says.Through the wholly-owned subsidiary Strategy Holding Company Ltd., Texas-based Strategy International provides specialty lines of insurance, reinsurance and structured risk underwriting focusing on credit risk and credit enhancement.Strategy Insurance (Canada) Ltd. is an operating subsidiary of the parent company Strategy Holding Company.

Canadian Underwriter